<SEC-DOCUMENT>0001654954-16-000153.txt : 20160303
<SEC-HEADER>0001654954-16-000153.hdr.sgml : 20160303
<ACCEPTANCE-DATETIME>20160303171634
ACCESSION NUMBER:		0001654954-16-000153
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		74
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160303
DATE AS OF CHANGE:		20160303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ISSUER DIRECT CORP
		CENTRAL INDEX KEY:			0000843006
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL PRINTING [2750]
		IRS NUMBER:				261331503
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10185
		FILM NUMBER:		161482319

	BUSINESS ADDRESS:	
		STREET 1:		500 PERIMETER PARK DRIVE
		STREET 2:		SUITE D
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560
		BUSINESS PHONE:		9194611600

	MAIL ADDRESS:	
		STREET 1:		500 PERIMETER PARK DRIVE
		STREET 2:		SUITE D
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DOCUCON INC
		DATE OF NAME CHANGE:	20071002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DOCUCON INCORPORATED
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>isdr_10k.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">UNITED STATES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Washington, D.C. 20549</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FORM 10-K</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#x2611; <font style="font-weight: bold;">ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">For The Year Ended: December&#xA0;31, 2015</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 16px; font-weight: bold;">ISSUER DIRECT CORPORATION</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">(Name of small business issuer in its charter)</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Delaware</font></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">1-10185</font></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">26-1331503</font></div></td></tr><tr>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">(State or Other Jurisdiction of Incorporation)</font></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">500 Perimeter Park Drive, Suite D, Morrisville, NC 27560</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">(919) 481-4000</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Securities registered pursuant to Section&#xA0;12(b) of the Act:</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Title of each class</font></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Name of each exchange on which registered</font></div></td></tr><tr>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Common Stock, par value $0.001 per share</font></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">NYSE MKTS.</font></div></td></tr></table></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Securities registered pursuant to Section&#xA0;12(g) of the Act:</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">None</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&#xA0;405 of the Securities Act. Yes&#xA0;&#x2610;&#xA0;No&#xA0;&#x2611;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark if the registrant is not required to file reports pursuant to Section&#xA0;13 or Section&#xA0;15(d) of the Act. Yes&#xA0;&#x2610;&#xA0;No&#xA0;&#x2611;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section&#xA0;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes&#xA0;&#x2611;&#xA0;No&#xA0;&#x2610;</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#xA7; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files). Yes&#xA0;&#x2611;&#xA0;No&#xA0;&#x2610;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation&#xA0;S-K (&#xA7;229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant&#x2019;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form&#xA0;10-K or any amendment to this Form&#xA0;10-K.&#xA0;&#x2611;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Large accelerated filer&#xA0;&#x2610;&#xA0;&#xA0;&#xA0; Accelerated filer&#xA0;&#x2610;&#xA0;&#xA0;&#xA0; Non-accelerated filer &#x2610;&#xA0;&#xA0;&#xA0; Smaller reporting company&#xA0;&#x2611;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark whether the registrant is a shell company (as defined in Rule&#xA0;12b-2 of the Act). Yes&#xA0;&#x2610;&#xA0;No&#xA0;&#x2611;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, 2015, the last business day of the registrant's second fiscal quarter, was approximately $18,472,825 based on the closing price reported on the NYSE MKT as of such date.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As of March 3, 2016, the number of outstanding shares of the registrant's common stock was 2,791,894.</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">DOCUMENTS INCORPORATED BY REFERENCE</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Portions of the registrant&#x2019;s definitive proxy statement relating to its 2016 annual meeting of stockholders (the &#x201C;2016 Proxy Statement&#x201D;) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2016 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of
the year to which this report relates.</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="TableofContents">T</a>able of Contents</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#PartI"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">PART I</font></a></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item1"><font style="font-family: Times New Roman; font-size: 13px;">Item 1.</font></a></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item1"><font style="font-family: Times New Roman; font-size: 13px;">Description of Business</font></a></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">4</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item1a"><font style="font-family: Times New Roman; font-size: 13px;">Item 1A.</font></a></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item1a"><font style="font-family: Times New Roman; font-size: 13px;">Risk Factors</font></a></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">10</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item1b"><font style="font-family: Times New Roman; font-size: 13px;">Item 1B.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item1b"><font style="font-family: Times New Roman; font-size: 13px;">Unresolved Staff Comments</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">13</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item2"><font style="font-family: Times New Roman; font-size: 13px;">Item 2.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item2"><font style="font-family: Times New Roman; font-size: 13px;">Property</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">13</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item3"><font style="font-family: Times New Roman; font-size: 13px;">Item 3.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item3"><font style="font-family: Times New Roman; font-size: 13px;">Legal Proceedings</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">13</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item4"><font style="font-family: Times New Roman; font-size: 13px;">Item 4.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item4"><font style="font-family: Times New Roman; font-size: 13px;">Mine Safety Disclosures</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">13</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="4" style="width: 100%; vertical-align: top;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#PartII"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">PART II</font></a></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item5"><font style="font-family: Times New Roman; font-size: 13px;">Item 5.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item5"><font style="font-family: Times New Roman; font-size: 13px;">Market for Common Equity and Related Stockholder Matters</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">14</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item6"><font style="font-family: Times New Roman; font-size: 13px;">Item 6.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item6"><font style="font-family: Times New Roman; font-size: 13px;">Select Financial Data</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">14</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><a href="#Item6"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div><a href="#Item6"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item7"><font style="font-family: Times New Roman; font-size: 13px;">Item 7.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item7"><font style="font-family: Times New Roman; font-size: 13px;">Management&#x2019;s Discussion and Analysis and Results of Operations</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">15</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item7a"><font style="font-family: Times New Roman; font-size: 13px;">Item 7A.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item7a"><font style="font-family: Times New Roman; font-size: 13px;">Quantitative and Qualitative Disclosures About Market Risk</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">23</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item8"><font style="font-family: Times New Roman; font-size: 13px;">Item 8.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item8"><font style="font-family: Times New Roman; font-size: 13px;">Financial Statements and Supplementary Data</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">23</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item9"><font style="font-family: Times New Roman; font-size: 13px;">Item 9.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item9"><font style="font-family: Times New Roman; font-size: 13px;">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">23</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item9a"><font style="font-family: Times New Roman; font-size: 13px;">Item 9A(T).</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item9a"><font style="font-family: Times New Roman; font-size: 13px;">Controls and Procedures</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">23</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item9b"><font style="font-family: Times New Roman; font-size: 13px;">Item 9B.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item9b"><font style="font-family: Times New Roman; font-size: 13px;">Other Information</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">24</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="4" style="width: 100%; vertical-align: top;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#PartIII"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">PART III</font></a></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item10"><font style="font-family: Times New Roman; font-size: 13px;">Item 10.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item10"><font style="font-family: Times New Roman; font-size: 13px;">Directors, Executive Officers, and Corporate Governance</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">25</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item11"><font style="font-family: Times New Roman; font-size: 13px;">Item 11.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item11"><font style="font-family: Times New Roman; font-size: 13px;">Executive Compensation</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">25</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item12"><font style="font-family: Times New Roman; font-size: 13px;">Item 12.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item12"><font style="font-family: Times New Roman; font-size: 13px;">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">25</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item13"><font style="font-family: Times New Roman; font-size: 13px;">Item 13.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item13"><font style="font-family: Times New Roman; font-size: 13px;">Certain Relationships and Related Transactions, and Director Independence</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">25</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item14"><font style="font-family: Times New Roman; font-size: 13px;">Item 14.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item14"><font style="font-family: Times New Roman; font-size: 13px;">Principal Accountant Fees and Services</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">25</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="4" style="width: 100%; vertical-align: top;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#PartIV"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">PART IV</font></a></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item15"><font style="font-family: Times New Roman; font-size: 13px;">Item 15.</font></a></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Item15"><font style="font-family: Times New Roman; font-size: 13px;">Exhibits</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">26</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#Signatures"><font style="font-family: Times New Roman; font-size: 13px;">Signature</font></a></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">27</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">EX-21.1</font></font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">Subsidiaries of the Registrant</font></font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">EX-23.1</font></font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">Consent of Independent Registered Public Accounting Firm</font></font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">EX-31.1</font></font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">Chief Financial Officer Certification Pursuant to Section 302</font></font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">EX-31.2</font></font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">Chief Financial Officer Certification Pursuant to Section 302</font></font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">EX-32.1</font></font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">Chief Executive Officer Certification Pursuant to Section 906</font></font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">EX-32.2</font></font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">Chief Financial Officer Certification Pursuant to Section 906</font></font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 19%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">EX-101.INS</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">XBRL INSTANCE DOCUMENT</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr>
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">EX-101.SCH</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">XBRL TAXONOMY EXTENSION SCHEMA</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">EX-101.CAL</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">XBRL TAXONOMY EXTENSION CALCULATION LINKBASE</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr>
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">EX-101.DEF</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">XBRL TAXONOMY EXTENSION DEFINITION LINKBASE</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">EX-101.LAB</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">XBRL TAXONOMY EXTENSION LABEL LINKBASE</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr>
<td style="width: 19%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">EX-101.PRE</font></div></td>
<td style="width: 74%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE</font></div></td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 6%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr></table></div>
<div style="text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="ftr">
<div style="text-align: left; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div>
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<div id="hdr">
<div style="text-align: right; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">CAUTIONARY STATEMENT</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">All statements, other than statements of historical fact, included in this Form&#xA0;10-K, including without limitation the statements under &#x201C;Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations&#x201D; and &#x201C;Description of Business,&#x201D; are, or may be deemed to be, forward-looking statements. Such forward-looking statements
involve assumptions, known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Issuer Direct Corporation, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements contained in this Form&#xA0;10-K.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In our capacity as Company management, we may from time to time make written or oral forward-looking statements with respect to our long-term objectives or expectations which may be included in our filings with the Securities and Exchange Commission (the &#x201C;SEC&#x201D;), reports to stockholders and information provided in our web site.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The words or phrases &#x201C;will likely,&#x201D; &#x201C;are expected to,&#x201D; &#x201C;is anticipated,&#x201D; &#x201C;is predicted,&#x201D; &#x201C;forecast,&#x201D; &#x201C;estimate,&#x201D; &#x201C;project,&#x201D; &#x201C;plans to continue,&#x201D; &#x201C;believes,&#x201D; or similar expressions identify &#x201C;forward-looking statements.&#x201D; Such forward-looking statements
are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. We wish to caution you not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We are calling to your attention important factors that could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect
to future periods in any current statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The following list of important risk factors is not all-inclusive, and we specifically decline to undertake an obligation to publicly revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Among the factors that could have an impact
on our ability to achieve expected operating results and growth plan goals and/or affect the market price of our stock are:</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Available Information</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our Annual Report on Form&#xA0;10-K, Quarterly Reports on Form&#xA0;10-Q, Financial Data in XBRL, Current Reports on Form&#xA0;8-K, proxy statements and amendments to those reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are available, free of charge, in the corporate section of our website at www.issuerdirect.com.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov. The public may read and copy any materials we file with the SEC at the SEC&#x2019;s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. The public may obtain information on
the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="PartI">P</a>ART I</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Issuer Direct Corporation (Issuer Direct Corporation and its subsidiaries are hereinafter collectively referred to as &#x201C;Issuer Direct&#x201D;, the &#x201C;Company&#x201D;, &#x201C;We&#x201D; or &#x201C;Our&#x201D; unless otherwise noted). We are a Delaware corporation formed in October&#xA0;1988 under the name Docucon Incorporated. In December&#xA0;2007, we changed our name
to Issuer Direct Corporation. Our corporate offices are located at 500 Perimeter Park Drive, Suite D, Morrisville, North Carolina, 27560.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Businesses</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; background-color: rgb(255, 255, 255);">Issuer Direct is a market leader and innovator of Disclosure Management Systems and Cloud&#x2013;based Compliance Technologies. The Company&#x2019;s core technology platform &#x2013; the Disclosure Management System (DMS) &#x2013; is a secure cloud-based workflow compliance and communications system for corporate issuers, funds, and compliance
professionals.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We work with a diverse client base in the financial services industry, including brokerage firms, banks and mutual funds.&#xA0;&#xA0;We also sell products and services to corporate issuers, professional firms, such as investor relations and public relations, and the accounting and the legal community. Corporate issuers and their constituents utilize our cloud-based platform&#xA0;and
related services from document creation all the way to dissemination to regulatory bodies, platforms and shareholders.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company strives to be a market leader and innovator of disclosure management solutions, shareholder communications tools and cloud&#x2013;based compliance technologies. With a focus on corporate issuers and mutual funds, the Company alleviates the complexity of maintaining compliance with its integrated portfolio of products and services that enhance companies' ability
to efficiently produce and distribute their financial and business communications both online and in print.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We report our&#xA0;product and service revenue in three revenue streams:</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our current brands and products include the following:</font></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">iProxy Direct</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Annual Report Service (ARS)</font></div></div></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We announce material financial information to our investors using our investor relations website, SEC filings, investor events, news and earnings releases, public conference calls and webcasts.&#xA0;We use these channels as well as social media to communicate with our investors and the public about our company, our products and services, and other issues. It is possible
that the information we post on social media could be deemed to be material information. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the social media channels listed below.&#xA0;&#xA0;This list may be updated from time to time on our investor relations website:</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">www.issuerdirect.com/shareholder-services</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">www.facebook.com/issuerdirectcorporation</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">www.twitter.com/issuerdirect</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">www.linkedin.com/company/issuer-direct-corporation</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">www.issuerdirect.com/blog/</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The contents of the above websites are not intended to be incorporated by reference into this annual report on Form 10-K or in any other report or document we file, and any reference to these websites are intended to be inactive textual references only.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our disclosure business consists of our traditional document conversion, typesetting and pre-press design services, XBRL tagging services, and the issuance of securities as it relates to our stock transfer business. These services represent our disclosure offerings that are regulated by the Securities and Exchange Commission.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">A portion of our disclosure business also comes from strategic relationships, where we manage the compliance functions for our partners&#x2019; clients. Since we do not have the relationship with the end client, it is difficult to predict the growth from this business. We have seen some partner client attrition in the smaller cap space, due to significant pricing pressure.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our shareholder communications offerings are centered around annual and quarterly earnings events of a public company, which includes our press release distribution, investor outreach and engagement services, webcast teleconference services, investor hotline and our legacy proxy and printing services. Many of these services are marketed and bundled under annual agreements.
Like our disclosure business, our communications offerings help make up our proprietary cloud-based platform. This platform has become a significant competitive advantage when competing in the corporate issuer marketplace.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our press release platform, Accesswire, is a cost-effective FD (<font style="font-style: italic;">Fair Disclosure</font>) news dissemination service. We acquired the business on October 29, 2014.&#xA0;&#xA0;Accesswire is dependent upon several key partners for news distribution, some of which are also partners that we rely for other shareholder communications services.&#xA0;&#xA0;A
disruption in any of these partnership relationships could have an adverse impact on our business.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Accesswire business focuses on press release distribution for both private and publicly held companies. We anticipate the press release business to be an area where we will continue to add new clients throughout 2016 and beyond, and as such, we will continue to brand our press release offerings under the name Accesswire, which we believe will solidify our market position
in the newswire business.&#xA0;</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Investor Outreach and Engagement</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our investor outreach and engagement offering is known as the Annual Report Service (ARS), which was acquired from PrecisionIR. The ARS business has existed for 23 years primarily as a physical hard copy delivery service of annual reports and prospectuses globally for tens of thousands of customers. As part of our integration with PrecisionIR during 2014, we updated these
legacy systems and integrated them into our disclosure management platform. We intend to continue to operate a portion of this legacy system as well as migrate the remaining install base over to our new outreach and engagement offering we now call Investor Network, which is a digital platform and outreach engagement dataset.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">There are over 5,000 companies in North America conducting earnings events that include teleconference, webcast or both as part of their events. Our platform incorporates each element of the earnings event including earnings announcement, earnings press release, and SEC Form 8-K filings. There are a handful of our competitors that can offer this today, however, we believe
our integrated approach offers a more effective way to attract shareholders and prospective investors. Additionally, all webcasts and teleconferences are broadcast live on our Investor Network properties, which allow companies to reach a broader audience. We believe this is a competitive advantage that has proven to be effective.&#xA0;&#xA0;<font style="font-size: 13px;">&#xA0;</font></font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;We currently market and sell our webcasting platforms and teleconference systems in North America, United Kingdom, Sweden and Germany, the current markets in which the Company has clients subscribing to its Investor Network platform.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">One of the oldest and most trusted platforms in the financial services industry is our Investor Hotline platform, which is used by more Fortune 500 companies than any other product or service we offer. Our clients license our platform to integrate into their corporate investor relations platform and or utilize our call center product by including their unique toll-free
number into their proxy and annual meeting services.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our proxy business is marketed as a fully integrated, real-time voting platform for our corporate issuers and their shareholders of record. This platform<font style="font-style: italic;">&#xA0;</font>is utilized for every annual meeting and or special meeting we manage for our client base and offers both full-set mailing and notice of internet availability options.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As the Company continues its full transition to a cloud-based subscription business, it expects the Platform and Technology portion of its business to continue to expand and become the predominant business of the Company over the foreseeable future. Leading this transition are product subscriptions from each of our core businesses, disclosure management and shareholder
communications.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In disclosure management, Blueprint is our cloud-based document conversion, editing and filing platform for corporate issuers seeking to insource the document drafting, editing and filings processes. Blueprint is available in both a secure public cloud within the Company&#x2019;s disclosure management system, as well as in a private cloud for corporations and the legal
community looking to further enhance their internal document process. Blueprint includes both the Edgar and XBRL process for corporate issuers, which leads us to market this solution directly to public companies, mutual funds and the compliance and legal community that serves the industry.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our belief is that once fully marketed and as Blueprint sales begin to ramp, we will see a negative impact on our legacy disclosure services business over a defined period. However, the margins associated with our subscription business compared to our services business are considerably better and align with our long-term strategy, as such we believe Blueprint will have
a positive impact to our net income in the future.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">With our shareholder communications business, we are going to see the biggest change, beginning with Classify &#x2013; our initial buy-side, sell-side and media targeting database and intelligence platform. This new subscription-based platform is centered around both our shareholder communications and news distribution businesses. The Company believes its data-set will
be a compelling option to both the investor relations, public relations and corporate issuer markets looking for an alternative to current products in the market, based on price and flexibility, as well as data quality and quantity. Because this is a new offering for Issuer Direct, which will complement other products and services, the Company anticipates Classify will increase our average revenue per user (&#x201C;ARPU&#x201D;) in 2016 based on its competitive cloud licensing options.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Additionally, our product roadmap includes further development of both our Investor Network and Classify products that we will continue to commercialize and bring to market during 2016. These two new cloud-based products will be a key component of our communications technology business. We expect the proprietary data-set to generate revenues from the corporate issuers
initially then to the investment community thereafter. The Investor Network will replace the Annual Report Service (ARS) and Company Spotlight brands as we continue to transition this business from hard copy to digital delivery and real-time engagement.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In the teleconference and webcasting space we are continuing to spend time developing and integrating our current systems and processes with our disclosure management system. The earnings event business is a highly competitive space with the majority of the business being driven from practitioners in the investor and communications firms. We have performed well and expanded
this business in 2015 by increasing the number of customers licensing our webcasting software and believe that will continue moving into 2016.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Our Technology Platform - Disclosure Management System (DMS)</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our DMS is a secure cloud-based business process reporting and automation solution that gives users the ability to disclose, manage, and communicate their respective messages from our enterprise cloud-based platform. Our unique disclosure process aims to create efficiencies not previously possible in areas of normal regulatory business functions of the public markets,
where we can clearly improve processes, streamline complexities, while reducing expenditures, generally associated with reporting and disclosure.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our DMS is the only secure workflow technology available today that allows officers, directors, compliance and investor/public relations&#x2019; professionals the ability to manage the entire back-office functions of their respective companies from one interface.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The industry as a whole has chosen to focus their solutions and platforms on one single business process or, in some cases, the solutions and platforms are dependent on a complex ERP or accounting system integration in hopes of providing a clear return on investment over a long-term period. Unfortunately, this approach requires companies to invest deeply in enterprise
wide systems, for the promise of efficiencies and cost savings. Our approach has been to focus on a collection of business processes that typically overlap service organizations that have either been cumbersome, costly or broken; then, integrate, streamline and improve the flow of information in a more transparent and accurate manner, putting the control back in the hands of our clients, the corporate issuer. The result is better controls, improved processes, efficient disclosure, increased communication and
access to analytics.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Today, the platform that makes up our disclosure management system which is used by thousands of officers, directors and compliance and communication professionals,&#xA0;includes the following applications:</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Our Strategy</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We strive to improve the way businesses collect, manage, communicate, report and analyze their data. Our overall strategy includes:</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Expansion of Current Customers</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We expect to continue to see demand for our products within our client base. Migrating client contracts over to our subscription-based platforms will naturally help align the Company&#x2019;s revenue with its long-term strategies. Additionally, as part of our client expansion efforts, we are committed to working beyond the single point of contact and into the entire C suite
(CEO, CFO, IRO, Corporate Secretary, etc.).</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Focus on Organic Growth</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our primary growth strategy continues to be selling our subscription-based platforms via our DMS to new clients under our cloud-based arrangement, whereas in the past we tended to sell single solutions and not subscriptions, in highly commoditized businesses, that resulted in significant pricing pressures.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">During 2016 and going forward, we will continue to innovate, improve and build new applications into and with our DMS platform; with the ultimate objective of developing applications not offered by our competitors. As a company focused on technology offerings, we understand the importance of advancements and fully appreciate the risks and consequences of losing our position
as a market leader- a very common mistake many technology companies have made. The pursuit of technological innovation is and has been a part of our overall strategy as an organization over the last several years.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">During 2016 we will bring to market several new products and platforms targeted at both our current install base as well as new clients. Many of these will be evident in our Investor Network brands and platforms &#x2013; where we are reinventing the destination for both the professional and retail investor. We are calling it Pro&#x2019;s and Joe&#x2019;s. During the second
quarter of 2016, we plan to release Investor Network 1.0 from beta to millions of professional and retail constituents in our dataset.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Additionally, in the second quarter, the Company plans to release its real-time event scheduler for earnings calls and webcasts. Today this technology and option is not available in the market, giving us a quantifiable opportunity to gain market share through the remaining part of 2016. This earnings event subscription offering will be marketed to both corporate issuers
and the investor relation firms.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Acquisition Strategy</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We will continue to evaluate complimentary verticals and systems that we can integrate well into our current platforms. These opportunities need to be accretive and consistent with what the Company has done in the past. We value our equity and our cash reserves and have demonstrated a prudent and conservative approach in our acquisition transactions over the past several
years. We will maintain our product and technology focus, so it is highly likely we will look for acquisitions in areas we currently have revenues to find bolt on platforms, technologies, and clients that will further enhance our overall market position.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Sales and Marketing</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">During 2016, we will continue to strengthen our brands in the market, by working aggressively to expand our new client footprint and continue to cross sell to increase ARPU. Our platform, systems and operations are built to handle growth &#x2013; so with little capital or operational expense we can leverage this growth to produce further bottom line profits and cash flows.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Sales</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our global sales organization is responsible for generating new customer opportunities and expanding our current customers. We ended 2015 with a multi-tier organization; made up of Strategic Account Managers, and Account executives. We believe this structured approach is the most efficient and highly impactful way to reach new clients and also grow our current install
base. Both teams are heavily compensated with commissions, all of whom have sales quotas. At the end of December 31, 2015, we employed 14 full-time equivalent sales personnel.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We are on track to aggressively expand our sales headcount during 2016 both in our current markets and also in verticals where we have not typically had a sales presence. An example of one of these verticals is the press release dissemination and earnings call webcast businesses. Further, these news sales professionals will assist in leading both our Blueprint and Classify
subscriptions sales.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Additionally, our executive team plays a critical role in our sales process, assisting the organization and clients with new offerings, cross selling opportunities and channel development; because our organization is still relatively small, we benefit from this approach and believe this is key to our future success.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Marketing</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our marketing organization has also undergone reorganization between our businesses; our newly created marketing and business development team now manages both business-to-business and business-to-consumer marketing efforts. This alignment was necessary, as we get ready to release the rebranded Annual Report Service and Company Spotlight products into and with the new
Investor Network. This organization is also responsible for collaborating with our sales teams on product marketing, outbound digital marketing and all social media efforts of our entire brand.&#xA0;</font></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">T<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">echnology</font></font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We will continue to make investments in our technology, as we transition our business from a historically service-oriented business to more of a subscription cloud-based organization. In all of our offerings, quality, support, and scalability as well as the need to preserve the confidential content of our clients is of utmost importance and part of our core values.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our industry benefits from increased regulatory requirements and the need for platforms and systems to manage these new regulations. Additionally, the industry along with cloud-based technologies have matured considerably over the past several years, whereby corporate issuers and communication professionals are seeking platforms and systems to do some if not all the work
themselves. We are uniquely positioned in this new environment to benefit from software licensing and further advancements of our Disclosure Management System.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The business services industry as it relates to compliance and communications is highly fragmented, with hundreds of independent service companies that provide a range of financial reporting, document management services and with a wide range of printing and technology software providers. The demands for many of our services historically have been cyclical and reliant
on capital market activity. During 2015, we spent a considerable amount of time growing several new service offerings beyond our traditional compliance reporting and transaction services business. These new offerings will afford us the ability to reduce&#xA0;our revenue seasonality and provide a new baseline of reoccurring annualized contracts under our new subscription-based business, which are recognized over a defined period rather than as the services are performed.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Competition</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Despite some consolidation in recent years, the industry remains both highly fragmented and extremely competitive. The success of our products and services are generally based on price, quality and the ability to service client demands. Management has been focused on offsetting these risks relating to competition as well as the seasonality by introducing its subscription
cloud-based platforms, with significantly higher margins, clear competitive advantages and scalability to withstand market and pricing pressures.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We also review our operations on a regular basis to balance growth with opportunities to maximize efficiencies and support our long-term strategic goals.&#xA0;We believe by blending our workflow technologies with our legacy service offerings we are able to offer a comprehensive set of products and solutions to each of our clients that most competitors cannot offer today.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We believe we are positioned to be the public company platform of choice as a cost-effective alternative to both small regional providers and global providers. We also believe we benefit from our location in North Carolina, as we do not experience significant competition for sales, customer service, or production personnel.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Customers</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As of December&#xA0;31, 2015, our customers include a wide variety of issuers, mutual funds, law firms, brokerage firms, banks, individuals, and other institutions. We did not have any customers during the year ended December 31, 2015 that accounted for more than 10% of our revenue and no customer represented more than 10% of our year end accounts receivable balance.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Employees</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As of December&#xA0;31, 2015, we employed fifty-three full-time employees as compared to fifty-nine full-time employees at December&#xA0;31, 2014, none of which are represented by a union. Our employees work in our corporate offices in North Carolina, and in remote locations throughout North America and the United Kingdom.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Facilities</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our headquarters are located in Morrisville, North Carolina. In October, we agreed to an extension on our current lease to extend the maturity through October 2019. Our current office includes 16,059 square feet of office space and we additionally occupy a 20,000 square foot warehouse on a month-to-month basis in the same building. We believe we have sufficient space to
sustain our growth through 2019. Additionally, we also have a shared office facility in London, England.&#xA0;&#xA0;&#xA0;</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Insurance</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We maintain both a general business liability policy and an errors and omissions policy in excess of $5,000,000 specific to our industry and operations. We believe that our insurance policy provides adequate coverage for all reasonable risks associated with operating our business. Additionally, we maintain a Directors and Officers insurance policy, which is standard for
our industry and size. We also maintain key man life insurance on our Chief Executive Officer, our Chief Financial Officer, and one other key individual.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Regulations</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The securities and financial services industries generally are subject to regulation in the United States and elsewhere. Regulatory policies in the United States and the rest of the world are tasked with safeguarding the integrity of the securities and financial markets with protecting the interests of both issuers and shareholders.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In the United States, corporate issuers are subject to regulation under both federal and state laws, which often require public disclosure and regulatory filings. At the federal level, the Securities and Exchange Commission (&#x201C;SEC&#x201D;) regulates the securities industry, along with the Financial Industry Regulatory Authority, or FINRA, formally known as NASD, and
NYSE market regulations, various stock exchanges, and other self-regulatory organizations (&#x201C;SRO&#x201D;).</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In the Europe Union (EU), the securities and reporting authorities tend to be based on exchanges as well as individual country disclosure requirements. We currently work with our stock exchange partners to deliver our solutions. We believe this is the best approach as this market is highly complex and divided in comparison to our North American markets.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We operate our filing agent business and transfer agent business under the direct supervision and regulations of the SEC.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our transfer agency business, Direct Transfer, LLC, is subject to certain regulations, which are governed, without limitation by the SEC, with respect to registration with the SEC, annual reporting, examination, internal controls, tax reporting and escheatment services. Our transfer agency is approved to handle the securities of NYSE, NASDAQ and the Over the Counter listed
securities; as well we select issuers traded on TSX.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our mission is to assist corporate issuers with these regulations, communication and compliance of rules imposed by regulatory bodies. The majority of our business involves the distribution of content, either electronically or paper, to governing bodies and shareholders alike. We are licensed under these regulations to disseminate, communicate and or solicit on behalf
of our clients, the issuers.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item1a">I</a>TEM 1A. RISK FACTORS.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Investing in our common stock involves a high degree of risk. Prospective investors should carefully consider the following risks and uncertainties and all other information contained or referred to in this Annual Report on Form&#xA0;10-K before investing in our common stock. The risks and uncertainties described below are not the only ones facing us. Additional risks
and uncertainties that we are unaware of, or that we currently deem immaterial, also may become important factors that affect us. If any of the following risks occur, our business, financial condition or results of operations could be materially and adversely affected. In that case, the trading price of our common stock could decline, and you could lose all of your investment.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Risks related to our business</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Revenue related to disclosure documents is subject to regulatory changes and volatility in demand, which could adversely affect our operating results.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We anticipate that our disclosure management services business will continue to contribute to our operating results going forward. The market for these services depends in part on the demand for investor documents, which is driven largely by capital markets activity and the requirements of the SEC and other regulatory bodies. Any rulemaking substantially affecting the
content of documents to be filed and the method of their delivery could have an adverse effect on our business. Our disclosure management revenues may be adversely affected as clients implement technologies enabling them to produce and disseminate documents on their own.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">The environment in which we compete is highly competitive, which creates adverse pricing pressures and may harm our business and operating results if we cannot compete effectively.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Competition in our businesses is intense. The speed and accuracy with which we can meet client needs, the price of our services and the quality of our products and supporting services are factors in this competition. In our disclosure management business, we compete directly with several other service providers having similar degrees of specialization.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;Our print and financial communications business faces diverse competition from a variety of companies including commercial printers, in-house print operations, direct marketing agencies, facilities management companies, software providers and other consultants. In commercial printing services, we compete with general commercial printers, which are far more numerous
than those in the financial printing market.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">These competitive pressures could reduce our revenue and earnings.&#xA0;</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Approximately 20%&#xA0;of our revenue is generated overseas and the unstable global financial markets may adversely impact our revenue.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Approximately 20% of our annual revenue is generated in Europe.&#xA0;&#xA0;Global financial markets have experienced extreme disruptions, including severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, and uncertainty about economic stability. We are unable to predict the likely
duration and severity of the effects of these disruptions in the financial markets and the adverse global economic conditions, and if the current uncertainty continues or economic conditions further deteriorate, our business and results of operations could be materially and adversely affected. The consequences of such adverse effects could include interruptions or delays in our ability to perform services or to get paid for services rendered.&#xA0;</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">If we are unable to retain our key employees and attract and retain other qualified personnel, our business could suffer.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our ability to grow and our future success will depend to a significant extent on the continued contributions of our key executives, managers and employees. In addition, many of our individual technical and sales personnel have extensive experience in our business operations and/or have valuable client relationships that would be difficult to replace. Their departure,
if unexpected and unplanned for, could cause a disruption to our business. Our competition for these individuals is intense, especially in the markets in which we operate. We may not succeed in identifying, attracting and retaining these personnel. Further, competitors and other entities have in the past recruited and may in the future attempt to recruit our employees, particularly our sales personnel. The loss of the services of our key personnel, the inability to identify, attract and retain qualified personnel
in the future or delays in hiring qualified personnel, particularly technical and sales personnel, could make it difficult for us to manage our business and meet key objectives, such as the timely introduction of new technology-based products and services, which could harm our business, financial condition and operating results.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">If we fail to keep our clients&#x2019; information confidential or if we handle their information improperly, our business and reputation could be significantly and adversely affected.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We manage private and confidential information and documentation related to our clients&#x2019; finances and transactions, often prior to public dissemination. The use of insider information is highly regulated in the United States and abroad, and violations of securities laws and regulations may result in civil and criminal penalties. If we fail to keep our clients&#x2019;
proprietary information and documentation confidential, we may lose existing clients and potential new clients and may expose them to significant loss of revenue based on the premature release of confidential information. We may also become subject to civil claims by our clients or other third parties or criminal investigations by appropriate authorities.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">We must adapt to rapid changes in technology and client requirements to remain competitive.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The market and demand for our products and services, to a varying extent, have been characterized by:</font></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Technological change;</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Frequent product and service introductions;&#xA0;and</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Evolving client requirements.</font></div></div></div></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We believe that these trends will continue into the foreseeable future. Our success will depend, in part, upon our ability to:</font></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Enhance our existing products and services;</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Successfully develop new products and services that meet increasing client requirements;&#xA0;and</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Gain market acceptance.</font></div></div></div></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">To achieve these goals, we will need to continue to make substantial investments in sales and marketing. We may not:</font></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Have sufficient resources to make these investments;</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Be successful in developing product and service enhancements or new products and services on a timely basis, if at all;&#xA0;or</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Be able to market successfully these enhancements and new products once developed.</font></div></div></div></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Further, our products and services may be rendered obsolete or uncompetitive by new industry standards or changing technology.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<font style="font-style: italic; font-weight: bold;">Fluctuations in the costs of paper, and other raw materials may adversely impact us.</font></font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our business is subject to risks associated with the cost and availability of paper, ink, other raw materials, and energy. Increases in the costs of these items may increase our costs, and we may not be able to pass these costs on to customers through higher prices. Increases in the costs of materials may adversely impact our customers&#x2019; demand for printing and related
services. A severe paper or multi-market energy shortage could have an adverse effect upon many of our operations. Our business strategy in 2016 will be to monitor trends in the market and make advance purchases of such raw materials as paper in quantities greater than our traditional just-in-time needs. By doing so, we believe we will be able to stabilize overall margins in our print segments due to pricing pressures and competitiveness.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Our business could be harmed if we do not successfully manage the integration of any business that we have or may acquire in the future.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On August 22, 2013, the Company, and PrecisionIR Group Inc. (&#x201C;PIR&#x201D; or &#x201C;PrecisionIR&#x201D;) consummated an Agreement and Plan of Merger (the &#x201C;Acquisition Agreement&#x201D;).&#xA0;&#xA0;&#xA0;On October 29, 2014, the Company purchased Accesswire.&#xA0;&#xA0;Accesswire is dependent upon a few key partners for news distribution, some of which are also
partners that we rely for other shareholder communications services.&#xA0;&#xA0;A disruption in any of these partnership relationships could have an adverse impact on our business.&#xA0;&#xA0;Furthermore, we acquired software with the acquisition of Accesswire.&#xA0;&#xA0;Performance issues with this technology could also have an adverse impact on our ability to serve our customers.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Furthermore, as part of our continued business strategy, we will continue to evaluate and acquire as practical other businesses that complement our core capabilities. Certain other areas which may expose the Company to increased risk include:</font></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">the difficulty of integrating the operations and personnel of the acquired businesses into our ongoing operations;</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">the potential disruption of our ongoing business and distraction of management;</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">the difficulty in incorporating acquired technology and rights into our products and technology;</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">unanticipated expenses and delays relating to completing acquired development projects and technology integration;</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">a potential increase in our indebtedness and contingent liabilities, which could restrict our ability to access additional capital when needed or to pursue other important elements of our business strategy;</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">the management of geographically remote units;</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">the establishment and maintenance of uniform standards, controls, procedures and policies;</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">the impairment of relationships with employees and clients as a result of any integration of new management personnel;</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">risks of entering markets or types of businesses in which we have either limited or no direct experience;</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">the potential loss of key employees or clients of the acquired businesses;&#xA0;and</font></div></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">potential unknown liabilities, such as liability for hazardous substances, or other difficulties associated with acquired businesses.</font></div></div></div></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">New issuers seeking to raise capital and become SEC registrants may choose to utilize Regulation A+ and we may see a significant decline in the number of filings as part of our current disclosure management business.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On March 25, 2015, the Securities and Exchange Commission released its final rules relating to Regulation A+ implemented as part of Title IV of the Jumpstart Our Business Startups Acts.&#xA0;&#xA0;Regulation A+ will allow issuers to raise capital based on reduced filings requirements as compared to those required under the Securities Act of 1934, as amended.&#xA0;&#xA0;On
June 12, 2015, the OTC Markets Group Inc. announced new rules and standards for issuers seeking to list their securities on the OTCQX and OTCQB pursuant to Regulation A+.&#xA0;&#xA0;As issuers begin to utilize theses new rules and standards, we expect there to be a decline in the number of filings made by our existing client base.&#xA0;&#xA0;However, we also expect a number of additional equity and debt offerings to occur as a function of the new rules.&#xA0;&#xA0;In the event we are unable to adapt our disclosure
management business to address the changes being implemented by Regulation A+ and the OTC Market Group, our disclosure management business may potentially see a material reduction in revenue.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">We have incurred operating losses in the past and may do so again in the future</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company has incurred operating losses in the past and may do so again in the future.&#xA0;At December 31, 2015, the Company had only $388,741 of retained earnings.&#xA0;Although we have generated positive cash flows from operations for the past eight&#xA0;years, there can be no assurances that we will be able to do so in the future.&#xA0;&#xA0;As we integrate the assets
acquired through Accesswire and PrecisionIR, we could experience fluctuations in our cash flows from operations and retained earnings and there are no guarantees that our business can continue to generate the current revenue levels.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Our business may be affected by factors outside of our control.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our ability to increase sales and deliver and sell our service offerings profitably is subject to a number of risks, including changes to corporate disclosure requirements, regulatory filings and distribution of proxy materials, competitive risks such as the entrance of additional competitors into our market, pricing and competition and risks associated with the marketing
of new services in order to remain competitive.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">If potential customers take a long time to evaluate the use of our services, we could incur additional selling expenses and require additional working capital.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The acceptance of our services depends on a number of factors, including the nature and size of the potential customer base, the effectiveness of our&#xA0;system, and the extent of the commitment being made by the potential customer, and is difficult to predict.&#xA0;&#xA0;Currently, our sales and marketing expense per customer are fairly low.&#xA0;If potential customers
take longer than we expect to decide whether to use our services and require that we travel to their sites, present more marketing material, or spend more time in completing the sales process, our selling expenses could increase, and we may need to raise additional capital sooner than we would otherwise need to.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">The seasonality of business makes it difficult to predict future results based on specific quarters.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">A greater portion of our printing, distribution and solicitation of proxy materials business will be processed during our second quarter. Therefore, the seasonality of our revenue makes it difficult to estimate future operating results based on the results of any specific quarter and could affect an investor&#x2019;s ability to compare our financial condition and results
of operations on a quarter-by-quarter basis. To balance the seasonal activity of print, distribution and solicitation of proxy materials, we will attempt&#xA0;to continue to grow our other revenue streams since they are linked to predictable periodic activity that is cyclical in nature.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Risks Related to Our common stock; Liquidity Risks</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">The price of our common stock may fluctuate significantly, which could lead to losses for stockholders.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; The stock prices of smaller&#xA0;public companies can experience extreme price and volume fluctuations. These fluctuations often have been unrelated or out of proportion to the operating performance of such companies. We expect our stock price to be similarly volatile. These broad market
fluctuations may continue and could harm our stock price. Any negative change in the public&#x2019;s perception of our prospects or companies in our market could also depress our stock price, regardless of our actual results. Factors affecting the trading price of our common stock may include:</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">variations in operating results;</font></div></div></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">announcements of strategic alliances or significant agreements by the Company or by competitors; &#xA0;</font></div></div></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">recruitment or departure of key personnel;</font></div></div></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">litigation, legislation, regulation of all or part of our business; and</font></div></div></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">changes in the estimates of operating results or changes in recommendations by any securities analyst that elect to follow our common stock.&#xA0;
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">You may lose your investment in the shares.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">An investment in the shares involves a high degree of risk. An investment in shares of our common stock is suitable only for investors who can bear a loss of their entire investment.&#xA0;&#xA0;We paid dividends in 2012, and in part of 2013, the fourth quarter of 2015 and the first quarter of 2016, but there can be no assurances that dividends will be paid in the future
in the form of either cash or stock.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We currently have authorized but unissued &#x201C;blank check&#x201D; preferred stock.&#xA0;&#xA0;Without the vote of our shareholders, the Board of Directors, may issue such preferred stock with both economic and voting rights and preferences senior to those of the holders of our common stock.&#xA0;&#xA0;Any such issuances may negatively impact the ultimate benefits to
the holders of our common stock in the event of a liquidation event and may have the effect of preventing a change of control and could dilute the voting power of our common stock and reduce the market price of our common stock.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item1b">I</a>TEM 1B. UNRESOLVED STAFF COMMENTS.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">None.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;"><font style="font-weight: bold;"><a name="Item2">I</a>TEM 2.</font> <font style="font-weight: bold;">PROPERTY.</font></font></font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our headquarters are located in Morrisville, North Carolina. In October, we agreed to an extension on our current lease to extend the maturity through October 2019. Our current office includes 16,059 square feet of office space and we additionally occupy a 20,000 square foot warehouse on a month-to-month basis in the same building. We believe we have sufficient space to
sustain our growth through 2019. Additionally, we also have a shared office facility in London, England.&#xA0;&#xA0;&#xA0;</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ITEM 3. LEGAL PROCEEDINGS.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">From time to time, we may be involved in litigation that arises through the normal course of business.&#xA0;&#xA0;As of the date of this filing, we are neither a party to any litigation nor are we aware of any such threatened or pending litigation that might result in a material adverse effect to our business.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item4">I</a>TEM 4. MINE SAFETY DISCOLSURES</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Not applicable.</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="PartII">P</a>ART II</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item5">I</a>TEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Market for common stock</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our common stock has been quoted on the NYSE MKTS under the symbol "ISDR" since March 11, 2014. Prior to that time, the Company was quoted on the Over the Counter Bulletin Board (&#x201C;OTCBB&#x201D;) under the same symbol.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The following table sets forth for the periods indicated the high and low closing prices of our common stock.</font></div>
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<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">High</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
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<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Low</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Year ended December 31, 2015</font></div></td>
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<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Quarter Ended March&#xA0;31, 2015</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11.79</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
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<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.54</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Quarter Ended June&#xA0;30, 2015</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.48</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6.77</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Quarter Ended September&#xA0;30, 2015</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">10.50</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.49</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Quarter Ended December&#xA0;31, 2015</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.15</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.77</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Year ended December 31, 2014</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Quarter Ended March&#xA0;31, 2014</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">13.49</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.65</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Quarter Ended June&#xA0;30, 2014</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">12.25</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">10.02</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Quarter Ended September&#xA0;30, 2014</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11.47</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.50</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Quarter Ended December&#xA0;31, 2014</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11.00</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.65</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The quotations provided herein may reflect inter-dealer prices without retail mark-up, markdown, or commissions, and may not represent actual transactions.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As such, it may be difficult to trade the stock because compliance with the regulations can delay and/or preclude certain trading transactions. Broker-dealers may be discouraged from effecting transactions in our stock because of the sales practice and disclosure requirements for penny stock. This could adversely affect the liquidity and/or price of our common stock, and
impede the sale of the stock.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Holders of Record</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As of December&#xA0;31, 2015, there were approximately 200 registered holders of record of our common stock and 2,791,894&#xA0;shares outstanding.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Issuer Purchases of Equity Securities</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company has not repurchased any shares of common stock during the years ended December 31, 2015 or 2014.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Dividends</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">During the year ended December 31, 2015, we paid dividends totaling $83,101 or $0.03 per share.&#xA0;&#xA0;No dividends were paid during the year ended December 31, 2014.&#xA0;&#xA0;There&#xA0;can be no assurances that dividends will be paid in the future.&#xA0;The declaration and payment of dividends in the future will be determined by our Board of Directors in light
of conditions then existing, including our earnings, financial condition, capital requirements and other factors.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item6">I</a>TEM 6. SELECT FINANCIAL DATA.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Summary of Operations for the periods ended December 31, 2015 and 2014.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year Ended December&#xA0;31,</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;"><font style="text-decoration: underline;">Statement of Operations</font></font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Revenue</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11,619,883</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">13,629,684</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Cost of revenues</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">3,447,992</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">4,065,655</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross profit</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8,171,891</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">9,564,029</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Operating costs</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">7,537,655</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">8,091,376</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Operating income</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">634,236</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,472,653</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Net interest expense</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(622,139</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(1,710,002</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Income tax benefit</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">132,487</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">279,475</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Net income</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">144,584</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">42,126</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">14</font></div></div>
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<div style="text-align: right; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Concentrations:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">For the years ended December&#xA0;31, 2015 and December&#xA0;31, 2014, we generated revenues from the following revenue streams as a&#xA0;percentage of total revenue:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;"><font style="text-decoration: underline;">Revenue Streams</font></font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Disclosure management</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">22.1</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">23.6</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Shareholder communications</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">68.4</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">68.0</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Platform &amp; technology</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">9.5</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">8.4</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">100.0</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">100.0</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Percentages:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Change expressed as a percentage increase or decrease for the years ended December 31, 2015 and December 31, 2014:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 64%; vertical-align: bottom;">
<div style="padding-bottom: 4px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year ended December&#xA0;31,</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 64%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">% change</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;"><font style="text-decoration: underline;">Revenue Streams</font></font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Disclosure management</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,569,415</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,209,298</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(19.9</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Shareholder communications</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">7,942,421</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">9,274,200</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(14.4</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Platform &amp; technology</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,108,047</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,146,186</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(3.3</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">11,619,883</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">13,629,684</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(14.7</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item7">I</a>TEM 7. MANAGEMENT&#x2019;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Except for the historical information contained herein, the matters discussed in this Form&#xA0;10-K include certain forward-looking statements that involve risks and uncertainties, which are intended to be covered by safe harbors. Those statements include, but are not limited to, all statements regarding our and management&#x2019;s intent, belief and expectations, such
as statements concerning our future and our operating and growth strategy. We generally use words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including our ability to implement our business plan, our ability to raise additional
funds and manage our substantial debts, consumer acceptance of our products, our ability to broaden our customer base, our ability to maintain a satisfactory relationship with our suppliers and other risks described in our reports filed with the Securities and Exchange Commission, including Item 1A of this Report on Form 10-K. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future
results, levels of activity, performance or achievements may not meet these expectations. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors set forth under the Risk Factors section of this report. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans
will be achieved. All forward-looking statements made in this Form&#xA0;10-K are based on information presently available to our management. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">For the year ended December 31, 2015, total revenue decreased 15% to $11,619,883 from $13,629,684 in 2014, a decrease of $2,009,801.&#xA0;The largest decrease was in our shareholder communications services, which decreased $1,331,779 to $7,942,421 in the year ended December 31, 2015 from $9,274,200 in 2014.&#xA0;&#xA0;Revenue from disclosure management services decreased
to $2,569,415 in the year ended December 31, 2015 from $3,209,298 in 2014. The decreases in both of these revenue streams can be attributable to a decrease in demand for physically printed products, primarily in our ARS service, proxy service and transfer agent services. Additionally, the declines in disclosure management services is due to increased competition in the marketplace. Revenue from platform and technology decreased to $1,108,047 during the year ended December 31, 2015 from $1,146,186 in 2014.&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">For the year ended December 31, 2015, operating expenses decreased to $7,537,655 as compared to $8,091,376 in 2014, despite recording an impairment loss on intangible assets of $547,000.&#xA0;The decrease in operating expenses in 2015 as compared to 2014 is primarily due to decreases in personnel expenses and other general corporate expenses associated with streamlining
costs associated with the acquisition of PIR as well as decreased rent expense associated with the acceleration of rent expense associated with lease payments of our Richmond office during the year ended December 31, 2014. Additionally, the Company decreased direct mail marketing activities in 2015 as compared to 2014 due in part to lower volume as well as more favorable pricing.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Interest expense for the year ended December 31, 2015 decreased compared to 2014 due to the partial conversion of principal on the 8% Note on November 12, 2014, as well as the final conversion of the 8% Note on August 22, 2015.&#xA0;&#xA0;As a result of the final conversion, the Company will no longer have any non-cash or cash interest expense associated with the 8% Note.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In 2015, we had income before taxes of $12,097 compared to a loss before income taxes of $237,349 in 2014. We recorded an income tax benefit of $132,487 during the year ended December 31, 2015 compared to a benefit of $279,475 during 2014. The benefit in 2015 was primarily due to the release of a portion of its valuation allowance related to certain US net operating losses.
The benefit in 2014 was primarily related to our operating loss as well as the release of a valuation allowance associated with a net operating loss carryforward in one of our foreign subsidiaries. Net income was $144,584 in 2015 as compared to $42,126 in 2014.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In 2016 we anticipate that we will experience transition within our revenue streams as we migrate customers from traditional print or services revenue to subscriptions of our new cloud-based products, Blueprint, Classify and Investor Network. We expect to achieve growth in our platform and technology revenue stream due to the launch of the aforementioned products, as well
as our current investor relations data sets. However, part of this growth will cause declines in shareholder communications, as customers transition from the traditional print fulfillment of annual reports to both Classify and Investor Network. This decrease, however, will be offset by growth in our press release business as the Accesswire brand matures.&#xA0;&#xA0;Additionally, we may experience declines in disclosure management as customers transition to Blueprint and we continue to face pricing pressure in
the market.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Results of Operations</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Comparison of results of operations for the years ended December&#xA0;31, 2015 and 2014</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year ended</font></div></font><font style="text-align: left; width: 5%; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">December 31,</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;"><font style="text-decoration: underline;">Revenue Streams</font></font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Disclosure management</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Revenue</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,569,415</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,209,298</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross margin</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,806,531</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">2,313,899</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross margin %</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">70</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">72</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Shareholder communications</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Revenue</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">7,942,421</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">9,274,200</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross margin</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">5,440,349</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">6,340,546</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross margin %</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">68</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">68</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr>
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Platform &amp; technology</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Revenue</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,108,047</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,146,186</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross margin</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">925,011</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">909,584</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross margin %</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">83</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">79</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Total</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Revenue</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11,619,883</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">13,629,684</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross margin</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">8,171,891</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">9,564,029</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross margin %</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">70</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">70</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">&#xA0;</font><font style="font-style: italic; font-weight: bold;">Revenues</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total revenue decreased by $2,009,801, or 15%, to $11,619,883 during the year ended December 31, 2015, as compared to $13,629,684 in 2014.&#xA0;&#xA0;The overall decrease in revenue during 2015 as compared to 2014 is attributable to decreases in all three of our revenue streams. Revenue from shareholder communications decreased $1,331,779, revenue from disclosure management
services decreased $639,883 and revenue from platform and technology decreased $38,139.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Disclosure management revenue decreased $639,883, or 20%, during the year ended December 31, 2015 as compared to 2014. Revenue from our Edgar business decreased $173,023 during the year ended December 31, 2015, as we had more business from resellers and special projects, such as restatements, during the same periods of 2014 as compared to 2015.&#xA0;&#xA0;Revenue from
our XBRL services decreased $262,760 during the year ended December 31, 2015, as the Company continued to experience pricing pressure on these services as the market becomes more mature.&#xA0;&#xA0;The transfer agent business decreased $204,100 during the year ended December 31, 2015, as we had a greater numbers of corporate directives and corporate actions in 2014 as compared to 2015.&#xA0;&#xA0; The corporate directive business, like our annual report business, has shifted from physical paper to electronic
delivery. This industry wide shift has negatively impacted revenues and will continue to be a trend for the foreseeable future.&#xA0;&#xA0;In order to offset this, we have upgraded our transfer agent platform, allowing us to focus more on licensing our platform instead of relying on physical issuances to generate revenue.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">16</font></div></div>
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<div id="hdr">
<div style="text-align: right; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Shareholder communications revenue decreased $1,331,779, or 14% during the year ended December 31, 2015 as compared to 2014. The decrease in shareholder communications revenue is due to a decline in revenue associated with our ARS service offerings as issuers shift from hardcopy fulfillment of annual reports to digital fulfillment. As a result, certain customers have either
downgraded their service or elected not to continue with the service. As we re-brand the existing ARS as Investor Network and integrate it with our DMS platform, those revenues associated with digital fulfillment that were historically reported as shareholder communications revenue associated with ARS will be recorded in platform &amp; technology revenue as the delivery of shareholder materials shifts almost entirely to electronic delivery through our platform. This process began during the third quarter of 2015
as contracts renewed and customers migrated to Investor Network.&#xA0;Additionally, we experienced a decline in our print and proxy revenue as overall demand for these services remains low as more companies move to electronic dissemination of proxy materials.&#xA0;&#xA0;Our press release business remains strong as revenue increased $910,096 during the year ended December 31, 2015 compared to 2014.&#xA0;&#xA0;This increase is due in part to the acquisition of Accesswire, as well as obtaining new clients through
our increased sales efforts.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Platform and technology revenue decreased by $38,139, or 3% during the year ended December 31, 2015 as compared to 2014. The decrease is due partly to a change in the delivery of our IR Direct platform to a subscription model and as a result, the revenue is deferred over the contract period as opposed to being recognized upon delivery.&#xA0;&#xA0;Additionally, webcasting
licensing revenue was down during the year ended December 31, 2015 as compared to 2014. However, we did experience increases in our transfer agent platform as well as in Investor Network licenses due to the transition of customers from ARS as noted earlier. &#xA0;We expect platform and technology revenue to increase in 2016 related to additional revenue from both Investor Network, Blueprint, our cloud-based disclosure reporting platform, and Classify, our cloud-based shareholder intelligence and media targeting
platform.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">2015 Revenue Backlog</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">At December 31, 2015, we have deferred revenue of $822,481 that we expect to recognize throughout 2016. Deferred revenue primarily consists of advance billings for annual service contracts for PIR&#x2019;s annual report service, Investor Network and IR Direct platform.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Cost of Services</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Cost of revenue consists primarily of&#xA0;direct labor costs, third party licensing, warehousing, logistics, print production materials, postage and outside services directly related to the delivery of services to our customers. Cost of revenue decreased by $617,663, or 15% during the year ended December 31, 2015 as compared to 2014, consistent with the overall decrease
in revenue. Overall gross margin remained at 70% for the year ended December 31, 2015 as compared to 2014.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We achieved margins of 70% from our disclosure management services during the year ended December 31, 2015 compared to 72% in 2014. As previously discussed we continued to experience pricing pressure for our XBRL services and had less special projects and corporate directives which caused a decline in gross margin percentage.&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross margins from our shareholder communications services remained flat at 68% during both the year ended December 31, 2015 and 2014. As previously stated, the decline in revenue due to the reduction in demand of printed products from our ARS and proxy services, which has a lower margin, was offset by an increase in revenue of our higher margin press release business.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross margins from platform and technology revenue increased to 83% in the year ended December 31, 2015, as compared to 79% in 2014. Gross margin percentages have increased as we have developed more efficient processes and stream-lined costs associated with the integration of the legacy PIR products.&#xA0;We expect margins in this revenue stream to continue to remain above
80% as we gain additional revenue through our Investor Network, Blueprint and Classify cloud-based technologies.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">General and Administrative Expense</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">General and administrative expenses consist primarily of salaries, stock based compensation, insurance, fees for professional services, general corporate expenses and facility and equipment expenses.&#xA0;&#xA0;General and administrative expenses decreased $594,035 during the year ended December 31, 2015 as compared to 2014.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The decrease in the year ended December 31, 2015 as compared to 2014 was primarily due to a decrease in personnel expenses of $410,225 as well as other general corporate expenses as a result of continuing to streamline costs associated with PIR.&#xA0;Additionally, rent expense decreased $213,951 due to the acceleration of rent associated with the termination of our Richmond
office lease at the end of 2014 and an additional decrease was realized in bad debt expense related to strong cash collections.&#xA0;&#xA0;These decreases were offset in part by additional consulting fees associated with the integration of our press release business with Accesswire.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As a percentage of revenue, general and administrative expenses were 28% during both the year ended December 31, 2015 and 2014.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div>
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<div style="text-align: right; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Sales and Marketing Expenses</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Sales and marketing expenses consist primarily of salaries, stock based compensation, sales commissions, advertising expenses, and marketing expenses. Sales and marketing expenses for the year ended December 31, 2015 decreased by $361,992 as compared to 2014. The decrease is primarily attributable to a decrease in our direct mail marketing activities in 2015 as compared
to 2014 due in part to lower volume as well as more favorable pricing.&#xA0;The decreases were partially offset by an increase in personnel costs as well as new marketing efforts as it relates to investor conferences and tradeshow activities.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As a percentage of revenue, sales and marketing expenses were 20% during both the year ended December 31, 2015 and 2014.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Product Development</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Product development expenses consist primarily of salaries, stock based compensation, bonuses and licenses to develop new products and technology to complement and/or enhance our DMS platform.&#xA0;&#xA0;Product development costs decreased $65,389 during the year ended December 31, 2015 compared to 2014.&#xA0;&#xA0;The decrease is the result of the Company increasing resources
toward the development of its cloud-based platforms, resulting in the capitalization of more costs as projects move beyond the preliminary planning phase. During the year ended December 31, 2015, the Company capitalized $749,095 of software development costs. Included in this amount was $195,411 related to stock-based compensation and $100,000 related to the purchase of a cloud-based reporting platform from Xselus, LLC. There were no costs capitalized as software development during the year ended December 31,
2014.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Depreciation and Amortization</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Depreciation and amortization expenses during the year ended December 31, 2015 decreased by $79,305, or 7%, to $1,079,337 as compared to $1,158,642 during 2014. The decrease is primarily related to a decrease in depreciation associated with PIR assets which became fully depreciated in 2014 and 2015, offset by an increase in amortization expense associated with the intangible
assets acquired as part of the Accesswire acquisition.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">During the fourth quarter of 2015, the Company elected not to renew certain trademarks purchased in conjunction with the acquisition of PIR. These trademarks had an allocated value of $148,680, and the write-off of this value is included in Impairment loss on intangible assets on the Consolidated Statements of Net Income for the year ended December 31, 2015. Additionally,
as part of the Company&#x2019;s annual review of impairment of goodwill and intangible assets, the Company determined the remaining trademarks purchased as part of the acquisition of PIR are no longer indefinite-lived assets, as the Company plans to integrate and re-brand the associated trademarks with Issuer Direct. As a result of this determination, the Company was required to perform a goodwill impairment assessment. Due to lower future projections of revenue associated with our ARS service and a shortened
useful life of the trademarks, this assessment resulted in an impairment loss of $398,320, which is also included in Impairment loss on intangible assets in the Consolidated Statements of Income for the year ended December 31, 2015.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Interest Expense, net</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Interest expense during the year ended December 31, 2015 decreased $1,087,863 as compared to 2014.&#xA0;&#xA0;During the years ended December 31, 2015 and 2014, we recorded non-cash interest expense of $535,397 and $1,541,065, respectively, and cash interest expense of $85,870 and $167,742, respectively, related to the 8% Note. The decrease is due to the conversion of
$833,327 of principal and $23,369 of accrued interest payable on the 8% Note into 214,710 shares of the Company&#x2019;s common stock at the conversion price of $3.99 on November 12, 2014, as well as the conversion of the remaining $1,666,673 of principal payable on the 8% Note into 417,712 shares of the Company&#x2019;s common stock at the conversion price of $3.99 on August 22, 2015.&#xA0;&#xA0;As a result of the final conversion, the Company will no longer have any non-cash or cash interest expense associated
with the 8% Note.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Income Taxes</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We recorded an income tax benefit of $132,487 during the year ended December 31, 2015 compared to a benefit of $279,475 during 2014. During the year ended December 31, 2015, the Company released a portion of its valuation allowance related to federal and state net operating losses, which resulted in a net benefit of $179,426.&#xA0;&#xA0;The tax benefits from US net operating
losses that were previously reserved were acquired as part of the acquisition of&#xA0;PIR.&#xA0;&#xA0;At the date of acquisition, management believed it was more likely than not that the benefits would not be used due to the uncertainty of future profitability and also due to statutory limitations on the amount of net operating losses that can be carried forward in an acquisition.&#xA0;&#xA0;During the three-month period ended March 31, 2015, the Company performed a detailed analysis to determine its ability
to utilize the tax benefits and determined that portions of the tax benefits could be used.&#xA0;&#xA0;Therefore, the Company released portions of the reserve related to tax years through 2015 based on current best estimates of profitability.&#xA0;&#xA0;The remaining reserve is evaluated at the end of each quarter based on projections of future profitability as new services and initiatives are rolled out. Offsetting this benefit, an increase in tax expense resulted from non-deductible non-cash charges such as
stock based compensation, non-cash interest, and non-deductible transaction expenses incurred with the acquisition of PIR in the year ended December 31, 2015.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The tax benefit in 2014 was attributable to our operating loss and the release of a valuation allowance associated with a net operating loss carryforward in one of our foreign subsidiaries.&#xA0;&#xA0;Also the effective rates reflect the impact of non-deductible non-cash charges such as stock based compensation, non-cash interest, and non-deductible transaction expenses
incurred with the acquisition of PIR in the year ended December 31, 2014.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Net Income</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Net income for the year ended December 31, 2015 was $144,584 as compared to $42,126 in 2014.&#xA0;Although revenue was lower with sustained margins, net income increased due to a decrease in operating costs and interest expense, despite the impairment loss on intangible assets.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Liquidity and Capital Resources</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As of December 31, 2015, we had $4,215,145 in cash and cash equivalents and $1,253,628 in net accounts receivable. Current liabilities at December 31, 2015, totaled $2,403,378 including our accounts payable, deferred revenue, accrued payroll liabilities, accrued postage, income taxes payable and other accrued expenses. At December 31, 2015, our current assets exceeded
our current liabilities by $3,317,863.&#xA0;&#xA0;</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On August 22, 2013, in connection with and to partially fund the acquisition and simultaneously with the acquisition of PIR, we entered into the 8% Note with Red Oak. The 8% Note began paying quarterly interest payments on September 30, 2013. Beginning immediately upon the date of issuance, Red Oak or its assigns may convert the 8% Note into shares of our common stock
at a conversion price of $3.99 per share.&#xA0;On November 12, 2014, Red Oak converted $833,327 of principal and $23,369 of accrued interest payable on the 8% Note into 214,710 shares of our common stock at the conversion price of $3.99.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Effective August 22, 2015, Red Oak converted the remaining $1,666,673 of principal on the 8% Note into 417,712 shares of the Company&#x2019;s common stock at the conversion price of $3.99. As of December 31, 2015, we do not owe any amounts related to the 8% Note.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Effective June 24, 2015, the Company renewed its Line of Credit and removed the limitation of the borrowing base calculation, such that the amount of funds available for future borrowings increased to $2,000,000. The Company did not owe any amounts on the Line of Credit at December 31, 2015.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We manage our cash flow carefully with the intent to meet our obligations from cash generated from operations. However, it is possible that we will have to raise additional funds through the issuance of equity in order to meet our debt obligations. There can be no assurance that cash generated from operations will be sufficient to fund our operating expenses, to allow
us to pay dividends, or meet our other obligations, and there is no assurance that debt or equity financing will be available, or if available, that such financing will be upon terms acceptable to us.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Disclosure about Off-Balance Sheet Arrangements</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We do not have any transactions, agreements or other contractual arrangements that constitute off-balance sheet arrangements.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Outlook</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Overall, the demand for our platforms continue to be stable in the majority of the segments we serve. In a portion of our business, we will continue to see demand shift from traditional printed and service-based engagements to a cloud-based subscription, as well as digital distribution offerings. We are positioned well in this space to be both competitive and agile to
deliver these platforms to the market at the same or higher gross margins than previous periods, however; as we have seen over the last several quarters, the transition to digital platforms has had a negative effect on our revenue and we expect this trend to continue over the next few quarters.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">One of the Company&#x2019;s competitive strength is that it has embraced cloud computing early on in its strategy. Making the pivot to a subscription model has and will be key for the long-term sustainable growth management expects from its new platforms.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We will continue to focus on the following key strategic initiatives during 2016:</font></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Continued expansion of our Sales and Marketing teams,</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Significant technology advancements and upgrades,</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Profitable sustainable growth,</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Generate cash flows from operations,</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Increase average revenue per user,</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Expand customer base,</font></div></div></div>
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<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;">Grow our newswire business following the acquisition of Accesswire</font></div></div></div></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We believe there is significant demand for our products among the large, middle and small cap markets that are seeking to find better platforms and tools to disseminate and communicate their respective messages, and that we have the capacity to meet the demand.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We have spent and will continue to spend a considerable amount of time focused on our product sets, platforms and intellectual property development through 2016. These developments are key to our overall offerings in the market and necessary to keep our competitive advantages and sustain the next round of growth that management believes it can achieve. If we are successful
in this development effort, we believe we can achieve increases in revenues per user as well as higher gross margins as we move into 2016 and beyond.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">These statements are forward looking and are subject to factors that could cause actual results to differ materially from those suggested here, including, without limitation, demand for and acceptance of our services, new developments, competition and general economic or market conditions, particularly in the domestic and international capital markets. Refer also to the
Cautionary Statement Concerning Forward Looking Statements and Risk Factors included in this report.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Critical Accounting Policies and Estimates</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.&#xA0;&#xA0;Significant intercompany accounts and transactions are eliminated in consolidation.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We recognize revenue in accordance with SEC Staff Accounting Bulletin&#xA0;No.&#xA0;104, &#x201C;Revenue Recognition,&#x201D; which requires that: (i)&#xA0;persuasive evidence of an arrangement exists, (ii)&#xA0;delivery has occurred or services have been rendered, (iii)&#xA0;the sales price is fixed or determinable, and (iv)&#xA0;collectability is reasonably assured. We
recognize revenue when services are rendered and/or delivered, where collectability is probable. Deferred revenue primarily consists of advanced billing for annual service contracts, and is recognized throughout the year as the services are performed.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Allowance for Doubtful Accounts</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection information. Credit is granted on an unsecured basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions. The allowance is made up of specific reserves, as deemed necessary, on
client account balances, and a reserve based on our historical experience.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Income Taxes</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We comply with the FASB ASC No. 740 &#x2013; Income Taxes which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts based on enacted
tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amounts expected to be realized.&#xA0;&#xA0;For any uncertain tax positions, we recognize the impact of a tax position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. Our policy regarding the classification of interest and penalties is
to classify them as income tax expense in our financial statements, if applicable.&#xA0;&#xA0;At the end of each interim period, we estimate the effective tax rate we expect to be applicable for the full year and this rate is applied to our results for the interim year-to-date period and then adjusted for any discrete period items.&#xA0;&#xA0;</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Capitalized software</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In accordance with FASB ASC No. 350 &#x2013; Intangibles &#x2013; Goodwill and Other, costs incurred to develop our cloud-based platform products and disclosure management system components are capitalized when the preliminary project phase is complete, management commits to fund the project and it is probable the project will be completed and used for its intended purposes.
Once the software is substantially complete and ready for its intended use, the software is amortized over its estimated useful life.&#xA0;&#xA0;Costs related to design or maintenance of the software are expensed as incurred.&#xA0;&#xA0;&#xA0;</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Impairment of Long-lived Assets</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In accordance with the authoritative guidance for accounting for long-lived assets, assets such as property and equipment, trademarks, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of asset groups to be held
and used is measured by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of an asset group exceeds fair value of the asset group.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Fair Value Measurements</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As of December 31, 2015 and 2014, we do not have any financial assets or liabilities that are required to be, or that we elected to measure, at fair value.&#xA0;&#xA0;We believe that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, our line of credit, notes payable, and accounts payable approximate their carrying
amounts.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Stock-based compensation</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We account for stock-based compensation under FASB ASC No. 718 &#x2013; Compensation &#x2013; Stock Compensation. The authoritative guidance for stock compensation requires that companies estimate the fair value of share-based payment awards on the date of the grant using an option-pricing model. The cost is to be recognized over the period during which an employee is required
to provide service in exchange for the award. The authoritative guidance for stock compensation also requires the benefit of tax deductions in excess of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow as prescribed under previous accounting rules. This requirement reduces net operating cash flows and increases net financing cash flows in periods subsequent to adoption, only if excess tax benefits exist.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">&#xA0;</font><font style="font-style: italic;">Translation of Foreign Financial Statements</font></font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The financial statements of the foreign subsidiaries of the Company have been translated into U.S. dollars.&#xA0;&#xA0;All assets and liabilities have been translated at current rates of exchange in effect at the end of the period.&#xA0;&#xA0;Income and expense items have been translated at the average exchange rates for the year or the applicable interim period.&#xA0;&#xA0;The
gains or losses that result from this process are recorded as a separate component of other accumulated comprehensive income (loss) until the entity is sold or substantially liquidated.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Business Combinations, Goodwill and Intangible Assets</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We account for business combinations under FASB ASC No. 805 &#x2013; Business Combinations and the related acquired intangible assets and goodwill under FASB ASC No. 350 &#x2013; Intangibles &#x2013; Goodwill and Other. The authoritative guidance for business combinations specifies the criteria for recognizing and reporting intangible assets apart from goodwill. We record
the assets acquired and liabilities assumed in business combinations at their respective fair values at the date of acquisition, with any excess purchase price recorded as goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets consist of client relationships, customer lists, software, technology and trademarks that are initially measured at fair value.&#xA0;&#xA0;At
the time of the business combinations the trademarks were considered an indefinite-lived asset and were not amortized as there was no foreseeable limit to cash flows generated from them. The goodwill and intangible assets are assessed annually for impairment, or whenever conditions indicate the asset may be impaired, and any such impairment will be recognized in the period identified. The client relationships, customer lists, software and technology are amortized over their estimated useful lives.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Newly Adopted Accounting Pronouncements</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On November 20, 2015, the FASB issued Accounting Standards Update (&#x201C;ASU&#x201D;) 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that all deferred tax assets and liabilities, along with any related valuation allowance, in each jurisdiction be classified as noncurrent on the balance sheet. For public business entities, ASU 2015-17 is effective
for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods but may be early adopted. ASU 2015-17 may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheets). The Company has elected to early adopt ASU 2015-17, on a prospective basis, as of December 31, 2015.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Recent Accounting Pronouncements</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The FASB's new leases standard ASU 2016-02 Leases (Topic 842) was issued on February 25, 2016. ASU 2016-02 is intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred
to as &#x201C;Lessees&#x201D; to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will
be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the
balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The leasing standard will be effective for calendar year-end public companies beginning
after December 15, 2018.&#xA0; Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large
portfolio of leases are likely to see a significant increase in balance sheet assets and liabilities. See Note 9 for the Company&#x2019;s current lease commitments. The Company is currently in the process of evaluating the impact that this new leasing ASU will have on its financial statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">The FASB has issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments</font><font style="color: rgb(0, 0, 0); font-style: italic;">.</font><font style="color: rgb(0, 0, 0);"> The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts
that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period&#x2019;s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face
of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to
provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not anticipate that ASU 2015-16 will have a significant impact on our financial statements.</font></font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The FASB has issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#x2019;s Accounting for Fees Paid in a Cloud Computing Arrangement.&#xA0; The amendments in ASU 2015-05 provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software
license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer&#x2019;s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent
with other licenses of intangible assets.&#xA0; ASU 2015-05 is effective for public entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company does not anticipate that ASU 2015-05 will have a significant impact on our financial statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The FASB has issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.&#xA0;&#xA0;The FASB issued this ASU as part of its initiative to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate,
and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements.&#xA0;&#xA0;The amendments in ASU 2015-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015.&#xA0;&#xA0;The Company does not anticipate that ASU 2015-01 will have a significant impact on our financial statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The FASB has issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.&#xA0;&#xA0;The amendments in this ASU do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid
financial instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single
term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument.&#xA0;&#xA0;The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company does not anticipate that ASU 2014-16 will have a significant impact on our financial
statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">&#xA0;</font>The FASB has issued ASU 2014-12, Compensation &#x2013; Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.&#xA0;&#xA0;The issue is the result of a consensus of the FASB Emerging Issues Task Force (EITF).&#xA0;&#xA0;The
amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation &#x2013; Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award.&#xA0;&#xA0;Compensation cost should
be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized
during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved.&#xA0;&#xA0;The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015.&#xA0;&#xA0;The Company
will apply the provisions of ASU 2014-12 to any future performance based stock awards, but does not anticipate that the impact will have a significant impact on our financial statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The FASB has issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 sets forth a new revenue recognition model that
requires identifying the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of performance obligations. The amendments in the ASU can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of the initial application along with additional disclosures.
The Company is currently evaluating the impact of ASU 2014-09, which is currently effective for the Company in our fiscal year beginning on January 1, 2018.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold;">ITEM 7A.</font> <font style="font-weight: bold;">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We do not believe that we face material market risk with respect to our cash or cash equivalents, which totaled $4,215,145 and $1,721,343 at December&#xA0;31, 2015 and 2014, respectively. We held no marketable securities as of December&#xA0;31, 2015 or 2014.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item8">I</a>TEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The financial statements required by this Item&#xA0;8 are set forth in Item&#xA0;15 of this Annual Report. All information which has been omitted is either inapplicable or not required.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our balance sheets as of December&#xA0;31, 2015 and 2014, and the related statements of income, comprehensive income, stockholders&#x2019; equity and cash flows for the two years ended December&#xA0;31, 2015, and 2014, together with the independent registered public accountants&#x2019; reports thereon appear beginning on Page F-1.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><a name="Item9"> </a></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">None.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><a name="Item9a"> </a></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ITEM 9A(T). CONTROLS AND PROCEDURES.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Management&#x2019;s annual report regarding internal disclosure controls and procedures. Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation and fair presentation of financial statements for external purposes, in accordance with generally accepted accounting principles. The effectiveness of any system of internal control over financial reporting is subject to inherent limitations and therefore, may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness of future periods are subject to the risk that the controls may become inadequate due to change in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">23</font></div></div>
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<div id="hdr">
<div style="text-align: right; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">This annual report does not include an attestation report of the Company&#x2019;s registered public accounting firm regarding internal control over financial reporting. Management&#x2019;s report was not subject to attestation by the Company&#x2019;s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide
only management&#x2019;s report in this annual report.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Evaluation of Disclosure Controls and Procedures</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Based on an evaluation under the supervision and with the participation of our management, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act") were effective as of December&#xA0;31, 2015
to ensure that information required to be disclosed in reports that are filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Inherent Limitations over Internal Controls</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that: (i) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposition of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of assets that could have a material effect on the financial statements.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Management, including our Chief Executive Officer and Chief Financial Officer, do not expect that our internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable,
not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods
are subject to the risk that those internal controls may become inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Report of Management's Annual Report on Internal Control over Financial Reporting</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule&#xA0;13a-15(f) under the Securities Exchange Act of 1934, as amended). Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria set forth by the Committee of Sponsoring
Organizations ("COSO") updated Internal Control&#x2014;Integrated Framework (2013). Based on this evaluation, management has concluded that our internal control over financial reporting was effective as of December&#xA0;31, 2015.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">There were no changes in our internal controls that could materially affect the disclosure controls and procedures subsequent to the date of their evaluation, nor were there any material deficiencies or material weaknesses in our internal controls. As a result, no corrective actions were required or undertaken.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item9b">I</a>TEM 9B. OTHER INFORMATION.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">None.</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">24</font></div></div>
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="PartIII">P</a>ART III</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item10">I</a>TEM&#xA0;10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The information required by this Item is set forth under the headings &#x201C;Directors, Executive Officers and Corporate Governance&#x201D; and &#x201C;Section 16(a) Beneficial Ownership Reporting Compliance&#x201D; in the Company&#x2019;s 2016 Proxy Statement to be filed with the U.S. Securities and Exchange Commission (&#x201C;SEC&#x201D;) within 120 days after December 31,
2015 in connection with the solicitation of proxies for the Company&#x2019;s 2016 annual meeting of shareholders and is incorporated herein by reference.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><a name="Item11"> </a></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px; font-weight: bold;">ITEM&#xA0;11.</font> <font style="font-size: 13px; font-weight: bold;">EXECUTIVE COMPENSATION.</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The information required by this Item is set forth under the heading &#x201C;Executive Compensation&#x201D; and under the subheadings &#x201C;Board Oversight of Risk Management,&#x201D; &#x201C;Compensation of Directors,&#x201D; &#x201C;Director Compensation-2015&#x201D; and &#x201C;Compensation Committee Interlocks and Insider Participation&#x201D; under the heading &#x201C;Directors,
Executive Officers and Corporate Governance&#x201D; in the Company&#x2019;s 2016 Proxy Statement to be filed with the SEC within 120 days after December 31, 2015 and is incorporated herein by reference.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item12">I</a>TEM&#xA0;12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The information required by this Item is set forth under the headings &#x201C;Security Ownership of Certain Beneficial Owners and Management&#x201D; and &#x201C;Equity Compensation Plan Information&#x201D; in the Company&#x2019;s 2016 Proxy Statement to be filed with the SEC within 120 days after December 31, 2015 and is incorporated herein by reference.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item13">I</a>TEM&#xA0;13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The information required by this Item is set forth under the heading &#x201C;Review, Approval or Ratification of Transactions with Related Persons&#x201D; and under the subheading &#x201C;Board Committees&#x201D; under the heading &#x201C;Directors, Executive Officers and Corporate Governance&#x201D; in the Company&#x2019;s 2016 Proxy Statement to be filed with the SEC within
120 days after December 31, 2015 and is incorporated herein by reference.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item14">I</a>TEM&#xA0;14. PRINCIPAL ACCOUNTING FEES AND SERVICES.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The information required by this Item is set forth under the subheadings &#x201C;Fees Paid to Auditors&#x201D; and &#x201C;Policy on Audit Committee Pre-Approval of Audit and Non-Audit Services Performed by the Independent Registered Public Accounting Firm&#x201D; under the proposal &#x201C;Ratification of Appointment of Independent Registered Public Accounting Firm&#x201D;
in the Company&#x2019;s 2016 Proxy Statement to be filed with the SEC within 120 days after December 31, 2015 and is incorporated herein by reference.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">25</font></div></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="PartIV">P</a>ART IV</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Item15">I</a>TEM&#xA0;15. EXHIBITS.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">(a)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Financial Statements</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The financial statements listed in the accompanying index (page F-1) to the financial statements are filed as part of this Annual Report on Form&#xA0;10-K.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Exhibits</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Exhibit Number</font></div></td>
<td style="width: 2%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Exhibit Description</font></div></td></tr><tr>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">21.1</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Subsidiaries of the Registrant.*</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">23.1</font></div></td>
<td style="width: 2%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 87%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Consent of Independent Registered Public Accounting Firm.*</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">31.1</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 87%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Rule&#xA0;13a-14(a) Certification of Principal Executive Officer.*</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 12%; vertical-align: top;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">31.2</font></div></td>
<td style="width: 2%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 87%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Rule&#xA0;13a-14(a) Certification of Principal Financial Officer.*</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 12%; vertical-align: top;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">32.1</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 87%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Section&#xA0;1350 Certification of Principal Executive Officer.*</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">32.2</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Section&#xA0;1350 Certification of Principal Financial Officer.*</font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#x2014;&#x2014;&#x2014;&#x2014;&#x2014;&#x2014;&#x2014;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">* Filed herewith</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">(c)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Financial Statement Schedules omitted</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">None.&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">26</font></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="Signatures">S</a>IGNATURES</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Pursuant to the requirements of Section&#xA0;13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ISSUER DIRECT CORPORATION</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Date: March 3, 2016</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">By:</font></div></td>
<td style="width: 35%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">/s/ B<font style="font-variant: small-caps;">rian</font> R. B<font style="font-variant: small-caps;">albirnie</font></font></div></td>
<td style="width: 12%; vertical-align: top; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 4px; border-bottom-style: double;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 35%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Brian R. Balbirnie</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Chief Executive Officer, Director</font></div></td>
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr><tr>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated as of the dates set forth below.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Signature</font></font></font></div></td>
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<div><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">&#xA0;</font></font></font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Date</font></font></font></div></td>
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<div><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">&#xA0;</font></font></font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Title</font></font></font></div></td></tr><tr>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">/s/ BRIAN R. BALBIRNIE</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">March 3, 2016</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Director, Chief Executive Officer</font></div></td></tr><tr>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Brian R. Balbirnie</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">(Principal Executive Officer)</font></div></td></tr><tr>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">/s/ STEVEN KNERR</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 20%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">March 3, 2016</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 51%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Chief Financial Officer</font></div></td></tr><tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Steven Knerr</font></div></td>
<td style="width: 2%; vertical-align: top;">
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">(Principal Accounting Officer)</font></div></td></tr><tr>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<td style="width: 2%; vertical-align: top;">
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<td style="width: 24%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">/s/ ANDRE BOISVERT</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">March 3, 2016</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Director, Chairman of the Audit Committee and Member of the Compensation Committee, and Strategic Committee
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Director, Chairman of the Compensation Committee</font></div></td></tr><tr>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">/s/ J. PATRICK GALLEHER</font></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Director, Chairman of the Strategic Committee<br ></font></div></td></tr><tr>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">J. Patrick Galleher</font></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">INDEX TO FINANCIAL STATEMENTS</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#reportofaccountingfirm"><font style="font-family: Times New Roman; font-size: 13px;">Report of Independent Registered Public Accounting Firm</font></a></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#BallanceSheet"><font style="font-family: Times New Roman; font-size: 13px;">Consolidated Balance Sheets as of December&#xA0;31, 2015 and 2014</font></a></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#StatementofIncome"><font style="font-family: Times New Roman; font-size: 13px;">Consolidated Statements of Income for the years ended December&#xA0;31, 2015 and 2014</font></a></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#ComprehensiveIncome"><font style="font-family: Times New Roman; font-size: 13px;">Consolidated Statements of Comprehensive Income for the years ended December 31, 2015 and 2014</font></a></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#ShareholderEquity"><font style="font-family: Times New Roman; font-size: 13px;">Consolidated Statements of Stockholders&#x2019; Equity for the years ended December&#xA0;31, 2015 and 2014</font></a></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#CashFlow"><font style="font-family: Times New Roman; font-size: 13px;">Consolidated Statements of Cash Flows for the years ended December&#xA0;31, 2015 and 2014</font></a></div></td>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="#NotestoFinancials"><font style="font-family: Times New Roman; font-size: 13px;">Notes to Consolidated Financial Statements</font></a></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="reportofaccountingfirm">R</a>EPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">To the Board of Directors and Shareholders</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Issuer Direct Corporation</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Morrisville, North Carolina</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We have audited the accompanying consolidated balance sheets of Issuer Direct Corporation and subsidiaries (the &#x201C;Company&#x201D;) as of December 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, stockholders&#x2019; equity, and cash flows for each of the years in the two-year period ended December 31, 2015. The Company&#x2019;s
management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.&#xA0;&#xA0;The Company is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.&#xA0;&#xA0;An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated
financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Issuer Direct Corporation and subsidiaries as of December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the years in the two-year period ended December 31, 2015, in conformity with accounting
principles generally accepted in the United States of America.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">/s/ CHERRY BEKAERT LLP</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Raleigh, North Carolina</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">March 3, 2016</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="BallanceSheet">I</a>SSUER DIRECT CORPORATION AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">CONSOLIDATED BALANCE SHEETS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">AS OF DECEMBER 31, 2015 AND 2014</font></div>
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<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">December&#xA0;31,</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: center; text-indent: -12px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ASSETS</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Current assets:</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Cash and cash equivalents</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4,215,145</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,721,343</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Accounts receivable (net of allowance for doubtful accounts of $396,884 and $460,564, respectively)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,253,628</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,013,464</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Deferred income tax asset &#x2013; current</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">7,290</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Other current assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">252,468</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">311,666</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px;">Total current assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5,721,241</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4,053,763</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Capitalized software, net</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">723,962</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Fixed assets, net</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">175,497</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">145,384</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Deferred income tax asset - noncurrent</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">97,974</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Other long-term assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">18,301</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">28,286</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Goodwill</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,241,872</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,241,872</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Intangible assets (net of accumulated amortization of $2,512,704 and $1,517,366, respectively)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">2,191,296</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">3,733,634</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Total assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">11,170,143</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">10,202,939</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: center; text-indent: -12px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">LIABILITIES AND STOCKHOLDERS&#x2019; EQUITY</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Current liabilities:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Accounts payable</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">385,285</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">255,615</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Accrued expenses</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">995,999</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,105,122</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Income taxes payable</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">199,613</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">135,533</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Note payable &#x2013; related party (net of debt discount of $535,397 at December 31, 2014)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,131,276</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Deferred revenue</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">822,481</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">877,120</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px;">Total current liabilities</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,403,378</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,504,666</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Deferred income tax liability</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">94,566</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">633,778</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Other long-term liabilities</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">113,222</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">56,733</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Total liabilities</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">2,611,166</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">4,195,177</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Commitments and contingencies (see Note 9)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Stockholders' equity:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of December 31, 2015 and 2014.</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Common stock $0.001 par value, 100,000,000 shares authorized, 2,785,044 and 2,316,743 shares issued and outstanding as of December 31, 2015 and 2014, respectively.</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,785</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,317</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Additional paid-in capital</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8,202,605</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5,725,470</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Other accumulated comprehensive loss</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(35,154</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(47,283</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Retained earnings</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">388,741</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">327,258</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px;">Total stockholders' equity</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">8,558,977</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">6,007,762</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Total liabilities and stockholders&#x2019; equity</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">11,170,143</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">10,202,939</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-3</font></div></div>
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="StatementofIncome">I</a>SSUER DIRECT CORPORATION AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">CONSOLIDATED STATEMENTS OF INCOME</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Years Ended December&#xA0;31,</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Revenues</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11,619,883</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">13,629,684</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Cost of services</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">3,447,992</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">4,065,655</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Gross profit</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">8,171,891</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">9,564,029</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Operating costs and expenses:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">General and administrative</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,241,404</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,835,439</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Sales and marketing</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,343,330</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,705,322</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Product development</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">326,584</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">391,973</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Depreciation and amortization</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,079,337</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,158,642</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Impairment loss on intangible assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">547,000</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px;">Total operating costs and expenses</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">7,537,655</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">8,091,376</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Operating income</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">634,236</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,472,653</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Interest expense, net</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(622,139</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(1,710,002</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Income (loss) before taxes</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">12,097</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(237,349</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Income tax benefit</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">132,487</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">279,475</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Net income</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">144,584</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">42,126</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Income per share &#x2013; basic</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">0.06</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">0.02</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Income per share &#x2013; diluted</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">0.06</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">0.02</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Weighted average number of common shares outstanding &#x2013; basic</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,486,684</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,082,941</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Weighted average number of common shares outstanding &#x2013; diluted</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,575,952</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,124,917</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-4</font></div></div>
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="ComprehensiveIncome">I</a>SSUER DIRECT CORPORATION</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Years Ended December 31,</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Net income</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">144,584</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">42,126</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Foreign currency translation adjustment</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">12,129</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">11,782</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Comprehensive income</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">156,713</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">53,908</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="ftr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-5</font></div></div>
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="ShareholderEquity">I</a>SSUER DIRECT CORPORATION AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#x2019; EQUITY</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 40%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 20%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Common Stock</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Additional Paid-in</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Accumulated Other Comprehensive</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Retained</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Total Stockholders&#x2019;</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 40%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Shares</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Amount</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Capital</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Loss</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Earnings</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Equity</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Balance at December 31, 2013</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,006,689</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,007</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,977,661</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(59,065</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">285,132</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4,205,735</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Stock-based compensation expense</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">410,468</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">410,471</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Exercise of stock options, net of tax</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">76,959</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">77</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">340,873</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">340,950</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Shares issued upon partial conversion of note payable (see Note 6)</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">214,710</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">215</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">856,483</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">856,698</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Shares issued upon acquisition of Accesswire (see Note 4)</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">15,385</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">15</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">139,985</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">140,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Foreign currency translation</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11,782</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11,782</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Net income</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">42,126</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">42,126</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Balance at December 31, 2014</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,316,743</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,317</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5,725,470</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(47,283</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">327,258</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6,007,762</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Stock-based compensation expense</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">744,587</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">744,595</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Exercise of stock awards, net of tax</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">42,589</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">42</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">66,293</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">66,335</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Shares issued upon conversion of note payable (see Note 6)</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">417,712</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">418</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,666,255</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,666,673</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Dividends</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">(83,101</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(83,101</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Foreign currency translation</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">12,129</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">12,129</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Net income</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; font-weight: bold; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">144,584</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">144,584</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Balance at December 31, 2015</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">2,785,044</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">2,785</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">8,202,605</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(35,154</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">388,741</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">8,558,977</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="CashFlow">I</a>SSUER DIRECT CORPORATION AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></div>
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<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">For the Years ended</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">December&#xA0;31,</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Cash flows from operating activities</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Net income</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">144,584</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">42,126</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Adjustments to reconcile net income to net cash provided by operating activities:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px;">Bad debt expense</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">169,020</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">275,657</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px;">Depreciation and amortization</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,099,870</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,158,062</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Impairment loss on intangible assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">547,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px;">Deferred income taxes</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(631,938</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(999,603</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px;">Non-cash interest expense</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">535,397</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,541,065</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px;">Stock-based compensation expense</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">549,184</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">410,471</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 36px;"><font style="font-family: Times New Roman; font-size: 13px;">Changes in operating assets and liabilities:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 48px;"><font style="font-family: Times New Roman; font-size: 13px;">Decrease (increase) in accounts receivable</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">586,518</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(343,678</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 48px;"><font style="font-family: Times New Roman; font-size: 13px;">Decrease (increase) in deposits and prepaid assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">68,813</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(159,171</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 48px;"><font style="font-family: Times New Roman; font-size: 13px;">Increase (decrease) in accounts payable</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">132,168</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(8,930</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 48px;"><font style="font-family: Times New Roman; font-size: 13px;">Increase (decrease) in deferred revenue</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(44,680</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(142,389</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 48px;"><font style="font-family: Times New Roman; font-size: 13px;">Increase (decrease) in accrued expenses</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">20,630</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(311,356</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Net cash provided by operating activities</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">3,176,566</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,462,254</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Cash flows from investing activities</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Purchase of Accesswire intangible assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(1,700,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Capitalized software</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(553,684</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Purchase of fixed assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(109,512</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(71,372</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Net cash used in investing activities</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(663,196</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(1,771,372</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Cash flows from financing activities</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Proceeds from exercise of stock options, net of income taxes</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">28,100</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">172,131</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Excess tax benefit from share based compensation</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">38,235</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">168,819</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Payment of dividend</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(83,101</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Net cash (used in)/provided by financing activities</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(16,766</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">340,950</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Net change in cash</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,496,604</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">31,832</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Cash- beginning</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,721,343</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,713,479</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Currency translation adjustment</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(2,802</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(23,968</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Cash- ending</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">4,215,145</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,721,343</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold;">Supplemental disclosures</font>:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Cash paid for interest</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">85,870</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">167,742</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Cash paid for income taxes</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">282,951</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">862,808</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Non-cash activities:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Common stock issued for acquisition of assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">-</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">140,000</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Stock-based compensation - capitalized software</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">195,411</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">-</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Conversion of note payable to common stock</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,666,673</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">856,698</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-7</font></div></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;"><a name="NotestoFinancials">I</a>SSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 1: Description, Background and Basis of Operations</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Nature of Operations</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Issuer Direct Corporation (the &#x201C;Company&#x201D; or &#x201C;Issuer Direct&#x201D;) was incorporated in the state of Delaware in October&#xA0;1988 under the name Docucon Inc. Subsequent to the December&#xA0;13, 2007 merger with My EDGAR, Inc., the Company changed its name to Issuer Direct Corporation. The surviving company was formed for the purposes of helping companies
produce and distribute their financial and business communications both online and in print. As a technology and issuer services focused company, Issuer Direct Corporation operates under several brands in the market, including Direct Transfer, PrecisionIR (PIR), Blueprint, Classify, Investor Network, New York Stock Transfer, iProxy Direct, iFund Direct, iR Direct, QX Interactive, Accesswire and Issuer Services Group. The Company leverages its securities compliance and regulatory expertise to provide a comprehensive
set of services that enhance a client's ability to communicate effectively with its shareholder base while meeting all reporting regulations required.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 2: Summary of Significant Accounting Policies</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.&#xA0;&#xA0;Significant intercompany accounts and transactions are eliminated in consolidation.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Cash and Cash Equivalents</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company places its cash and cash equivalents on deposit with financial institutions in the United States, Canada, and Europe. The Federal Deposit Insurance Corporation (FDIC) covers $250,000 for substantially all depository accounts in the United States.&#xA0;&#xA0;The Company from time to time may have amounts on deposit in excess of the insured limits. As of December
31, 2015, the Company had $3,564,307 which exceeds the insured amounts in the United States.&#xA0;&#xA0;The Company also had cash of $184,233 in Europe, and $8,381 in Canada on hand at December 31, 2015.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Revenue Recognition</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We recognize revenue in accordance with SEC Staff Accounting Bulletin&#xA0;No.&#xA0;104, &#x201C;Revenue Recognition,&#x201D; which requires that: (i)&#xA0;persuasive evidence of an arrangement exists, (ii)&#xA0;delivery has occurred or services have been rendered, (iii)&#xA0;the sales price is fixed or determinable, and (iv)&#xA0;collectability is reasonably assured. We
recognize revenue when services are rendered and/or delivered, where collectability is probable. Deferred revenue primarily consists of advanced billings for annual service contracts, and is recognized throughout the year as the services are performed.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Fixed Assets</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Fixed assets are recorded at cost and depreciated over the estimated useful lives of the assets using principally the straight-line method. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and proceeds realized thereon.
Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. The range of estimated useful lives used to calculate depreciation for principal items of property and equipment are as follow:</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="font-family: Times New Roman; font-weight: bold;">Asset Category</font></font></div></td>
<td style="width: 4%; vertical-align: top;">
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="font-family: Times New Roman; font-weight: bold;">Depreciation / Amortization Period</font></font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Computer equipment</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">3 years</font></div></td></tr><tr>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Furniture &amp; fixtures</font></div></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">3 to 7 years</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Leasehold improvements</font></div></td>
<td style="width: 4%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">7 years or lesser of the lease term</font></div></td></tr></table></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-8</font></div></div>
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<div style="text-align: right; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Earnings per Share</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We calculate earnings per share in accordance with Financial Accounting Standards Board (FASB) ASC No. 260 &#x2013; EPS, which requires that basic net income per common share be computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing the net income
for the period by the weighted average number of common and dilutive common equivalent shares outstanding during the period.&#xA0;&#xA0;Shares issuable upon the exercise of stock options and restricted stock units totaling 211,250 and 218,750 were excluded in the computation of diluted earnings per common share during the year ended December 31, 2015 and 2014, respectively, because their impact was anti-dilutive.&#xA0;&#xA0;As of December 31, 2014, 417,712 shares associated with the conversion feature on the
convertible note outstanding were excluded from the calculation of diluted earnings per share as the impact was anti-dilutive.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">&#xA0;Reclassifications</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company has reclassified certain amounts as previously reported as general and administrative expenses to product development expenses, in order to conform to current year presentation.&#xA0;&#xA0;This reclassification has no impact on revenue, net income, assets, liabilities, shareholders&#x2019; equity, or earnings per share.&#xA0;In particular, the Company is now
presenting product development cost as a separate line on the consolidated statement of operations, whereas they were previously included in general and administrative expenses.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Allowance for Doubtful Accounts</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection information. Credit is granted on an unsecured basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions. The allowance is made up of specific reserves, as deemed necessary, on
client account balances, and a reserve based on our historical experience.&#xA0;&#xA0;The following is a summary of our allowance for doubtful accounts during the years ended December 31, 2015 and 2014:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year Ended</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">December 31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year Ended</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">December 31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Beginning balance</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">460,564</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">429,509</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Bad debt expense</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">169,020</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">275,657</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Write-offs</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(232,700</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(244,602</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Ending balance</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">396,884</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">460,564</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Use of Estimates</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#x201C;US GAAP&#x201D;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts and the valuation of goodwill, intangible assets, deferred tax assets, and stock based compensation.&#xA0;&#xA0;Actual results could differ from those estimates.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-9</font></div></div>
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Income Taxes</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We comply with the FASB ASC No. 740 &#x2013; Income Taxes which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts based on enacted
tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amounts expected to be realized.&#xA0;&#xA0;For any uncertain tax positions, we recognize the impact of a tax position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. Our policy regarding the classification of interest and penalties is
to classify them as income tax expense in our financial statements, if applicable.&#xA0;&#xA0;At the end of each interim period, we estimate the effective tax rate we expect to be applicable for the full year and this rate is applied to our results for the interim year-to-date period and then adjusted for any discrete period items.&#xA0;&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Capitalized Software</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In accordance with FASB ASC No. 350 &#x2013; Intangibles &#x2013; Goodwill and Other, costs incurred to develop our cloud-based platform products and disclosure management system components are capitalized when the preliminary project phase is complete, management commits to fund the project and it is probable the project will be completed and used for its intended purposes.
Once the software is substantially complete and ready for its intended use, the software is amortized over its estimated useful life.&#xA0;&#xA0;Costs related to design or maintenance of the software are expensed as incurred.&#xA0;&#xA0;&#xA0;During the year ended December 31, 2015, the Company capitalized $749,095 of software development costs. Included in this amount was $195,411 related to stock-based compensation and $100,000 related to the purchase of a cloud-based reporting platform from Xselus, LLC. The
Company recorded amortization expense of $25,133 on software that was placed in service during the year, which is included in Cost of services on the Consolidated Statements of Income for the year ended December 31, 2015.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Impairment of Long-lived Assets</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In accordance with the authoritative guidance for accounting for long-lived assets, assets such as property and equipment, trademarks, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of asset groups to be held
and used is measured by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of an asset group exceeds fair value of the asset group.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Fair Value Measurements</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As of December 31, 2015 and 2014, we do not have any financial assets or liabilities that are required to be, or that we elected to measure, at fair value.&#xA0;&#xA0;We believe that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, our line of credit, notes payable, and accounts payable approximate their carrying
amounts.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Stock-based Compensation</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We account for stock-based compensation under FASB ASC No. 718 &#x2013; Compensation &#x2013; Stock Compensation. The authoritative guidance for stock compensation requires that companies estimate the fair value of share-based payment awards on the date of the grant using an option-pricing model. The cost is to be recognized over the period during which an employee is required
to provide service in exchange for the award. The authoritative guidance for stock compensation also requires the benefit of tax deductions in excess of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow as prescribed under previous accounting rules. This requirement reduces net operating cash flows and increases net financing cash flows in periods subsequent to adoption, only if excess tax benefits exist.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">&#xA0;</font><font style="font-style: italic;">Translation of Foreign Financial Statements</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The financial statements of the foreign subsidiaries of the Company have been translated into U.S. dollars.&#xA0;&#xA0;All assets and liabilities have been translated at current rates of exchange in effect at the end of the period.&#xA0;&#xA0;Income and expense items have been translated at the average exchange rates for the year or the applicable interim period.&#xA0;&#xA0;The
gains or losses that result from this process are recorded as a separate component of other accumulated comprehensive income (loss) until the entity is sold or substantially liquidated.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-10</font></div></div>
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<div id="hdr">
<div style="text-align: right; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<font style="font-style: italic;">Comprehensive Income</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Comprehensive income consists of net income and other comprehensive income related to changes in the cumulative foreign currency translation adjustment.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Business Combinations, Goodwill and Intangible Assets</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We account for business combinations under FASB ASC No. 805 &#x2013; Business Combinations and the related acquired intangible assets and goodwill under FASB ASC No. 350 &#x2013; Intangibles &#x2013; Goodwill and Other. The authoritative guidance for business combinations specifies the criteria for recognizing and reporting intangible assets apart from goodwill. We record
the assets acquired and liabilities assumed in business combinations at their respective fair values at the date of acquisition, with any excess purchase price recorded as goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets consist of client relationships, customer lists, software, technology and trademarks that are initially measured at fair value.&#xA0;&#xA0;At
the time of the business combination the trademarks were considered an indefinite-lived asset and, as such, were not amortized as there was no foreseeable limit to cash flows generated from them. The goodwill and intangible assets are assessed annually for impairment, or whenever conditions indicate the asset may be impaired, and any such impairment will be recognized in the period identified. The client relationships, customer lists, software and technology are amortized over their estimated useful lives.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Advertising</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company expenses advertising as incurred, except for direct-response advertising, which is capitalized and amortized over its expected period of future benefits.&#xA0;&#xA0;Advertising expense totaled $174,094 and $603,895, during the years ended December 31, 2015 and 2014, respectively.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On November 20, 2015, the FASB issued Accounting Standards Update (&#x201C;ASU&#x201D;) 2015-17 ("ASU 2015-17&#x201D;), Balance Sheet Classification of Deferred Taxes, which requires that all deferred tax assets and liabilities, along with any related valuation allowance, in each jurisdiction be classified as noncurrent on the balance sheet. For public business entities,
ASU 2015-17 is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods but may be early adopted. ASU 2015-17 may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheets). The Company has elected to early adopt ASU 2015-17, on a prospective basis, as of December 31, 2015.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The FASB's new leases standard ASU 2016-02 Leases (Topic 842) was issued on February 25, 2016. ASU 2016-02 is intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred
to as &#x201C;Lessees&#x201D; to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will
be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the
balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The leasing standard will be effective for calendar year-end public companies beginning
after December 15, 2018.&#xA0; Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large
portfolio of leases are likely to see a significant increase in balance sheet assets and liabilities. See Note 9 for the Company&#x2019;s current lease commitments. The Company is currently in the process of evaluating the impact that this new leasing ASU will have on its financial statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">The FASB has issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments</font><font style="color: rgb(0, 0, 0); font-style: italic;">.</font><font style="color: rgb(0, 0, 0);"> The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts
that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period&#x2019;s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face
of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to
provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not anticipate that ASU 2015-16 will have a significant impact on our financial statements.</font></font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px;">The FASB has issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#x2019;s Accounting for Fees Paid in a Cloud Computing Arrangement.&#xA0; The amendments in ASU 2015-05 provide guidance to customers about whether a cloud computing arrangement includes a software
license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software</font>license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer&#x2019;s accounting for service contracts. As a result of the amendments, all software licenses
within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets.&#xA0; ASU 2015-05 is effective for public entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company does not anticipate that ASU 2015-05 will have a significant impact on our financial statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The FASB has issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.&#xA0;&#xA0;The FASB issued this ASU as part of its initiative to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate,
and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements.&#xA0;&#xA0;The amendments in ASU 2015-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015.&#xA0;&#xA0;The Company does not anticipate that ASU 2015-01 will have a significant impact on our financial statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The FASB has issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.&#xA0;&#xA0;The amendments in this ASU do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid
financial instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single
term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument.&#xA0;&#xA0;The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company does not anticipate that ASU 2014-16 will have a significant impact on our financial
statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">&#xA0;</font>The FASB has issued ASU 2014-12, Compensation &#x2013; Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.&#xA0;&#xA0;The issue is the result of a consensus of the FASB Emerging Issues Task Force (EITF).&#xA0;&#xA0;The
amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation &#x2013; Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award.&#xA0;&#xA0;Compensation cost should
be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized
during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved.&#xA0;&#xA0;The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015.&#xA0;&#xA0;The Company
will apply the provisions of ASU 2014-12 to any future performance based stock awards, but does not anticipate that the impact will have a significant impact on our financial statements.</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The FASB has issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 sets forth a new revenue recognition model that
requires identifying the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of performance obligations. The amendments in the ASU can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of the initial application along with additional disclosures.
The Company is currently evaluating the impact of ASU 2014-09, which is currently effective for the Company in our year beginning on January 1, 2018.</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 3: Fixed Assets</font></div>
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<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">December&#xA0;31,</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
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<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
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<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Computers &amp; equipment</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">185,495</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">325,192</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Furniture</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">159,018</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">123,652</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
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<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Leasehold improvements</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">93,781</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">54,708</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total fixed assets, gross</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">438,294</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">503,552</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Less: Accumulated depreciation</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(262,797</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(358,168</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total fixed assets, net</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">175,497</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">145,384</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Depreciation expense for the years ended December&#xA0;31, 2015 and 2014 totaled $79,399 and $223,565, respectively, during the year ended December 31, 2015.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-style: italic; font-weight: bold;">Note 4:</font><font style="font-style: italic;">&#xA0;</font><font style="font-style: italic; font-weight: bold;">Goodwill and Other Intangible Assets</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Acquisition of Accesswire</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On October 29, 2014, the Company completed its acquisition of all of the assets relating to the &#x201C;Accesswire&#x201D; business (as defined below) owned and operated by Baystreet.ca Media Corp., a British Columbia company (&#x201C;Baystreet&#x201D;) for consideration totaling $1,840,000. Accesswire is a business corporate news and content distribution and dissemination
business (&#x201C;Accesswire&#x201D;). In consideration of the assets related to Accesswire, the Company paid to Baystreet on the closing date the following: (i) $1,700,000 in cash from the Company&#x2019;s current cash reserves and (ii) 15,385 shares of the Company&#x2019;s common stock with a value of $140,000 based on the Company&#x2019;s stock price at the time of closing.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">During the year ended December 31, 2014, the Company employed a third party valuation firm to assist in determining the purchase price allocation of assets acquired from Accesswire. The income approach was used to determine the value of Accesswire&#x2019;s trademarks and client relationships. The income approach determines the fair value for the asset based on the present
value of cash flows projected to be generated by the asset. Projected cash flows are discounted at a rate of return that reflects the relative risk of achieving the cash flow and the time value of money. Projected cash flows for each asset considered multiple factors, including current revenue from existing customers; analysis of expected revenue and attrition trends; reasonable contract renewal assumptions from the perspective of a marketplace participant; expected profit margins giving consideration to marketplace
synergies; and required returns to contributory assets. The cost approach was used to determine the value of Accesswire&#x2019;s technology.&#xA0;&#xA0;The cost approach is based on replacement cost as an indicator of value. It assumes that a prudent investor would pay no more for an asset than the amount for which it could be replaced new. Further, to the extent a particular asset provides less utility than a new one, its value will be less than its replacement cost new. To account for this difference, the replacement
cost new is adjusted for losses in value that is, depreciated.&#xA0;&#xA0;No liabilities or tangible assets were assumed.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">&#xA0;</font>The transaction resulted in recording intangible assets and goodwill at a fair value of $1,840,000 as follows:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td rowspan="1" style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total Consideration</font></div></td>
<td rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,840,000</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="1" style="width: 88%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Allocation of Accesswire intangible assets and goodwill:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Amortizable intangible assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">423,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Trademarks</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">232,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Goodwill</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,185,000</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total fair value of Accesswire intangible assets and goodwill</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,840,000</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
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<div id="ftr">
<div style="text-align: left; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-13</font></div></div>
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<div style="text-align: right; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The identifiable amortizable intangible assets created as a result of the acquisition will be amortized straight line over their estimated useful life as follows:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Asset Amount</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Useful Life (years)</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Client relationships</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">242,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">7</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Software</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">181,000</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">5</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 4px; margin-left: 0px;"><font>&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">423,000</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company has elected not to provide unaudited pro forma financial information for the Accesswire acquisition, as management determined that providing useful, accurate pro-forma information would be impracticable, and because the acquisition was not considered a significant acquisition in accordance with Rule 3-05 of the SEC's Regulation S-X. &#xA0; Because the Accesswire
news distribution service was just one of many services offered by Baystreet Media ca. separate financial information was not maintained, and creating separate financials statements would include too many estimates and assumptions to be portrayed as useful and accurate.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The components of intangible assets are as follows:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 64%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="3" rowspan="1" style="width: 36%; vertical-align: bottom;">
<div><font style="text-align: left; width: 3%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 94%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">December&#xA0;31, 2015</font></div></font><font style="text-align: left; width: 3%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 64%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Gross Carrying</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Amount</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Accumulated</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Amortization</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Net Carrying</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Amount</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Customer lists</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,770,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(1,408,920</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">361,080</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Customer relationships</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,747,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(564,810</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,182,190</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Proprietary software</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">782,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(526,508</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">255,492</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Trademarks &#x2013; definite-lived</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">173,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(12,466</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">160,534</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Trademarks &#x2013; indefinite-lived</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">232,000</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">232,000</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Total intangible assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">4,704,000</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(2,512,704</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">2,191,296</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font>&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 64%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="3" rowspan="1" style="width: 36%; vertical-align: bottom;">
<div><font style="text-align: left; width: 3%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 94%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">December&#xA0;31, 2014</font></div></font><font style="text-align: left; width: 3%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 64%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Gross Carrying</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Amount</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Accumulated</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Amortization</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Net Carrying</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Amount</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Customer lists</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,770,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(891,585</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">878,415</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Customer relationships</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,747,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(318,809</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,428,191</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Proprietary software</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">782,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(306,972</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">475,028</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Trademarks &#x2013; indefinite-lived</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">952,000</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#x2014;</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">952,000</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Total intangible assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">5,251,000</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(1,517,366</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">3,733,634</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0; &#xA0;</font></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-14</font></div></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<font style="font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">During the fourth quarter of 2015, the Company elected not to renew certain trademarks purchased in conjunction with the acquisition of PIR. These trademarks had an allocated value of $148,680 and the write-off of this value is included in Impairment loss on intangible assets on the Consolidated Statements of Net Income for the year ended December 31, 2015. Additionally,
as part of the Company&#x2019;s annual review of impairment of goodwill and intangible assets, the Company determined the remaining trademarks purchased as part of the acquisition of PIR are no longer indefinite-lived assets as the Company plans to integrate and rebrand the associated trademarks with Issuer Direct. As a result of this determination, the Company was required to perform a goodwill impairment assessment. Due to lower future projections of revenue associated with our ARS service and a shortened useful
life of the trademarks, this assessment resulted in an impairment loss of $398,320, which is also included in Impairment loss on intangible assets in the Consolidated Statements of Income for the year ended December 31, 2015.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The amortization of intangible assets is a charge to operating expenses and totaled $995,338 and $934,495 in the years ended 2015 and 2014, respectively.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The future amortization of the identifiable intangible assets is as follows:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Years Ending December&#xA0;31:</font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">2016</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">811,079</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">2017</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">332,964</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">2018</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">322,733</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">2019</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">286,042</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">2020</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">178,599</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Thereafter</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">27,879</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,959,296</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Our goodwill balance of $2,241,872 at December&#xA0;31, 2015 and 2014, was related to our acquisition of Basset Press in July&#xA0;2007, the acquisition of PIR in 2013 and the acquisition of Accesswire in 2014. We conducted our annual impairment analyses as of October 1, of 2015 and 2014 and determined that no goodwill was impaired.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 5: Line of Credit</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Effective June 24, 2015, the Company renewed its Line of Credit and removed the limitation of the borrowing base calculation, such that the amount of funds available for future borrowings increased to $2,000,000. The interest rate remained at LIBOR plus 3.0%, and therefore was 3.42% at December 31, 2015.&#xA0; The Company did not owe any amounts on the Line of Credit at
December 31, 2015.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 6: Note Payable (Related Party)</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On August 22, 2013, in connection with and to partially fund the acquisition and simultaneously with the Acquisition of PIR, the Company entered into a Securities Purchase Agreement&#xA0;&#xA0; (the &#x201C;8% Note Purchase Agreement&#x201D;) relating to the sale of $2,500,000 aggregate principal amount of the Company&#x2019;s 8% convertible secured promissory note (&#x201C;8%
Note&#x201D;) with Red Oak Partners LP (&#x201C;Red Oak&#x201D;). The 8% Note paid interest on each of March 31, June 30, September 30, and December 31, beginning on September 30, 2013, at a rate of 8% per year, however would increase to 18% upon an event of default. The maturity date of the 8% Note was August 22, 2015.&#xA0;&#xA0;The 8% Note was secured by all of the assets of the Company and was subordinated to the Company&#x2019;s obligations to its primary financial institution. Furthermore, in connection with
the 8% Note Purchase Agreement, a partner of Red Oak was appointed to the Company&#x2019;s Board of Directors. On November 10, 2014, Red Oak assigned the 8% Note between the Red Oak Fund, LP; Pinnacle Opportunities, LP; and the Red Oak Long Fund, LP; all of which are under management by Red Oak.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Beginning immediately upon the date of issuance, Red Oak or its assignees had the right to convert the 8% Note into shares of the Company&#x2019;s common stock at a conversion price of $3.99 per share.&#xA0;&#xA0;On the date the Company entered into the 8% Note Purchase Agreement, the Company&#x2019;s stock price was $8.20 per share, and therefore the Company assigned a
value of $2,500,000 to the common stock conversion feature and recorded this as debt discount and additional paid-in capital.&#xA0;&#xA0;This instrument also created a deferred tax liability of $1,000,000 that reduced the value recorded as additional paid in capital, and therefore the net amount recorded to stockholders' equity was $1,500,000.&#xA0;&#xA0;The debt discount of $2,500,000 was amortized over the two-year life of the loan as non-cash interest expense.&#xA0;&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-15</font></div></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;<font style="font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On November 12, 2014, Red Oak converted $833,327 of principal and $23,369 of accrued interest payable on the 8% Note into 214,710 shares of the Company&#x2019;s common stock at the conversion price of $3.99.&#xA0;&#xA0;Following this transaction, the principal balance of the note was $1,666,673.&#xA0;&#xA0;As a result of this transaction, the company recorded $323,250 of
non-cash interest expense due to the acceleration of debt discount on the portion of the 8% Note that was converted.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Effective August 22, 2015, upon the maturity of the 8% Note, Red Oak converted the remaining $1,666,673 of principal into 417,712 shares of the Company&#x2019;s common stock at the conversion price of $3.99.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">During the year ended December 31, 2015, the Company recorded non-cash interest expense of $535,397 and cash interest expense of $85,870 related to the 8% Note.&#xA0;&#xA0;During the year ended December 31, 2014, the Company recorded non-cash interest expense of $1,541,065 and cash interest expense of $167,742 related to the 8% Note.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 7: Equity</font></div>
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<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Dividends</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company paid cash dividends of $83,101 ($0.03 per share), and $0, respectively, to holders of shares of common stock during the years ended December 31, 2015 and 2014.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Preferred stock and common stock</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">There were no issuances of preferred stock during the years ended December 31, 2015 and 2014.&#xA0;&#xA0;During the years ended December&#xA0;31, 2015 and 2014, the Company had the following issuances of common stock in addition to stock issued pursuant to exercises of options to purchase common stock:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="display: table-row;">
<div style="text-align: left; width: 16px; padding-right: 8px; display: table-cell;">
<font style="font-size: 13px;">&#x25CF; </font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px;">On April 2, 2012, the Company issued grants for a total of 95,000 restricted shares of the Company&#x2019;s common stock (the &#x201C;Awards&#x201D;) to its executive officers and certain other employees. The Awards vest over periods up to two years as stated in the Award Agreements, and therefore were fully vested on April
2, 2014. These Awards were not part of the 2010 Equity Incentive Plan.&#xA0;&#xA0;The Company recognized compensation expense of $22,831 related to these shares during the year ended December 31, 2014.</font></font></div></div></div>
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<font style="font-size: 13px;">&#x25CF; </font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company issued 8,000 and 3,000 shares of common stock to consultants in exchange for services during the years ended December 31, 2015 and 2014, respectively, and recognized expense of $63,686 and $26,775, respectively, for the value of the shares.</font></font></div></div></div>
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<font style="font-size: 13px;">&#x25CF; </font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px;">On October 29, 2014, the Company issued 15,385 shares of common stock as part of the acquisition of Accesswire (see Note 4).</font></font></div></div></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; display: table-cell;"><font style="font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px;">On November 12, 2014, the Company issued 214,710 shares upon the partial conversion of a note payable and on August 22, 2015 issued another 417,712 shares on upon the final conversion of the note payable (see Note 6).</font></font></div></div></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 8: Stock Options and Restricted Stock Units</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On May 23, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan (the &#x201C;2014 Plan&#x201D;).&#xA0;&#xA0;Under the terms of the 2014 Plan, the Company is authorized to issue incentive awards for up to 200,000 shares of common stock to employees and other personnel.&#xA0;&#xA0;The awards may be in the form of incentive stock options, nonqualified
stock options, restricted stock, restricted stock units and performance awards.&#xA0;&#xA0;The 2014 Plan is effective through March 31, 2024.&#xA0;&#xA0;The Company has issued 160,000 and 40,000 awards as of December 31, 2015 and 2014, respectively.</font></div>
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<div style="text-align: right; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;<font style="font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On August 9, 2010, the shareholders of the Company approved the 2010 Equity Incentive Plan (the &#x201C;2010 Plan&#x201D;). Under the terms of the 2010 Plan, 150,000 shares of the Company&#x2019;s common stock were authorized for the issuance of stock options and restricted stock. The 2010 Plan also provides for an automatic annual increase in the number of authorized shares
of common stock issuable beginning in 2011 equal to the lesser of (a) 2% of shares outstanding on the last day of the immediate preceding year, (b) 50,000 shares, or (c) such lesser number of shares as the Company&#x2019;s board of directors shall determine, provided, however, in no event shall the maximum number of shares that may be issued under the Plan pursuant to stock awards be greater than 15% of the aggregate shares outstanding on the last day of the immediately preceding year.&#xA0;&#xA0;With the automatic
increases, there were 220,416 shares of common stock on January 1, 2012. On January 20, 2012, the Company&#x2019;s Board of Directors approved an increase in the number of shares authorized under the 2010 Plan from 220,416 to 420,416. This increase was ratified by the shareholders of the Company on June 29, 2012. On December 31, 2015, there were no shares remaining for awards to be issued under the 2010 Plan.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The following is a summary of stock options issued during the year ended December 31, 2015 and 2014:</font></div>
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<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Number of Options </font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Outstanding</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Range of </font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Exercise Price</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Weighted Average </font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Exercise Price</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Aggregate </font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Intrinsic Value</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Balance at December 31, 2013</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">280,836</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">0.01 - 8.25$</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.97</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,340,684</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;Options granted</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">54,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">9.26 - 13.49$</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">12.39</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;Options exercised</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(76,665</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">0.01
- 7.76$</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">2.23</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">646,266</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Balance at December 31, 2014</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">258,171</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">0.01 - 13.49$</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">7.32</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">608,750</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;Options granted</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">10,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6.80</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6.80</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;Options exercised</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(20,671</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">0.01 - 2.81$</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2.55</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">106,868</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;Options forfeited</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(1,500</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">9.26</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">9.26</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Balance at December 31, 2015</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">246,000</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">0.01
- 13.49$</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">7.69</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">187,798</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e. the aggregate difference between the closing price of our common stock on December 31, 2015 and 2014 of $5.77 and $8.96, respectively, and the exercise price for in-the-money options) that would have been received by the holders if all instruments had been exercised on December
31, 2015 and 2014. As of December 31, 2015, there was $754,288 of unrecognized compensation cost related to our unvested stock options, which will be recognized through 2018.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The following table summarizes information about stock options outstanding and exercisable at December 31, 2015:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-family: Times New Roman; font-size: 13px;">
<tr>
<td colspan="1" rowspan="1" style="width: 10%; vertical-align: bottom;">
<div style="padding-bottom: 2px;"><font style="text-align: left; width: 10%; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="3" rowspan="1" style="width: 30%; vertical-align: bottom;">
<div><font style="text-align: left; width: 3%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 94%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Options Outstanding</font></div></font><font style="text-align: left; width: 3%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Options Exercisable</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-size: 11px;">
<div><font style="font-weight: bold;">Exercise Price<br ></font></div></font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Number</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Weighted Average </font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Exercise Price</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Weighted Average </font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Remaining Contractual Life</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">(in Years)</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Number</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">$</font><font style="font-family: Times New Roman; font-size: 13px;">0.01 - $1.00</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">19,700</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">0.01</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6.06</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">19,700</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">$</font><font style="font-family: Times New Roman; font-size: 13px;">1.01 - $2.00</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4,550</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1.70</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.40</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4,550</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">$</font><font style="font-family: Times New Roman; font-size: 13px;">2.01 - $3.00</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6,500</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2.65</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2.23</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,500</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">$</font><font style="font-family: Times New Roman; font-size: 13px;">3.01 - $4.00</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">14,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3.33</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6.25</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">14,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">$</font><font style="font-family: Times New Roman; font-size: 13px;">4.01 - $8.00</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">108,750</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">7.67</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.74</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">55,001</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">$</font><font style="font-family: Times New Roman; font-size: 13px;">8.01 - $9.00</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">40,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.25</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2.64</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">25,000</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">$</font><font style="font-family: Times New Roman; font-size: 13px;">9.01 - $10.00</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">12,500</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">9.26</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.99</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,125</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div>
<div>
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">$</font><font style="font-family: Times New Roman; font-size: 13px;">10.01-$13.49</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0; </font></div></div></div></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">40,000</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">13.49</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">3.19</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">17,500</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double;"><font style="text-align: left; padding-bottom: 4px; vertical-align: bottom; display: inline-block;">Total
<br ></font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">246,000</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">7.69</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">4.94</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">140,376</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 13px;">&#xA0;</font>Of the 246,000 stock options outstanding, 147,200 are non-qualified stock options.&#xA0;&#xA0;Of the outstanding options, 223,500 issued under the 2010 Plan have been registered with the SEC, and 22,500 issued under the 2014 Plan have not yet been registered with the SEC.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-17</font></div></div>
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<div style="text-align: right; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;<font style="font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The fair value of common stock options issued during the year ended December 31, 2015 and 2014 were estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year ended</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;December 31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year ended</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;December 31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Expected dividend yield</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1.76</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">0.33</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Expected stock price volatility</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">158</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">161</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Weighted-average risk-free interest rate</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1.84</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1.32</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Weighted-average expected life of options (in years)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.97</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.5</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">During the year ended December 31, 2015, the Company also issued 110,000 restricted stock units with an average intrinsic value of $7.32 per share on the date of issuance and a two-year vesting period. These awards have not yet been registered with the SEC. Vesting on a majority of these restricted stock units is tied to the achievement of certain milestones related to
the development of the Company&#x2019;s cloud-based disclosure reporting software. During the year ended December 31, 2015, 25,000 of the restricted stock units vested and the Company capitalized a total of $180,000. These costs are included in capitalized software on the Consolidated Balance Sheet as of December 31, 2015. It is anticipated that a majority of the remaining expense associated with the vesting of any future shares will be capitalized as well. During the year ended 2014, the Company issued 26,000
shares of restricted stock units with an intrinsic value of $9.26 per share on the date of issuance and a three-year vesting period. These awards have not yet been registered with the SEC.&#xA0;&#xA0;As of December 31, 2015, there was $641,840 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2017.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">During the year ended December 31, 2015 and 2014, we recorded expense of $485,498 and $360,865, respectively, related to stock options and restricted stock units. Additionally, $195,411 of expense was included as capitalized software on the Consolidated Balance Sheet as of December 31, 2015.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 9: Commitments and Contingencies</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Office Lease</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">In October 2015, we signed a three year lease extension for our 16,059 square-foot corporate headquarters in Morrisville, NC.&#xA0;&#xA0;At our option, we may terminate the lease any time in exchange for an early termination fee of $135,000.&#xA0;&#xA0;During 2014, we provided notice to the landlord of our office lease in Chesterfield, VA, exercising an early termination
clause, and therefore our lease terminated on October 31, 2015.&#xA0;&#xA0;As a result, included in Accrued expenses on the Consolidated Balance Sheet, we accrued the remaining lease payments in 2015 of $97,934 as well as the early termination fee of $43,000 as of December 31, 2014.&#xA0;&#xA0;If we do not terminate the lease in Morrisville, NC early, our required minimum lease payments are as follows:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<tr>
<td rowspan="1" style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Year Ended December 31:</font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">2016</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">136,789</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">2017</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">153,337</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">2018</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">157,994</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">2019</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">134,896</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">583,016</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Including the accrual of the early termination fee and all 2015 lease payments for the Richmond office lease, rental expenses associated with our office leases totaled $203,953 and $417,903 for the years ended December&#xA0;31, 2015 and 2014, respectively.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<font style="font-style: italic; font-weight: bold;">Litigation</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">From time to time, the Company may be involved in litigation that arises through the normal course of business.&#xA0;&#xA0; The Company is neither a party to any litigation nor are we aware of any such threatened or pending litigation that might result in a material adverse effect to our business.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-18</font></div></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></div></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;<font style="font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-style: italic; font-weight: bold;">Note 10:</font> <font style="font-style: italic; font-weight: bold;">Concentrations</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">For the years ended December&#xA0;31, 2015 and December&#xA0;31, 2014, we generated revenues from the following revenue streams as a&#xA0;percentage of total revenue:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 52%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Amount</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Percentage</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Amount</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Percentage</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;"><font style="text-decoration: underline;">Revenue Streams</font></font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Disclosure management</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,569,415</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">22.1</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,209,298</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">23.6</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Shareholder communications</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">7,942,421</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">68.4</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">9,274,200</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">68.0</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Platform &amp; technology</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,108,047</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">9.5</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,146,186</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">8.4</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: -12px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Total</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">11,619,883</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">100.0</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">13,629,684</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">100.0</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We did not have any customers during the years ended December 31, 2015 or 2014 that accounted for more than 10% of our revenue. We did not have any customers that comprised more than 10% of our total accounts receivable balances at December 31, 2015 or 2014.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We believe we do not have any financial instruments that could have potentially subjected us to significant concentrations of credit risk. Since a portion of the revenues are paid at the beginning of the month via credit card or advance by check, the remaining accounts receivable amounts are generally due within 30 days, none of which is collateralized.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 11: Geographic Operating Information</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">We consider ourselves to be in a single reportable segment under the authoritative guidance for segment reporting, specifically a disclosure management and targeted communications company for publically traded companies.&#xA0;&#xA0;&#xA0;&#xA0;Revenue is attributed to a particular geographic region based on where the services are earned. The following tables set forth
revenues by domestic versus international regions:&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year Ended</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Geographic region</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">North America</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">9,520,523</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">10,721,520</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Europe</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">2,099,360</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">2,908,164</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total revenues</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">11,619,883</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">13,629,684</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 12:&#xA0;Income Taxes</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The benefit for income taxes consisted of the following components for the years ended December&#xA0;31:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Current:</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Federal</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">257,098</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">631,129</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">State</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">47,256</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">97,186</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Foreign</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">193,055</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(9,278</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Total Current</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">497,409</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">719,037</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Deferred:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Federal</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(468,887</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(776,467</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">State</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(67,423</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(130,535</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Foreign</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(93,586</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(91,510</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 24px;"><font style="font-family: Times New Roman; font-size: 13px;">Total Deferred</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(629,896</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(998,512</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total benefit for income taxes</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(132,487</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(279,475</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr></table></div>
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<div style="text-align: left; width: 100%;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-19</font></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;<font style="font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Reconciliation between the statutory rate and the effective tax rate is as follows at December&#xA0;31:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 52%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 90%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 5%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 52%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Amount</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Percentage</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Amount</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Percentage</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 52%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Federal statutory tax rate</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4,113</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">34.0</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(80,699</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(34.0</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">State tax rate</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(1,042</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(8.6</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(12,579</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(5.3</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Permanent difference&#xA0;&#xA0;- stock-based compensation</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">27,410</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">226.6</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">15,053</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6.3</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Permanent difference&#xA0;&#xA0;- transaction costs</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11,630</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.9</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Permanent difference &#x2013; other</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8,888</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">73.4</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,935</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1.7</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Permanent items &#x2013; disallowed interest</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">30,433</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">251.6</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">62,185</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">26.2</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Provision to return</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(30,797</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(254.6</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(10,206</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(4.3</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Change in unrecognized tax benefits</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">57,749</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">477.4</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Write-off of net operating losses</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">176,034</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,455.2</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Foreign rate differential</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(33,032</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(273.1</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(63,013</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(26.6</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Research and development credit</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(27,623</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(228.3</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">UK Rate Change</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(3,898</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(32.2</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(23,260</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(9.8</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Other</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">14,738</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">121.8</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 24px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Sub-total</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">222,973</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,843.2</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(96,954</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(40.9</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Change in valuation allowance</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(355,460</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(2,938.4</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(182,521</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(76.9</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 24px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(132,487</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(1,095.2</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(279,475</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(117.8</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)%</font></div></td></tr></table></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Components of net deferred income tax assets, including a valuation allowance, are as follows at December&#xA0;31:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr>
<td rowspan="1" style="width: 64%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Change</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Assets:</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Net operating loss</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">254,123</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">561,358</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(307,235</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Deferred revenue</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">51,914</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">35,347</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">16,567</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Allowance for doubtful accounts</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">135,663</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">145,335</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(9,672</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Stock options</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">345,779</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">211,824</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">133,955</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Basis difference in intangible assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">118,257</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">190,295</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(72,038</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Prepaid D&amp;O Insurance</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">10,341</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">13,996</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(3,655</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Foreign tax credits carryforward</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,180,833</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,180,833</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Other</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">26,916</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">759</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">26,157</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total deferred tax asset</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,123,826</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,339,747</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(215,921</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Less:&#xA0;&#xA0;Valuation allowance</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(1,407,955</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(1,763,415</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">355,460</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total net deferred tax asset</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">715,871</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">576,332</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">139,539</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="1" style="width: 64%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Liabilities</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Prepaid expenses</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(30,460</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(32,176</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,716</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Basis difference in fixed assets</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(4,833</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(19,222</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">14,389</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Capitalized software</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(171,584</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(171,584</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Debt discount - convertible note payable</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(200,559</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">200,559</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Purchase of intangibles</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(505,586</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(950,863</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">445,277</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total deferred tax liability</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(712,463</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(1,202,820</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">490,357</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="1" style="width: 64%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Total net deferred tax asset / (liability)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">3,408</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">(626,488</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">629,896</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;">
<br >
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company has $1,407,955 of total valuation allowance for deferred tax assets as of December 31, 2015.&#xA0;&#xA0;The valuation allowance relates to PIR federal net operating losses, state net operating losses, foreign net operating losses and foreign tax credit carryforwards. In assessing the recovery of the
deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable </font>income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment.&#xA0;It has been
determined that it is more likely than not that the deferred tax assets will not be realized, as it has been deemed unlikely that there will be generation of taxable income for the subsidiaries that carry these losses or that sufficient foreign source income would be generated to use the foreign tax credits. If in the future, we determine based on expected profitability, that these deferred tax assets are more likely than not to be realized, a release of all, or part, of the related valuation allowance could
result in an immediate material income tax benefit in the period of release. Such release of the valuation allowance could occur within the next 12 months upon resolution of the aforementioned uncertainties.</font></div></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-20</font></div></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;<font style="font-weight: bold;">ISSUER DIRECT CORPORATION&#xA0;AND SUBSIDIARIES</font></font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">As of December 31, 2015, the Company had $57,749 of unrecognized tax benefits which is recorded in Income taxes payable on the Consolidated Balance Sheets, all of which, if recognized, would affect our effective tax rate. As of December 31, 2014, the Company had no unrecognized tax benefits. The aggregate changes in the balance of unrecognized tax benefits were as follows:</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2015</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; font-size: 11px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2014</font></div></font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-size: 11px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td colspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div></font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Balance as of January 1:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Change related to current year positions</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">57,749</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Change related to prior year positions</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(255, 255, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px;">Change related to statute expirations</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0; </font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0; </font></div></td></tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 4px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">Balance as of December 31:</font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">57,749</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0; </font></div></td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0; </font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0; </font></div></td></tr></table></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The Company has not recorded deferred income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. Generally, such earnings become subject to U.S. tax upon the remittance of dividends and under certain other circumstances. It
is not practical to estimate the amount of deferred tax liabilities on such undistributed earnings. Undistributed earnings are insignificant as of December 31, 2015 and 2014.&#xA0;&#xA0;The Company is subject to income taxation by both federal and state taxing authorities. Income tax returns for the years ended December 31, 2014, 2013, 2012 and 2011 are open to audit by federal and state taxing authorities.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 13: Employee Benefit Plans</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company sponsors a defined contribution 401(k) Profit Sharing Plan and allows all employees in the United States to participate. Matching and profit sharing contributions to the plan are at the discretion of management, but are limited to the amount deductible for federal income tax purposes. The Company made contributions to the plan of $6,023 and $0 during the years
ended December 31, 2015 and 2014, respectively.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">The Company also sponsors a defined contribution plan which covers substantially all employees in the United Kingdom.&#xA0;&#xA0;Employer contributions to the plan are at the discretion of management.&#xA0;&#xA0;The Company's contribution expense for discretionary contributions were $3,566 and $5,173 for the year ended December 31, 2015 and 2014, respectively.</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">Note 14: Subsequent Event</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 48px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">On January 11, 2016, the Company&#x2019;s Board of Directors approved and declared a quarterly cash dividend of $0.03 per share. The dividend was paid on February 9, 2016 to shareholders of record as of January 21, 2016.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;">F-21</font></div></div></div>
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<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>2
<FILENAME>isdr_ex21.htm
<DESCRIPTION>SUBSIDIARIES OF THE REGISTRANT
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Exhibit 21.1</font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsidiaries of the Registrant</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name of Subsidiary</font></div></td><td style="width: 2%"><div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td><td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">State of Organization</font></div></td></tr><tr><td style="width: 36%"><div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td><td style="width: 2%"><div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td><td style="width: 35%"><div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td></tr><tr style="background-color: #cceeff"><td style="width: 36%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Direct Transfer, LLC.</font></div></td><td style="width: 2%"><div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td><td style="width: 35%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Delaware</font></div></td></tr><tr style="background-color: white"><td style="width: 36%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">PrecisionIR Group Inc., and its subsidiaries</font></div></td><td style="width: 2%"><div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td><td style="width: 35%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Delaware</font></div></td></tr><tr style="background-color: #cceeff"><td style="width: 36%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">QX Interactive, LLC&#xA0;</font></div></td><td style="width: 2%"><div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td><td style="width: 35%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">North Carolina</font></div></td></tr></table></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div><div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"><div id="hdr"><div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div></div></body>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>isdr_ex231.htm
<DESCRIPTION>CONSENTS OF EXPERTS AND COUNSEL
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Exhibit 23.1</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">We consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-178274) and Form S-1 (No. 333-193167) of Issuer Direct Corporation and Subsidiaries (the &#x201C;Company&#x201D;) of our report dated March 3, 2016, with respect to the consolidated financial statements of the Company included in the Company&#x2019;s Annual Report on Form 10-K, for
the years ended December 31, 2015 and 2014, filed on March 3, 2016.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/ Cherry Bekaert LLP</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Raleigh, North Carolina</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">March 3, 2016</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>isdr_ex311.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Exhibit&#xA0;31.1</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CERTIFICATION PURSUANT TO RULE&#xA0;13a-14(a)/15d-14(a)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(SECTION&#xA0;302 OF THE SARBANES-OXLEY ACT OF 2002)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">I, Brian R. Balbirnie, certify that:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;I have reviewed this Annual Report on Form&#xA0;10-K of Issuer Direct Corporation;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&#xA0;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for
the registrant and have:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during
the period in which this report is being prepared;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of end of the period covered by this report based on such evaluation; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Date:&#xA0;&#xA0;March 3, 2016</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/ B<font style="font-variant: small-caps">rian</font> R. B<font style="font-variant: small-caps">albirnie</font></font></div></td></tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Brian R. Balbirnie</font></div></td></tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Chairman of the Board of Directors, and Chief Executive Officer</font></div></td></tr></table></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>isdr_ex312.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002
<TEXT>
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<head><title>isdr_ex312.htm</title> </head>
<body>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Exhibit&#xA0;31.2</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CERTIFICATION PURSUANT TO RULE&#xA0;13a-14(a)/15d-14(a)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(SECTION&#xA0;302 OF THE SARBANES-OXLEY ACT OF 2002)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">I, Steven Knerr, certify that:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;I have reviewed this Annual Report on Form&#xA0;10-K of Issuer Direct Corporation;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&#xA0;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for
the registrant and have:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during
the period in which this report is being prepared;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of end of the period covered by this report based on such evaluation; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Date: March 3, 2016</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/ <font style="font-variant: small-caps">Steven Knerr<br ></font></font></div></td></tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Steven Knerr<br ></font></div></td></tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Chief Financial Officer</font></div></td></tr></table></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>6
<FILENAME>isdr_ex321.htm
<DESCRIPTION>CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
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<body>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">Exhibit&#xA0;32.1</font></font></div>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 (AS ADOPTED</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-size: 13px; font-family: Times New Roman">In connection with the Annual Report of Issuer Direct Corporation (the &#x201C;Company&#x201D;) on Form 10-K for the period ending December 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the &#x201C;Report&#x201D;), I, Brian R. Balbirnie, Chairman of the Board of Directors, and Chief Executive Officer, certify to my knowledge and in my capacity
as an officer of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section&#xA0;906 of the Sarbanes-Oxley Act of 2002, that:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and,</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Date: March 3, 2016</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
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<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 49%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/ B<font style="font-variant: small-caps">rian</font> R. B<font style="font-variant: small-caps">albirnie</font></font></div></td></tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Brian R. Balbirnie</font></div></td></tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0; </font></div></td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Chairman of the Board of Directors, and Chief Executive Officer</font></div></td></tr></table></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">A certification furnished pursuant to this Item will not be deemed &#x201C;filed&#x201D; for purposes of section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the small
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 (AS ADOPTED</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-size: 13px; font-family: Times New Roman">In connection with the Annual Report of Issuer Direct Corporation (the &#x201C;Company&#x201D;) on Form 10-K for the period ending December 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the &#x201C;Report&#x201D;), I, Steven Knerr, Chief Financial Officer, certify to my knowledge and in my capacity as an officer of the Company, pursuant to
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and,</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Date: March 3, 2016</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Steven Knerr<br ></font></div></td></tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Chief Financial Officer</font></div></td></tr></table></div>
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    <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;Nature of Operations&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;Issuer Direct Corporation (the &amp;#147;Company&amp;#148;&#13;or &amp;#147;Issuer Direct&amp;#148;) was incorporated in the state of Delaware in October&amp;#160;1988 under the name Docucon Inc. Subsequent&#13;to the December&amp;#160;13, 2007 merger with My EDGAR, Inc., the Company changed its name to Issuer Direct Corporation. The surviving&#13;company was formed for the purposes of helping companies produce and distribute their financial and business communications both&#13;online and in print. As a technology and issuer services focused company, Issuer Direct Corporation operates under several brands&#13;in the market, including Direct Transfer, PrecisionIR (PIR), Blueprint, Classify, Investor Network, New York Stock Transfer, iProxy&#13;Direct, iFund Direct, iR Direct, QX Interactive, Accesswire and Issuer Services Group. The Company leverages its securities compliance&#13;and regulatory expertise to provide a comprehensive set of services that enhance a client's ability to communicate effectively&#13;with its shareholder base while meeting all reporting regulations required.&lt;/p&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.&amp;#160;&amp;#160;Significant&#13;intercompany accounts and transactions are eliminated in consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Cash and&#13;Cash Equivalents&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;We&#13;consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents.&#13;Cash and cash equivalents are carried at cost, which approximates fair value.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company places its cash and cash equivalents on deposit with financial institutions in the United States, Canada, and Europe.&#13;The Federal Deposit Insurance Corporation (FDIC) covers $250,000 for substantially all depository accounts in the United States.&amp;#160;&amp;#160;The&#13;Company from time to time may have amounts on deposit in excess of the insured limits. As of December 31, 2015, the Company had&#13;$3,564,307 which exceeds the insured amounts in the United States.&amp;#160;&amp;#160;The Company also had cash of $184,233 in Europe,&#13;and $8,381 in Canada on hand at December 31, 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Revenue&#13;Recognition&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;We&#13;recognize revenue in accordance with SEC Staff Accounting Bulletin&amp;#160;No.&amp;#160;104, &amp;#147;Revenue Recognition,&amp;#148; which requires&#13;that: (i)&amp;#160;persuasive evidence of an arrangement exists, (ii)&amp;#160;delivery has occurred or services have been rendered, (iii)&amp;#160;the&#13;sales price is fixed or determinable, and (iv)&amp;#160;collectability is reasonably assured. We recognize revenue when services are&#13;rendered and/or delivered, where collectability is probable. Deferred revenue primarily consists of advanced billings for annual&#13;service contracts, and is recognized throughout the year as the services are performed.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Fixed Assets&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Fixed&#13;assets are recorded at cost and depreciated over the estimated useful lives of the assets using principally the straight-line&#13;method. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value&#13;and proceeds realized thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments&#13;are capitalized. The range of estimated useful lives used to calculate depreciation for principal items of property and equipment&#13;are as follow:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 53%; border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Asset&#13;    Category&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 45%; border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Depreciation&#13;    / Amortization Period&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Computer equipment&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3&#13;    years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture &amp;#38;&#13;    fixtures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3&#13;    to 7 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Leasehold improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7&#13;    years or lesser of the lease term&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Earnings&#13;per Share&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;We&#13;calculate earnings per share in accordance with Financial Accounting Standards Board (FASB) ASC No. 260 &amp;#150; EPS, which requires&#13;that basic net income per common share be computed by dividing net income for the period by the weighted average number of common&#13;shares outstanding during the period. Diluted net income per share is computed by dividing the net income for the period by the&#13;weighted average number of common and dilutive common equivalent shares outstanding during the period.&amp;#160;&amp;#160;Shares issuable&#13;upon the exercise of stock options and restricted stock units totaling 211,250 and 218,750 were excluded in the computation of&#13;diluted earnings per common share during the year ended December 31, 2015 and 2014, respectively, because their impact was anti-dilutive.&amp;#160;&amp;#160;As&#13;of December 31, 2014, 417,712 shares associated with the conversion feature on the convertible note outstanding were excluded&#13;from the calculation of diluted earnings per share as the impact was anti-dilutive.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;Reclassifications&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company has reclassified certain amounts as previously reported as general and administrative expenses to product development&#13;expenses, in order to conform to current year presentation.&amp;#160;&amp;#160;This reclassification has no impact on revenue, net income,&#13;assets, liabilities, shareholders&amp;#146; equity, or earnings per share.&amp;#160;In particular, the Company is now presenting product&#13;development cost as a separate line on the consolidated statement of operations, whereas they were previously included in general&#13;and administrative expenses.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Allowance&#13;for Doubtful Accounts&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;We&#13;provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection&#13;information. Credit is granted on an unsecured basis. In determining the amount of the allowance, management is required to make&#13;certain estimates and assumptions. The allowance is made up of specific reserves, as deemed necessary, on client account balances,&#13;and a reserve based on our historical experience.&amp;#160;&amp;#160;The following is a summary of our allowance for doubtful accounts&#13;during the years ended December 31, 2015 and 2014:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 78%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Beginning&#13;    balance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;460,564&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;429,509&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Bad debt expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;169,020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;275,657&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Write-offs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(232,700&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(244,602&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Ending&#13;    balance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;396,884&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;460,564&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Use of&#13;Estimates&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;preparation of financial statements in conformity with accounting principles generally accepted in the United States (&amp;#147;US&#13;GAAP&amp;#148;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and&#13;disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and&#13;expenses during the reporting period. Significant estimates include the allowance for doubtful accounts and the valuation of goodwill,&#13;intangible assets, deferred tax assets, and stock based compensation.&amp;#160;&amp;#160;Actual results could differ from those estimates.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;i&gt;Income&#13;Taxes&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;We&#13;comply with the FASB ASC No. 740 &amp;#150; Income Taxes which requires an asset and liability approach to financial accounting and&#13;reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement&#13;and tax bases of assets and liabilities that will result in future taxable or deductible amounts based on enacted tax laws and&#13;rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established,&#13;when necessary, to reduce deferred income tax assets to the amounts expected to be realized.&amp;#160;&amp;#160;For any uncertain tax&#13;positions, we recognize the impact of a tax position, only if it is more likely than not of being sustained upon examination,&#13;based on the technical merits of the position. Our policy regarding the classification of interest and penalties is to classify&#13;them as income tax expense in our financial statements, if applicable.&amp;#160;&amp;#160;At the end of each interim period, we estimate&#13;the effective tax rate we expect to be applicable for the full year and this rate is applied to our results for the interim year-to-date&#13;period and then adjusted for any discrete period items.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Capitalized&#13;Software &lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;accordance with FASB ASC No. 350 &amp;#150; Intangibles &amp;#150; Goodwill and Other, costs incurred to develop our cloud-based platform&#13;products and disclosure management system components are capitalized when the preliminary project phase is complete, management&#13;commits to fund the project and it is probable the project will be completed and used for its intended purposes. Once the software&#13;is substantially complete and ready for its intended use, the software is amortized over its estimated useful life.&amp;#160;&amp;#160;Costs&#13;related to design or maintenance of the software are expensed as incurred.&amp;#160;&amp;#160;&amp;#160;During the year ended December 31,&#13;2015, the Company capitalized $749,095 of software development costs. Included in this amount was $195,411 related to stock-based&#13;compensation and $100,000 related to the purchase of a cloud-based reporting platform from Xselus, LLC. The Company recorded amortization&#13;expense of $25,133 on software that was placed in service during the year, which is included in Cost of services on the Consolidated&#13;Statements of Income for the year ended December 31, 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Impairment&#13;of Long-lived Assets&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;accordance with the authoritative guidance for accounting for long-lived assets, assets such as property and equipment, trademarks,&#13;and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate&#13;that the carrying amount of an asset group may not be recoverable. Recoverability of asset groups to be held and used is measured&#13;by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated&#13;by the asset group. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is&#13;recognized by the amount by which the carrying amount of an asset group exceeds fair value of the asset group.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Fair Value&#13;Measurements&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2015 and 2014, we do not have any financial assets or liabilities that are required to be, or that we elected&#13;to measure, at fair value.&amp;#160;&amp;#160;We believe that the fair value of our financial instruments, which consist of cash and cash&#13;equivalents, accounts receivable, our line of credit, notes payable, and accounts payable approximate their carrying amounts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Stock-based&#13;Compensation&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;We&#13;account for stock-based compensation under FASB ASC No. 718 &amp;#150; Compensation &amp;#150; Stock Compensation. The authoritative guidance&#13;for stock compensation requires that companies estimate the fair value of share-based payment awards on the date of the grant&#13;using an option-pricing model. The cost is to be recognized over the period during which an employee is required to provide service&#13;in exchange for the award. The authoritative guidance for stock compensation also requires the benefit of tax deductions in excess&#13;of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow as prescribed&#13;under previous accounting rules. This requirement reduces net operating cash flows and increases net financing cash flows in periods&#13;subsequent to adoption, only if excess tax benefits exist.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;i&gt;Translation&#13;of Foreign Financial Statements&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;financial statements of the foreign subsidiaries of the Company have been translated into U.S. dollars.&amp;#160;&amp;#160;All assets&#13;and liabilities have been translated at current rates of exchange in effect at the end of the period.&amp;#160;&amp;#160;Income and expense&#13;items have been translated at the average exchange rates for the year or the applicable interim period.&amp;#160;&amp;#160;The gains or&#13;losses that result from this process are recorded as a separate component of other accumulated comprehensive income (loss) until&#13;the entity is sold or substantially liquidated.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt; text-align: left"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;i&gt;Comprehensive&#13;Income&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Comprehensive&#13;income consists of net income and other comprehensive income related to changes in the cumulative foreign currency translation&#13;adjustment.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Business&#13;Combinations, Goodwill and Intangible Assets&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;We&#13;account for business combinations under FASB ASC No. 805 &amp;#150; Business Combinations and the related acquired intangible assets&#13;and goodwill under FASB ASC No. 350 &amp;#150; Intangibles &amp;#150; Goodwill and Other. The authoritative guidance for business combinations&#13;specifies the criteria for recognizing and reporting intangible assets apart from goodwill. We record the assets acquired and&#13;liabilities assumed in business combinations at their respective fair values at the date of acquisition, with any excess purchase&#13;price recorded as goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired&#13;in a business combination that are not individually identified and separately recognized. Intangible assets consist of client&#13;relationships, customer lists, software, technology and trademarks that are initially measured at fair value.&amp;#160;&amp;#160;At the&#13;time of the business combination the trademarks were considered an indefinite-lived asset and, as such, were not amortized as&#13;there was no foreseeable limit to cash flows generated from them. The goodwill and intangible assets are assessed annually for&#13;impairment, or whenever conditions indicate the asset may be impaired, and any such impairment will be recognized in the period&#13;identified. The client relationships, customer lists, software and technology are amortized over their estimated useful lives.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Advertising&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company expenses advertising as incurred, except for direct-response advertising, which is capitalized and amortized over its&#13;expected period of future benefits.&amp;#160;&amp;#160;Advertising expense totaled $174,094 and $603,895, during the years ended December&#13;31, 2015 and 2014, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Newly Adopted&#13;Accounting Pronouncements&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;November 20, 2015, the FASB issued Accounting Standards Update (&amp;#147;ASU&amp;#148;) 2015-17 (&amp;#34;ASU 2015-17&amp;#148;), Balance Sheet&#13;Classification of Deferred Taxes, which requires that all deferred tax assets and liabilities, along with any related valuation&#13;allowance, in each jurisdiction be classified as noncurrent on the balance sheet. For public business entities, ASU 2015-17 is&#13;effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those&#13;annual periods but may be early adopted. ASU 2015-17 may be applied either prospectively, for all deferred tax assets and liabilities,&#13;or retrospectively (i.e., by reclassifying the comparative balance sheets). The Company has elected to early adopt ASU 2015-17,&#13;on a prospective basis, as of December 31, 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Recent&#13;Accounting Pronouncements&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB's new leases standard ASU 2016-02 Leases (Topic 842) was issued on February 25, 2016. ASU 2016-02 is intended to improve&#13;financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as&#13;real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred to as &amp;#147;Lessees&amp;#148;&#13;to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization&#13;is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of&#13;cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information&#13;about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets&#13;and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement,&#13;and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a&#13;finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet&#13;the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee&#13;accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the&#13;same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar&#13;to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those&#13;leases. The leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018.&amp;#160;&#13;Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal&#13;years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of&#13;the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application&#13;to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large portfolio of leases are likely&#13;to see a significant increase in balance sheet assets and liabilities. See Note 9 for the Company&amp;#146;s current lease commitments.&#13;The Company is currently in the process of evaluating the impact that this new leasing ASU will have on its financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB has issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments&lt;i&gt;.&#13;&lt;/i&gt;The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during&#13;the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the&#13;acquirer record, in the same period&amp;#146;s financial statements, the effect on earnings of changes in depreciation, amortization,&#13;or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been&#13;completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement&#13;or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded&#13;in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendments&#13;in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods&#13;within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after&#13;the effective date with earlier application permitted for financial statements that have not been issued. The Company does not&#13;anticipate that ASU 2015-16 will have a significant impact on our financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 40pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB has issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&amp;#146;s Accounting&#13;for Fees Paid in a Cloud Computing Arrangement.&amp;#160; The amendments in ASU 2015-05 provide guidance to customers about whether&#13;a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then&#13;the customer should account for the software license element of the arrangement consistent with the acquisition of other software&#13;licenses. If a cloud computing arrangement does not include a softwarelicense, the customer should account for the arrangement&#13;as a service contract. The amendments do not change the accounting for a customer&amp;#146;s accounting for service contracts. As&#13;a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other&#13;licenses of intangible assets. ASU 2015-05 is effective for public entities for annual periods, including interim periods within&#13;those annual periods, beginning after December 15, 2015. The Company does not anticipate that ASU 2015-05 will have a significant&#13;impact on our financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB has issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement&#13;Presentation by Eliminating the Concept of Extraordinary Items.&amp;#160;&amp;#160;The FASB issued this ASU as part of its initiative&#13;to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate, and improve&#13;areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information&#13;provided to the users of financial statements.&amp;#160;&amp;#160;The amendments in ASU 2015-01 are effective for fiscal years, and interim&#13;periods within those fiscal years, beginning after December 15, 2015.&amp;#160;&amp;#160;The Company does not anticipate that ASU 2015-01&#13;will have a significant impact on our financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB has issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial&#13;Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.&amp;#160;&amp;#160;The amendments in this ASU do not change&#13;the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial&#13;instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics&#13;and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments&#13;clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated&#13;for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature&#13;would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract&#13;depends upon the economic characteristics and risks of the entire hybrid financial instrument.&amp;#160;&amp;#160;The amendments in this&#13;ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after&#13;December 15, 2015. The Company does not anticipate that ASU 2014-16 will have a significant impact on our financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;The&#13;FASB has issued ASU 2014-12, Compensation &amp;#150; Stock Compensation (Topic 718): Accounting for Share-Based Payments When the&#13;Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.&amp;#160;&amp;#160;The issue&#13;is the result of a consensus of the FASB Emerging Issues Task Force (EITF).&amp;#160;&amp;#160;The amendments in the ASU require that&#13;a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance&#13;condition. A reporting entity should apply existing guidance in Topic 718, Compensation &amp;#150; Stock Compensation, as it relates&#13;to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected&#13;in estimating the grant-date fair value of the award.&amp;#160;&amp;#160;Compensation cost should be recognized in the period in which&#13;it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the&#13;period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved&#13;before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively&#13;over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service&#13;period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately&#13;vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award&#13;if the performance target is achieved.&amp;#160;&amp;#160;The amendments in this ASU are effective for annual periods and interim periods&#13;within those annual periods beginning after December 15, 2015.&amp;#160;&amp;#160;The Company will apply the provisions of ASU 2014-12&#13;to any future performance based stock awards, but does not anticipate that the impact will have a significant impact on our financial&#13;statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB has issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 requires revenue recognition to depict&#13;the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be&#13;entitled in exchange for those goods or services. ASU 2014-09 sets forth a new revenue recognition model that requires identifying&#13;the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to&#13;performance obligations and recognizing the revenue upon satisfaction of performance obligations. The amendments in the ASU can&#13;be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially&#13;applying the update recognized at the date of the initial application along with additional disclosures. The Company is currently&#13;evaluating the impact of ASU 2014-09, which is currently effective for the Company in our year beginning on January 1, 2018.&lt;/font&gt;&lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 78%"&gt;&lt;font style="font-size: 8pt"&gt;Computers &amp;#38; equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;185,495&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;325,192&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Furniture&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;159,018&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;123,652&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Leasehold improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;93,781&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,708&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total fixed assets, gross&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;438,294&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;503,552&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Accumulated depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;175,497&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;145,384&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;Depreciation expense for the years ended December&amp;#160;31,&#13;2015 and 2014 totaled $79,399 and $223,565, respectively, during the year ended December 31, 2015.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
    <us-gaap:IntangibleAssetsDisclosureTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;i&gt;Acquisition of Accesswire&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;On October 29, 2014, the Company completed its&#13;acquisition of all of the assets relating to the &amp;#147;Accesswire&amp;#148; business (as defined below) owned and operated by Baystreet.ca&#13;Media Corp., a British Columbia company (&amp;#147;Baystreet&amp;#148;) for consideration totaling $1,840,000. Accesswire is a business&#13;corporate news and content distribution and dissemination business (&amp;#147;Accesswire&amp;#148;). In consideration of the assets related&#13;to Accesswire, the Company paid to Baystreet on the closing date the following: (i) $1,700,000 in cash from the Company&amp;#146;s&#13;current cash reserves and (ii) 15,385 shares of the Company&amp;#146;s common stock with a value of $140,000 based on the Company&amp;#146;s&#13;stock price at the time of closing.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;During the year ended December 31, 2014, the&#13;Company employed a third party valuation firm to assist in determining the purchase price allocation of assets acquired from Accesswire.&#13;The income approach was used to determine the value of Accesswire&amp;#146;s trademarks and client relationships. The income approach&#13;determines the fair value for the asset based on the present value of cash flows projected to be generated by the asset. Projected&#13;cash flows are discounted at a rate of return that reflects the relative risk of achieving the cash flow and the time value of&#13;money. Projected cash flows for each asset considered multiple factors, including current revenue from existing customers; analysis&#13;of expected revenue and attrition trends; reasonable contract renewal assumptions from the perspective of a marketplace participant;&#13;expected profit margins giving consideration to marketplace synergies; and required returns to contributory assets. The cost approach&#13;was used to determine the value of Accesswire&amp;#146;s technology.&amp;#160;&amp;#160;The cost approach is based on replacement cost as&#13;an indicator of value. It assumes that a prudent investor would pay no more for an asset than the amount for which it could be&#13;replaced new. Further, to the extent a particular asset provides less utility than a new one, its value will be less than its replacement&#13;cost new. To account for this difference, the replacement cost new is adjusted for losses in value that is, depreciated.&amp;#160;&amp;#160;No&#13;liabilities or tangible assets were assumed.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;The transaction resulted in recording intangible&#13;assets and goodwill at a fair value of $1,840,000 as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 89%; padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total Consideration&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,840,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Allocation of Accesswire intangible assets and goodwill:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;Amortizable intangible assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;423,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;Trademarks&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;Goodwill&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,185,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total fair value of Accesswire intangible assets and goodwill&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,840,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The identifiable amortizable intangible assets&#13;created as a result of the acquisition will be amortized straight line over their estimated useful life as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Asset Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Useful Life (years)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 78%"&gt;&lt;font style="font-size: 8pt"&gt;Client relationships&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;242,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Software&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;181,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;423,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The Company has elected not to provide unaudited&#13;pro forma financial information for the Accesswire acquisition, as management determined that providing useful, accurate pro-forma&#13;information would be impracticable, and because the acquisition was not considered a significant acquisition in accordance with&#13;Rule 3-05 of the SEC's Regulation S-X. &amp;#160; Because the Accesswire news distribution service was just one of many services offered&#13;by Baystreet Media ca. separate financial information was not maintained, and creating separate financials statements would include&#13;too many estimates and assumptions to be portrayed as useful and accurate.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The components of intangible assets are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December&amp;#160;31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Gross Carrying&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amortization&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Net Carrying&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 48%"&gt;&lt;font style="font-size: 8pt"&gt;Customer lists&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,770,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,408,920&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;361,080&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer relationships &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,747,000&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(526,508&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;255,492&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Trademarks &amp;#150; definite-lived&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;173,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(12,466&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;160,534&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Trademarks &amp;#150; indefinite-lived&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Total intangible assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,704,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,512,704&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,191,296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December&amp;#160;31, 2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Gross Carrying&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amortization&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Net Carrying&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer lists&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,770,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(891,585&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;878,415&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer relationships&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,747,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(318,809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,428,191&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Proprietary software&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;782,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(306,972&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;475,028&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Trademarks &amp;#150; indefinite-lived&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;952,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;952,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total intangible assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,251,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,517,366&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,733,634&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160; &amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;During the fourth quarter of 2015, the Company&#13;elected not to renew certain trademarks purchased in conjunction with the acquisition of PIR. These trademarks had an allocated&#13;value of $148,680 and the write-off of this value is included in Impairment loss on intangible assets on the Consolidated Statements&#13;of Net Income for the year ended December 31, 2015. Additionally, as part of the Company&amp;#146;s annual review of impairment of&#13;goodwill and intangible assets, the Company determined the remaining trademarks purchased as part of the acquisition of PIR are&#13;no longer indefinite-lived assets as the Company plans to integrate and rebrand the associated trademarks with Issuer Direct. As&#13;a result of this determination, the Company was required to perform a goodwill impairment assessment. Due to lower future projections&#13;of revenue associated with our ARS service and a shortened useful life of the trademarks, this assessment resulted in an impairment&#13;loss of $398,320, which is also included in Impairment loss on intangible assets in the Consolidated Statements of Income for the&#13;year ended December 31, 2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The amortization of intangible assets is a charge&#13;to operating expenses and totaled $995,338 and $934,495 in the years ended 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The future amortization of the identifiable intangible&#13;assets is as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Years Ending December&amp;#160;31:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 89%"&gt;&lt;font style="font-size: 8pt"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;811,079&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,964&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;2018&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;322,733&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;286,042&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;2020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;178,599&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;27,879&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,959,296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;Our goodwill balance of $2,241,872 at December&amp;#160;31,&#13;2015 and 2014, was related to our acquisition of Basset Press in July&amp;#160;2007, the acquisition of PIR in 2013 and the acquisition&#13;of Accesswire in 2014. We conducted our annual impairment analyses as of October 1, of 2015 and 2014 and determined that no goodwill&#13;was impaired.&lt;/p&gt;</us-gaap:IntangibleAssetsDisclosureTextBlock>
    <us-gaap:DebtDisclosureTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;Effective June 24, 2015, the Company renewed&#13;its Line of Credit and removed the limitation of the borrowing base calculation, such that the amount of funds available for future&#13;borrowings increased to $2,000,000. The interest rate remained at LIBOR plus 3.0%, and therefore was 3.42% at December 31, 2015.&amp;#160;&#13;The Company did not owe any amounts on the Line of Credit at December 31, 2015.&lt;/p&gt;</us-gaap:DebtDisclosureTextBlock>
    <us-gaap:LongTermDebtTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;On August 22, 2013, in connection with and to&#13;partially fund the acquisition and simultaneously with the Acquisition of PIR, the Company entered into a Securities Purchase Agreement&amp;#160;&amp;#160;&#13;(the &amp;#147;8% Note Purchase Agreement&amp;#148;) relating to the sale of $2,500,000 aggregate principal amount of the Company&amp;#146;s&#13;8% convertible secured promissory note (&amp;#147;8% Note&amp;#148;) with Red Oak Partners LP (&amp;#147;Red Oak&amp;#148;). The 8% Note paid&#13;interest on each of March 31, June 30, September 30, and December 31, beginning on September 30, 2013, at a rate of 8% per year,&#13;however would increase to 18% upon an event of default. The maturity date of the 8% Note was August 22, 2015.&amp;#160;&amp;#160;The 8%&#13;Note was secured by all of the assets of the Company and was subordinated to the Company&amp;#146;s obligations to its primary financial&#13;institution. Furthermore, in connection with the 8% Note Purchase Agreement, a partner of Red Oak was appointed to the Company&amp;#146;s&#13;Board of Directors. On November 10, 2014, Red Oak assigned the 8% Note between the Red Oak Fund, LP; Pinnacle Opportunities, LP;&#13;and the Red Oak Long Fund, LP; all of which are under management by Red Oak.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#9;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;Beginning immediately upon the date of issuance,&#13;Red Oak or its assignees had the right to convert the 8% Note into shares of the Company&amp;#146;s common stock at a conversion price&#13;of $3.99 per share.&amp;#160;&amp;#160;On the date the Company entered into the 8% Note Purchase Agreement, the Company&amp;#146;s stock price&#13;was $8.20 per share, and therefore the Company assigned a value of $2,500,000 to the common stock conversion feature and recorded&#13;this as debt discount and additional paid-in capital.&amp;#160;&amp;#160;This instrument also created a deferred tax liability of $1,000,000&#13;that reduced the value recorded as additional paid in capital, and therefore the net amount recorded to stockholders' equity was&#13;$1,500,000.&amp;#160;&amp;#160;The debt discount of $2,500,000 was amortized over the two-year life of the loan as non-cash interest expense.&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;On November 12, 2014, Red Oak converted $833,327&#13;of principal and $23,369 of accrued interest payable on the 8% Note into 214,710 shares of the Company&amp;#146;s common stock at&#13;the conversion price of $3.99.&amp;#160;&amp;#160;Following this transaction, the principal balance of the note was $1,666,673.&amp;#160;&amp;#160;As&#13;a result of this transaction, the company recorded $323,250 of non-cash interest expense due to the acceleration of debt discount&#13;on the portion of the 8% Note that was converted.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;Effective August 22, 2015, upon the maturity&#13;of the 8% Note, Red Oak converted the remaining $1,666,673 of principal into 417,712 shares of the Company&amp;#146;s common stock&#13;at the conversion price of $3.99.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;During the year ended December 31, 2015, the&#13;Company recorded non-cash interest expense of $535,397 and cash interest expense of $85,870 related to the 8% Note.&amp;#160;&amp;#160;During&#13;the year ended December 31, 2014, the Company recorded non-cash interest expense of $1,541,065 and cash interest expense of $167,742&#13;related to the 8% Note.&lt;/p&gt;</us-gaap:LongTermDebtTextBlock>
    <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"&gt;&lt;i&gt;Dividends&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The Company paid cash dividends of $83,101 ($0.03&#13;per share), and $0, respectively, to holders of shares of common stock during the years ended December 31, 2015 and 2014.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;Preferred stock and common stock&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;There were no issuances of preferred stock during&#13;the years ended December 31, 2015 and 2014.&amp;#160;&amp;#160;During the years ended December&amp;#160;31, 2015 and 2014, the Company had&#13;the following issuances of common stock in addition to stock issued pursuant to exercises of options to purchase common stock:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 72px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-size: 8pt"&gt;On April 2, 2012, the Company issued grants for a total of 95,000 restricted shares of the Company&amp;#146;s common stock (the &amp;#147;Awards&amp;#148;) to its executive officers and certain other employees.&amp;#160;&amp;#160;The Awards vest over periods up to two years as stated in the Award Agreements, and therefore were fully vested on April 2, 2014. These Awards were not part of the 2010 Equity Incentive Plan.&amp;#160;&amp;#160;The Company recognized compensation expense of $22,831 related to these shares during the year ended December 31, 2014.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 2.25pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 72px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-size: 8pt"&gt;The Company issued 8,000 and 3,000 shares of common stock to consultants in exchange for services during the years ended December 31, 2015 and 2014, respectively, and recognized expense of $63,686 and $26,775, respectively, for the value of the shares.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 2.25pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 72px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-size: 8pt"&gt;On October 29, 2014, the Company issued 15,385 shares of common stock as part of the acquisition of Accesswire (see Note 4).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 2.25pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 72px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-size: 8pt"&gt;On November 12, 2014, the Company issued 214,710 shares upon the partial conversion of a note payable and on August 22, 2015 issued another 417,712 shares on upon the final conversion of the note payable (see Note 6).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
    <us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;On May 23, 2014, the shareholders of the Company&#13;approved the 2014 Equity Incentive Plan (the &amp;#147;2014 Plan&amp;#148;).&amp;#160;&amp;#160;Under the terms of the 2014 Plan, the Company&#13;is authorized to issue incentive awards for up to 200,000 shares of common stock to employees and other personnel.&amp;#160;&amp;#160;The&#13;awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and&#13;performance awards.&amp;#160;&amp;#160;The 2014 Plan is effective through March 31, 2024.&amp;#160;&amp;#160;The Company has issued 160,000 and&#13;40,000 awards as of December 31, 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;On August 9, 2010, the shareholders of the Company&#13;approved the 2010 Equity Incentive Plan (the &amp;#147;2010 Plan&amp;#148;).&amp;#160;&amp;#160;Under the terms of the 2010 Plan, 150,000 shares&#13;of the Company&amp;#146;s common stock were authorized for the issuance of stock options and restricted stock.&amp;#160;&amp;#160;The 2010&#13;Plan also provides for an automatic annual increase in the number of authorized shares of common stock issuable beginning in 2011&#13;equal to the lesser of (a) 2% of shares outstanding on the last day of the immediate preceding year, (b) 50,000 shares, or (c)&#13;such lesser number of shares as the Company&amp;#146;s board of directors shall determine, provided, however, in no event shall the&#13;maximum number of shares that may be issued under the Plan pursuant to stock awards be greater than 15% of the aggregate shares&#13;outstanding on the last day of the immediately preceding year.&amp;#160;&amp;#160;With the automatic increases, there were 220,416 shares&#13;of common stock on January 1, 2012.&amp;#160;&amp;#160;On January 20, 2012, the Company&amp;#146;s Board of Directors approved an increase&#13;in the number of shares authorized under the 2010 Plan from 220,416 to 420,416.This increase was ratified by the shareholders of&#13;the Company on June 29, 2012. On December 31, 2015, there were no shares remaining for awards to be issued under the 2010 Plan.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160; &amp;#9;The following is a summary of stock&#13;options issued during the year ended December 31, 2015 and 2014:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Number of Options Outstanding&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Range of Exercise Price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Weighted Average Exercise Price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Aggregate Intrinsic Value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 50%"&gt;&lt;font style="font-size: 8pt"&gt;Balance at December 31, 2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;280,836&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $8.25&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $7.76&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.23&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;646,266&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Balance at December 31, 2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;258,171&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $13.49&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;608,750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Options granted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.80&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.80&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Options exercised&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(20,671&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $2.81&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.55&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;106,868&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Options forfeited&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance at December 31, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;246,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $13.49&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.69&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;187,798&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The aggregate intrinsic value in the table above&#13;represents the total pretax intrinsic value (i.e. the aggregate difference between the closing price of our common stock on December&#13;31, 2015 and 2014 of $5.77 and $8.96, respectively, and the exercise price for in-the-money options) that would have been received&#13;by the holders if all instruments had been exercised on December 31, 2015 and 2014. As of December 31, 2015, there was $754,288&#13;of unrecognized compensation cost related to our unvested stock options, which will be recognized through 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The following table summarizes information about&#13;stock options outstanding and exercisable at December 31, 2015:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="11" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Options Outstanding&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Options Exercisable&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Exercise Price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Number&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Weighted Average Exercise Price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Weighted Average Remaining Contractual Life&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;(in Years)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Number&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 26%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $1.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.06&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.01 - $2.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,550&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.70&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,550&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.01 - $3.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.65&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.23&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3.01 - $4.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3.33&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.25&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.01 - $8.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;108,750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.67&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.74&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;55,001&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.01 - $9.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.25&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.64&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9.01 - $10.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.99&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,125&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10.01-$13.49&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13.49&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3.19&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;246,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.69&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.94&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;140,376&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;Of the 246,000 stock options outstanding,&#13;147,200 are non-qualified stock options.&amp;#160;&amp;#160;Of the outstanding options, 223,500 issued under the 2010 Plan have been registered&#13;with the SEC, and 22,500 issued under the 2014 Plan have not yet been registered with the SEC.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The fair value of common stock options issued&#13;during the year ended December 31, 2015 and 2014 were estimated on the date of grant using the Black-Scholes option pricing model&#13;with the following assumptions used:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Year ended&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&lt;b&gt;&amp;#160;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Year ended&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&lt;b&gt;&amp;#160;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 78%"&gt;&lt;font style="font-size: 8pt"&gt;Expected dividend yield&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.76&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.33&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Expected stock price volatility&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;158&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;161&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Weighted-average risk-free interest rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.84&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Weighted-average expected life of options (in years)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.97&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;During the year ended December 31, 2015, the&#13;Company also issued 110,000 restricted stock units with an average intrinsic value of $7.32 per share on the date of issuance and&#13;a two-year vesting period. These awards have not yet been registered with the SEC. Vesting on a majority of these restricted stock&#13;units is tied to the achievement of certain milestones related to the development of the Company&amp;#146;s cloud-based disclosure&#13;reporting software. During the year ended December 31, 2015, 25,000 of the restricted stock units vested and the Company capitalized&#13;a total of $180,000. These costs are included in capitalized software on the Consolidated Balance Sheet as of December 31, 2015.&#13;It is anticipated that a majority of the remaining expense associated with the vesting of any future shares will be capitalized&#13;as well. During the year ended 2014, the Company issued 26,000 shares of restricted stock units with an intrinsic value of $9.26&#13;per share on the date of issuance and a three-year vesting period. These awards have not yet been registered with the SEC.&amp;#160;&amp;#160;As&#13;of December 31, 2015, there was $641,840 of unrecognized compensation cost related to our unvested restricted stock units, which&#13;will be recognized through 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;During the year ended December 31, 2015 and 2014,&#13;we recorded expense of $485,498 and $360,865, respectively, related to stock options and restricted stock units. Additionally,&#13;$195,411 of expense was included as capitalized software on the Consolidated Balance Sheet as of December 31, 2015.&lt;/p&gt;</us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;i&gt;Office Lease&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;In October 2015, we signed a three year lease&#13;extension for our 16,059 square-foot corporate headquarters in Morrisville, NC.&amp;#160;&amp;#160;At our option, we may terminate the&#13;lease any time in exchange for an early termination fee of $135,000.&amp;#160;&amp;#160;During 2014, we provided notice to the landlord&#13;of our office lease in Chesterfield, VA, exercising an early termination clause, and therefore our lease terminated on October&#13;31, 2015.&amp;#160;&amp;#160;As a result, included in Accrued expenses on the Consolidated Balance Sheet, we accrued the remaining lease&#13;payments in 2015 of $97,934 as well as the early termination fee of $43,000 as of December 31, 2014.&amp;#160;&amp;#160;If we do not terminate&#13;the lease in Morrisville, NC early, our required minimum lease payments are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Year Ended December 31:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 89%"&gt;&lt;font style="font-size: 8pt"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;136,789&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;153,337&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;2018&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;157,994&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;134,896&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;583,016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;Including the accrual of the early termination&#13;fee and all 2015 lease payments for the Richmond office lease, rental expenses associated with our office leases totaled $203,953&#13;and $417,903 for the years ended December&amp;#160;31, 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"&gt;&amp;#160;&lt;b&gt;&lt;i&gt;Litigation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;From time to time, the Company may be involved&#13;in litigation that arises through the normal course of business.&amp;#160;&amp;#160; The Company is neither a party to any litigation nor&#13;are we aware of any such threatened or pending litigation that might result in a material adverse effect to our business.&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;For the years ended December&amp;#160;31, 2015 and&#13;December&amp;#160;31, 2014, we generated revenues from the following revenue streams as a&amp;#160;percentage of total revenue:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Percentage&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Percentage&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-decoration: underline"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;&lt;u&gt;Revenue Streams&lt;/u&gt;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 52%"&gt;&lt;font style="font-size: 8pt"&gt;Disclosure management&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,569,415&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22.1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,209,298&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;23.6&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Shareholder communications&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,942,421&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;68.4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,274,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;68.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Platform &amp;#38; technology&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,108,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9.5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,146,186&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-indent: -9pt; padding-left: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,619,883&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13; 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We did not have any customers that comprised more&#13;than 10% of our total accounts receivable balances at December 31, 2015 or 2014.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;We believe we do not have any financial instruments&#13;that could have potentially subjected us to significant concentrations of credit risk. Since a portion of the revenues are paid&#13;at the beginning of the month via credit card or advance by check, the remaining accounts receivable amounts are generally due&#13;within 30 days, none of which is collateralized.&lt;/p&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
    <us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;We consider ourselves to be in a single reportable&#13;segment under the authoritative guidance for segment reporting, specifically a disclosure management and targeted communications&#13;company for publically traded companies.&amp;#160;&amp;#160;&amp;#160;&amp;#160;Revenue is attributed to a particular geographic region based on&#13;where the services are earned. The following tables set forth revenues by domestic versus international regions:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Year Ended&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Geographic region&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 77%"&gt;&lt;font style="font-size: 8pt"&gt;North America&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,520,523&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,721,520&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Europe&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,099,360&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,908,164&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,619,883&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,629,684&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
    <us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The benefit&#13;for income taxes consisted of the following components for the years ended December&amp;#160;31:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 76%; font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Federal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;257,098&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;631,129&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;State&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;47,256&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;97,186&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;193,055&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,278&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-indent: 20pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;497,409&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;719,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Federal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(468,887&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(776,467&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;State&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(67,423&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(130,535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(93,586&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(91,510&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-indent: 20pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    Deferred&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(629,896&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(998,512&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    benefit for income taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(132,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(279,475&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Reconciliation&#13;between the statutory rate and the effective tax rate is as follows at December&amp;#160;31:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Percentage&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Percentage&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 50%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Federal&#13;    statutory tax rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,113&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(80,699&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(34.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13; 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   &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(8.6&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(12,579&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,630&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;73.4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,935&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(23,260&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9.8&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-indent: 13.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Sub-total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;222,973&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,843.2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(96,954)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(40.9&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Change&#13;    in valuation allowance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(355,460&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,938.4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(182,521)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(76.9&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-indent: 13.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(132,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,095.2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(279,475)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(117.8&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Components&#13;of net deferred income tax assets, including a valuation allowance, are as follows at December&amp;#160;31:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Change&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Assets:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 58%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    operating loss&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;254,123&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;561,358&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(307,235&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;51,914&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    net deferred tax asset&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;715,871&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;576,332&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;139,539&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Liabilities&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Prepaid expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(30,460&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(32,176&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,716&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Basis difference&#13;    in fixed assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,833&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(19,222&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,389&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Capitalized software&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(171,584&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(171,584&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Debt discount -&#13;    convertible note payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(200,559&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;200,559&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Purchase&#13;    of intangibles&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(505,586&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(950,863&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;445,277&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    deferred tax liability&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(712,463&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,202,820&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;490,357&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    net deferred tax asset / (liability)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,408&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(626,488&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;629,896&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company has $1,407,955 of total valuation allowance for deferred tax assets as of December 31, 2015.&amp;#160;&amp;#160;The valuation&#13;allowance relates to PIR federal net operating losses, state net operating losses, foreign net operating losses and foreign tax&#13;credit carryforwards. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than&#13;not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets&#13;is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible.&#13;Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning&#13;strategies in making this assessment.&amp;#160;It has been determined that it is more likely than not that the deferred tax assets&#13;will not be realized, as it has been deemed unlikely that there will be generation of taxable income for the subsidiaries that&#13;carry these losses or that sufficient foreign source income would be generated to use the foreign tax credits. If in the future,&#13;we determine based on expected profitability, that these deferred tax assets are more likely than not to be realized, a release&#13;of all, or part, of the related valuation allowance could result in an immediate material income tax benefit in the period of&#13;release. Such release of the valuation allowance could occur within the next 12 months upon resolution of the aforementioned uncertainties.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2015, the Company had $57,749 of unrecognized tax benefits which is recorded in Income taxes payable on the Consolidated&#13;Balance Sheets, all of which, if recognized, would affect our effective tax rate. As of December 31, 2014, the Company had no&#13;unrecognized tax benefits. The aggregate changes in the balance of unrecognized tax benefits were as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 73%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Balance&#13;    as of January 1:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;Change&#13;    related to current year positions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;57,749&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;Change&#13;    related to prior year positions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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Generally, such earnings become subject to U.S. tax upon the remittance of dividends and under&#13;certain other circumstances. It is not practical to estimate the amount of deferred tax liabilities on such undistributed earnings.&#13;Undistributed earnings are insignificant as of December 31, 2015 and 2014.&amp;#160;&amp;#160;The Company is subject to income taxation&#13;by both federal and state taxing authorities. Income tax returns for the years ended December 31, 2014, 2013, 2012 and 2011 are&#13;open to audit by federal and state taxing authorities.&lt;/font&gt;&lt;/p&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
    <us-gaap:CompensationAndEmployeeBenefitPlansOtherThanShareBasedCompensationTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The Company sponsors a defined contribution 401(k)&#13;Profit Sharing Plan and allows all employees in the United States to participate. Matching and profit sharing contributions to&#13;the plan are at the discretion of management, but are limited to the amount deductible for federal income tax purposes. The Company&#13;made contributions to the plan of $6,023 and $0 during the years ended December 31, 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The Company also sponsors a defined contribution&#13;plan which covers substantially all employees in the United Kingdom.&amp;#160;&amp;#160;Employer contributions to the plan are at the discretion&#13;of management.&amp;#160;&amp;#160;The Company's contribution expense for discretionary contributions were $3,566 and $5,173 for the year&#13;ended December 31, 2015 and 2014, respectively.&lt;/p&gt;</us-gaap:CompensationAndEmployeeBenefitPlansOtherThanShareBasedCompensationTextBlock>
    <us-gaap:SubsequentEventsTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;On January 11, 2016, the Company&amp;#146;s Board&#13;of Directors approved and declared a quarterly cash dividend of $0.03 per share. The dividend was paid on February 9, 2016 to shareholders&#13;of record as of January 21, 2016.&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;We consider all highly liquid investments with&#13;an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are carried&#13;at cost, which approximates fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The Company places its cash and cash equivalents&#13;on deposit with financial institutions in the United States, Canada, and Europe. The Federal Deposit Insurance Corporation (FDIC)&#13;covers $250,000 for substantially all depository accounts in the United States.&amp;#160;&amp;#160;The Company from time to time may have&#13;amounts on deposit in excess of the insured limits. As of December 31, 2015, the Company had $3,564,307 which exceeds the insured&#13;amounts in the United States.&amp;#160;&amp;#160;The Company also had cash of $184,233 in Europe, and $8,381 in Canada on hand at December&#13;31, 2015.&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;We recognize revenue in accordance with SEC Staff&#13;Accounting Bulletin&amp;#160;No.&amp;#160;104, &amp;#147;Revenue Recognition,&amp;#148; which requires that: (i)&amp;#160;persuasive evidence of&#13;an arrangement exists, (ii)&amp;#160;delivery has occurred or services have been rendered, (iii)&amp;#160;the sales price is fixed or determinable,&#13;and (iv)&amp;#160;collectability is reasonably assured. We recognize revenue when services are rendered and/or delivered, where collectability&#13;is probable. Deferred revenue primarily consists of advanced billings for annual service contracts, and is recognized throughout&#13;the year as the services are performed.&lt;/p&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
    <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Fixed&#13;assets are recorded at cost and depreciated over the estimated useful lives of the assets using principally the straight-line method.&#13;When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and proceeds&#13;realized thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized.&#13;The range of estimated useful lives used to calculate depreciation for principal items of property and equipment are as follow:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 53%; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Asset Category&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 45%; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Depreciation / Amortization Period&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Computer equipment &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Furniture &amp;#38; fixtures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3 to 7 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Leasehold improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;7 years or lesser of the lease term&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
    <us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;We calculate earnings per share in accordance&#13;with Financial Accounting Standards Board (FASB) ASC No. 260 &amp;#150; EPS, which requires that basic net income per common share&#13;be computed by dividing net income for the period by the weighted average number of common shares outstanding during the period.&#13;Diluted net income per share is computed by dividing the net income for the period by the weighted average number of common and&#13;dilutive common equivalent shares outstanding during the period.&amp;#160;&amp;#160;Shares issuable upon the exercise of stock options&#13;and restricted stock units totaling 211,250 and 218,750 were excluded in the computation of diluted earnings per common share during&#13;the year ended December 31, 2015 and 2014, respectively, because their impact was anti-dilutive.&amp;#160;&amp;#160;As of December 31,&#13;2014, 417,712 shares associated with the conversion feature on the convertible note outstanding were excluded from the calculation&#13;of diluted earnings per share as the impact was anti-dilutive.&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
    <us-gaap:Reclassifications contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The Company has reclassified certain amounts&#13;as previously reported as general and administrative expenses to product development expenses, in order to conform to current year&#13;presentation.&amp;#160;&amp;#160;This reclassification has no impact on revenue, net income, assets, liabilities, shareholders&amp;#146; equity,&#13;or earnings per share.&amp;#160;In particular, the Company is now presenting product development cost as a separate line on the consolidated&#13;statement of operations, whereas they were previously included in general and administrative expenses.&lt;/p&gt;</us-gaap:Reclassifications>
    <us-gaap:PremiumsReceivableAllowanceForDoubtfulAccountsEstimationMethodologyPolicy contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;We provide an allowance for doubtful accounts,&#13;which is based upon a review of outstanding receivables as well as historical collection information. Credit is granted on an unsecured&#13;basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions. The allowance&#13;is made up of specific reserves, as deemed necessary, on client account balances, and a reserve based on our historical experience.&amp;#160;&amp;#160;The&#13;following is a summary of our allowance for doubtful accounts during the years ended December 31, 2015 and 2014:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Year Ended&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Year Ended&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 78%"&gt;&lt;font style="font-size: 8pt"&gt;Beginning balance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;460,564&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;429,509&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Bad debt expense&lt;/font&gt;&lt;/td&gt;&#13; 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    <us-gaap:UseOfEstimates contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The preparation of financial statements in conformity&#13;with accounting principles generally accepted in the United States (&amp;#147;US GAAP&amp;#148;) requires management to make estimates&#13;and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities&#13;at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant&#13;estimates include the allowance for doubtful accounts and the valuation of goodwill, intangible assets, deferred tax assets, and&#13;stock based compensation.&amp;#160;&amp;#160;Actual results could differ from those estimates.&lt;/p&gt;</us-gaap:UseOfEstimates>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;We comply with the FASB ASC No. 740 &amp;#150; Income&#13;Taxes which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax&#13;assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that&#13;will result in future taxable or deductible amounts based on enacted tax laws and rates applicable to the periods in which the&#13;differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income&#13;tax assets to the amounts expected to be realized.&amp;#160;&amp;#160;For any uncertain tax positions, we recognize the impact of a tax&#13;position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position.&#13;Our policy regarding the classification of interest and penalties is to classify them as income tax expense in our financial statements,&#13;if applicable.&amp;#160;&amp;#160;At the end of each interim period, we estimate the effective tax rate we expect to be applicable for&#13;the full year and this rate is applied to our results for the interim year-to-date period and then adjusted for any discrete period&#13;items.&amp;#160;&amp;#160;&lt;/p&gt;</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;In accordance with the authoritative guidance&#13;for accounting for long-lived assets, assets such as property and equipment, trademarks, and intangible assets subject to amortization,&#13;are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may&#13;not be recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of an&#13;asset group to estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of&#13;an asset group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying&#13;amount of an asset group exceeds fair value of the asset group.&lt;/p&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
    <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;As of December 31, 2015 and 2014, we do not have&#13;any financial assets or liabilities that are required to be, or that we elected to measure, at fair value.&amp;#160;&amp;#160;We believe&#13;that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, our line of&#13;credit, notes payable, and accounts payable approximate their carrying amounts.&lt;/p&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
    <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;We account for stock-based compensation under&#13;FASB ASC No. 718 &amp;#150; Compensation &amp;#150; Stock Compensation. The authoritative guidance for stock compensation requires that&#13;companies estimate the fair value of share-based payment awards on the date of the grant using an option-pricing model. The cost&#13;is to be recognized over the period during which an employee is required to provide service in exchange for the award. The authoritative&#13;guidance for stock compensation also requires the benefit of tax deductions in excess of recognized compensation expense to be&#13;reported as a financing cash flow, rather than as an operating cash flow as prescribed under previous accounting rules. This requirement&#13;reduces net operating cash flows and increases net financing cash flows in periods subsequent to adoption, only if excess tax benefits&#13;exist.&lt;/p&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
    <us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The financial statements of the foreign subsidiaries&#13;of the Company have been translated into U.S. dollars.&amp;#160;&amp;#160;All assets and liabilities have been translated at current rates&#13;of exchange in effect at the end of the period.&amp;#160;&amp;#160;Income and expense items have been translated at the average exchange&#13;rates for the year or the applicable interim period.&amp;#160;&amp;#160;The gains or losses that result from this process are recorded&#13;as a separate component of other accumulated comprehensive income (loss) until the entity is sold or substantially liquidated.&lt;/p&gt;</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
    <us-gaap:ComprehensiveIncomePolicyPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;Comprehensive income consists of net income and&#13;other comprehensive income related to changes in the cumulative foreign currency translation adjustment.&lt;/p&gt;</us-gaap:ComprehensiveIncomePolicyPolicyTextBlock>
    <us-gaap:BusinessCombinationsPolicy contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;We account for business combinations under FASB&#13;ASC No. 805 &amp;#150; Business Combinations and the related acquired intangible assets and goodwill under FASB ASC No. 350 &amp;#150;&#13;Intangibles &amp;#150; Goodwill and Other. The authoritative guidance for business combinations specifies the criteria for recognizing&#13;and reporting intangible assets apart from goodwill. We record the assets acquired and liabilities assumed in business combinations&#13;at their respective fair values at the date of acquisition, with any excess purchase price recorded as goodwill. Goodwill is an&#13;asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually&#13;identified and separately recognized. Intangible assets consist of client relationships, customer lists, software, technology and&#13;trademarks that are initially measured at fair value.&amp;#160;&amp;#160;At the time of the business combination the trademarks were considered&#13;an indefinite-lived asset and, as such, were not amortized as there was no foreseeable limit to cash flows generated from them.&#13;The goodwill and intangible assets are assessed annually for impairment, or whenever conditions indicate the asset may be impaired,&#13;and any such impairment will be recognized in the period identified. The client relationships, customer lists, software and technology&#13;are amortized over their estimated useful lives.&lt;/p&gt;</us-gaap:BusinessCombinationsPolicy>
    <us-gaap:AdvertisingCostsPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;The Company expenses advertising as incurred,&#13;except for direct-response advertising, which is capitalized and amortized over its expected period of future benefits.&amp;#160;&amp;#160;Advertising&#13;expense totaled $174,094 and $603,895, during the years ended December 31, 2015 and 2014, respectively.&lt;/p&gt;</us-gaap:AdvertisingCostsPolicyTextBlock>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;On November 20, 2015, the FASB issued Accounting&#13;Standards Update (&amp;#147;ASU&amp;#148;) 2015-17 (&amp;#34;ASU 2015-17&amp;#148;), Balance Sheet Classification of Deferred Taxes, which&#13;requires that all deferred tax assets and liabilities, along with any related valuation allowance, in each jurisdiction be classified&#13;as noncurrent on the balance sheet. For public business entities, ASU 2015-17 is effective for financial statements issued for&#13;annual periods beginning after December 15, 2016, and interim periods within those annual periods but may be early adopted. ASU&#13;2015-17 may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying&#13;the comparative balance sheets). The Company has elected to early adopt ASU 2015-17, on a prospective basis, as of December 31,&#13;2015.&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <ISDR:RecentAccountingPronouncementsPolicyTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB's new leases standard ASU 2016-02 Leases (Topic 842) was issued on February 25, 2016. ASU 2016-02 is intended to improve&#13;financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as&#13;real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred to as &amp;#147;Lessees&amp;#148;&#13;to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization&#13;is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of&#13;cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information&#13;about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets&#13;and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement,&#13;and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a&#13;finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet&#13;the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee&#13;accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the&#13;same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar&#13;to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those&#13;leases. The leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018.&amp;#160;&#13;Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal&#13;years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of&#13;the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application&#13;to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large portfolio of leases are likely&#13;to see a significant increase in balance sheet assets and liabilities. See Note 9 for the Company&amp;#146;s current lease commitments.&#13;The Company is currently in the process of evaluating the impact that this new leasing ASU will have on its financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB has issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments&lt;i&gt;.&#13;&lt;/i&gt;The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during&#13;the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the&#13;acquirer record, in the same period&amp;#146;s financial statements, the effect on earnings of changes in depreciation, amortization,&#13;or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been&#13;completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement&#13;or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded&#13;in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendments&#13;in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods&#13;within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after&#13;the effective date with earlier application permitted for financial statements that have not been issued. The Company does not&#13;anticipate that ASU 2015-16 will have a significant impact on our financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB has issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&amp;#146;s Accounting&#13;for Fees Paid in a Cloud Computing Arrangement.&amp;#160; The amendments in ASU 2015-05 provide guidance to customers about whether&#13;a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then&#13;the customer should account for the software license element of the arrangement consistent with the acquisition of other software&#13;licenses. If a cloud computing arrangement does not include a softwarelicense, the customer should account for the arrangement&#13;as a service contract. The amendments do not change the accounting for a customer&amp;#146;s accounting for service contracts. As&#13;a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other&#13;licenses of intangible assets.&amp;#160; ASU 2015-05 is effective for public entities for annual periods, including interim periods&#13;within those annual periods, beginning after December 15, 2015. The Company does not anticipate that ASU 2015-05 will have a significant&#13;impact on our financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB has issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement&#13;Presentation by Eliminating the Concept of Extraordinary Items.&amp;#160;&amp;#160;The FASB issued this ASU as part of its initiative&#13;to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate, and improve&#13;areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information&#13;provided to the users of financial statements.&amp;#160;&amp;#160;The amendments in ASU 2015-01 are effective for fiscal years, and interim&#13;periods within those fiscal years, beginning after December 15, 2015.&amp;#160;&amp;#160;The Company does not anticipate that ASU 2015-01&#13;will have a significant impact on our financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB has issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial&#13;Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.&amp;#160;&amp;#160;The amendments in this ASU do not change&#13;the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial&#13;instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics&#13;and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments&#13;clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated&#13;for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature&#13;would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract&#13;depends upon the economic characteristics and risks of the entire hybrid financial instrument.&amp;#160;&amp;#160;The amendments in this&#13;ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after&#13;December 15, 2015. The Company does not anticipate that ASU 2014-16 will have a significant impact on our financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;The&#13;FASB has issued ASU 2014-12, Compensation &amp;#150; Stock Compensation (Topic 718): Accounting for Share-Based Payments When the&#13;Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.&amp;#160;&amp;#160;The issue&#13;is the result of a consensus of the FASB Emerging Issues Task Force (EITF).&amp;#160;&amp;#160;The amendments in the ASU require that&#13;a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance&#13;condition. A reporting entity should apply existing guidance in Topic 718, Compensation &amp;#150; Stock Compensation, as it relates&#13;to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected&#13;in estimating the grant-date fair value of the award.&amp;#160;&amp;#160;Compensation cost should be recognized in the period in which&#13;it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the&#13;period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved&#13;before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively&#13;over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service&#13;period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately&#13;vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award&#13;if the performance target is achieved.&amp;#160;&amp;#160;The amendments in this ASU are effective for annual periods and interim periods&#13;within those annual periods beginning after December 15, 2015.&amp;#160;&amp;#160;The Company will apply the provisions of ASU 2014-12&#13;to any future performance based stock awards, but does not anticipate that the impact will have a significant impact on our financial&#13;statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;FASB has issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 requires revenue recognition to depict&#13;the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be&#13;entitled in exchange for those goods or services. ASU 2014-09 sets forth a new revenue recognition model that requires identifying&#13;the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to&#13;performance obligations and recognizing the revenue upon satisfaction of performance obligations. The amendments in the ASU can&#13;be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially&#13;applying the update recognized at the date of the initial application along with additional disclosures. The Company is currently&#13;evaluating the impact of ASU 2014-09, which is currently effective for the Company in our year beginning on January 1, 2018.&lt;/font&gt;&lt;/p&gt;</ISDR:RecentAccountingPronouncementsPolicyTextBlock>
    <ISDR:ScheduleOfEstimatedUsefulLivesForPropertyAndEquipment contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 53%; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Asset Category&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 45%; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Depreciation / Amortization Period&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Computer equipment &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Furniture &amp;#38; fixtures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3 to 7 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Leasehold improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;7 years or lesser of the lease term&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ISDR:ScheduleOfEstimatedUsefulLivesForPropertyAndEquipment>
    <us-gaap:ScheduleOfCreditLossesForFinancingReceivablesCurrentTableTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Year Ended&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Year Ended&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 78%"&gt;&lt;font style="font-size: 8pt"&gt;Beginning balance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;460,564&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;429,509&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Bad debt expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;169,020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;275,657&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Write-offs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(232,700 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(244,602 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Ending balance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;396,884&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;460,564&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfCreditLossesForFinancingReceivablesCurrentTableTextBlock>
    <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 78%"&gt;&lt;font style="font-size: 8pt"&gt;Computers &amp;#38; equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;185,495&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;325,192&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Furniture&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;159,018&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;123,652&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Leasehold improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;93,781&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,708&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total fixed assets, gross&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;438,294&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;503,552&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Accumulated depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(262,797 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(358,168 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total fixed assets, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;175,497&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;145,384&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
    <ISDR:FairValueOfAcquiredIntangibleAssetsAndGoodwillTableTextblock contextRef="From2015-01-01to2015-12-31_custom_AccesswireMember">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 89%; padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total Consideration&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,840,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Allocation of Accesswire intangible assets and goodwill:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;Amortizable intangible assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;423,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;Trademarks&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;Goodwill&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,185,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total fair value of Accesswire intangible assets and goodwill&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,840,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ISDR:FairValueOfAcquiredIntangibleAssetsAndGoodwillTableTextblock>
    <us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock contextRef="From2015-01-01to2015-12-31_custom_AccesswireMember">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Asset Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Useful Life (years)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 78%"&gt;&lt;font style="font-size: 8pt"&gt;Client relationships&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;242,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Software&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;181,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;423,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock>
    <us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December&amp;#160;31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Gross Carrying&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amortization&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Net Carrying&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 48%"&gt;&lt;font style="font-size: 8pt"&gt;Customer lists&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,770,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,408,920&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;361,080&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer relationships &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,747,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(564,810&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,182,190&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Proprietary software&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;782,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(526,508&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;255,492&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Trademarks &amp;#150; definite-lived&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;173,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(12,466&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;160,534&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Trademarks &amp;#150; indefinite-lived&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Total intangible assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,704,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,512,704&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,191,296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December&amp;#160;31, 2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Gross Carrying&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amortization&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Net Carrying&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer lists&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,770,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(891,585&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;878,415&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer relationships&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,747,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(318,809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,428,191&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Proprietary software&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;782,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(306,972&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;475,028&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Trademarks &amp;#150; indefinite-lived&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;952,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;952,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total intangible assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,251,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,517,366&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,733,634&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock>
    <us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Years Ending December&amp;#160;31:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 89%"&gt;&lt;font style="font-size: 8pt"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;811,079&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,964&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;2018&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;322,733&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;286,042&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;2020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;178,599&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;27,879&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,959,296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock>
    <us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Number of Options Outstanding&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Range of Exercise Price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Weighted Average Exercise Price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Aggregate Intrinsic Value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 50%"&gt;&lt;font style="font-size: 8pt"&gt;Balance at December 31, 2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;280,836&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $8.25&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.97&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,340,684&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Options granted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9.26 - $13.49&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12.39&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Options exercised&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(76,665&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $7.76&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.23&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;646,266&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Balance at December 31, 2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;258,171&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $13.49&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;608,750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Options granted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.80&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.80&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Options exercised&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(20,671&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $2.81&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.55&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;106,868&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Options forfeited&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance at December 31, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;246,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $13.49&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.69&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;187,798&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
    <us-gaap:ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="11" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Options Outstanding&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Options Exercisable&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Exercise Price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Number&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Weighted Average Exercise Price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Weighted Average Remaining Contractual Life&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;(in Years)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Number&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 26%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01 - $1.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.01&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.06&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.01 - $2.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,550&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.70&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,550&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.01 - $3.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.65&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.23&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3.01 - $4.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3.33&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.25&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.01 - $8.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;108,750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.67&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.74&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;55,001&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.01 - $9.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.25&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.64&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9.01 - $10.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.99&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,125&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10.01-$13.49&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13.49&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3.19&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;246,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.69&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.94&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;140,376&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock>
    <us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Year ended&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&lt;b&gt;&amp;#160;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Year ended&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&lt;b&gt;&amp;#160;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 78%"&gt;&lt;font style="font-size: 8pt"&gt;Expected dividend yield&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.76&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.33&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Expected stock price volatility&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;158&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;161&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Weighted-average risk-free interest rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.84&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Weighted-average expected life of options (in years)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.97&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock>
    <us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Year Ended December 31:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 89%"&gt;&lt;font style="font-size: 8pt"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;136,789&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;153,337&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;2018&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;157,994&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;134,896&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;583,016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
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background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-indent: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,619,883&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,629,684&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>
    <us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Year Ended&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Geographic region&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 77%"&gt;&lt;font style="font-size: 8pt"&gt;North America&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,520,523&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,721,520&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Europe&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,099,360&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,908,164&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,619,883&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,629,684&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
    <us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="From2015-01-01to2015-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 76%; text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Federal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;257,098&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;631,129&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;State&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;47,256&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;97,186&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;193,055&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,278&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 20pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;497,409&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;719,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Federal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(468,887&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(776,467&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;State&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(67,423&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(130,535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(93,586&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(91,510&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 20pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    Deferred&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(629,896&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(998,512&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    benefit for income taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(132,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(279,475&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
    <us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Percentage&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Percentage&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 50%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Federal&#13;    statutory tax rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,113&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(80,699&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(34.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;State tax rate&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(8.6&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(12,579&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,630&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(23,260&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9.8&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(182,521)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(76.9&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-indent: 13.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(132,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,095.2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(279,475)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(117.8&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
    <us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2015-01-01to2015-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Change&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Assets:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 58%"&gt;&lt;font style="font-size: 8pt"&gt;Net operating loss&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;254,123&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;561,358&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(307,235&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Deferred revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,914&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,347&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,567&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;135,663&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;145,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9,672&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Stock options&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;345,779&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;211,824&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;133,955&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Basis difference in intangible assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;118,257&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;190,295&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(72,038&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Prepaid D&amp;#38;O Insurance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,341&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,996&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,655&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Foreign tax credits carryforward&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,180,833&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,180,833&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,916&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;759&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,157&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax asset&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,123,826&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,339,747&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(215,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Less:&amp;#160;&amp;#160;Valuation allowance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,407,955&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,763,415&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;355,460&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Total net deferred tax asset&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;715,871&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;576,332&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;139,539&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Liabilities&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Prepaid expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(30,460&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(32,176&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,716&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Basis difference in fixed assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,833&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(19,222&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,389&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Capitalized software &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(171,584&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(171,584&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Debt discount - convertible note payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(200,559&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;200,559&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Purchase of intangibles&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(505,586&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(950,863&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;445,277&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax liability&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(712,463&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,202,820&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;490,357&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Total net deferred tax asset / (liability)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
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   &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 73%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Balance as of January 1:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;Change related to current year positions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,749&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;&#13; 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    <us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="From2015-01-01to2015-12-31_us-gaap_FurnitureAndFixturesMember">3 to 7 years</us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
    <us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="From2015-01-01to2015-12-31_us-gaap_ComputerEquipmentMember">3 years</us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
    <us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="From2015-01-01to2015-12-31_us-gaap_LeaseholdImprovementsMember">7 years or lesser of the lease term</us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
    <us-gaap:CashUninsuredAmount contextRef="AsOf2015-12-31" unitRef="USD" id="Foot-00-0" decimals="0">3564307</us-gaap:CashUninsuredAmount>
    <us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="From2015-01-01to2015-12-31" unitRef="Shares" decimals="INF">211250</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
    <us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="From2014-01-01to2014-12-31" unitRef="Shares" decimals="INF">218750</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
    <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="AsOf2015-12-31" unitRef="USD" decimals="0">2000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
    <us-gaap:LineOfCredit contextRef="AsOf2015-12-31" unitRef="USD" decimals="0">0</us-gaap:LineOfCredit>
    <us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd contextRef="AsOf2015-12-31" unitRef="Percent" decimals="INF">.0342</us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd>
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    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="From2015-01-01to2015-12-31" unitRef="Shares" decimals="INF">-1500</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
    <ISDR:RangeOfExercisePriceOptionsForfeited contextRef="From2015-01-01to2015-12-31">9.26</ISDR:RangeOfExercisePriceOptionsForfeited>
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    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue contextRef="From2015-01-01to2015-12-31" unitRef="USDPShares" decimals="INF">0</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue>
    <ISDR:ExercisePriceRange contextRef="From2015-01-01to2015-12-31_custom_StockOption1Member">0.01 - $1.00</ISDR:ExercisePriceRange>
    <ISDR:ExercisePriceRange contextRef="From2015-01-01to2015-12-31_custom_StockOption2Member">1.01 - $2.00</ISDR:ExercisePriceRange>
    <ISDR:ExercisePriceRange contextRef="From2015-01-01to2015-12-31_custom_StockOption3Member">2.01 - $3.00</ISDR:ExercisePriceRange>
    <ISDR:ExercisePriceRange contextRef="From2015-01-01to2015-12-31_custom_StockOption4Member">3.01 - $4.00</ISDR:ExercisePriceRange>
    <ISDR:ExercisePriceRange contextRef="From2015-01-01to2015-12-31_custom_StockOption5Member">4.01 - $8.00</ISDR:ExercisePriceRange>
    <ISDR:ExercisePriceRange contextRef="From2015-01-01to2015-12-31_custom_StockOption6Member">8.01 - $9.00</ISDR:ExercisePriceRange>
    <ISDR:ExercisePriceRange contextRef="From2015-01-01to2015-12-31_custom_StockOption7Member">9.01 - $10.00</ISDR:ExercisePriceRange>
    <ISDR:ExercisePriceRange contextRef="From2015-01-01to2015-12-31_custom_StockOption8Member">10.01-$13.49</ISDR:ExercisePriceRange>
    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="AsOf2015-12-31_StockOption1Member" unitRef="USDPShares" decimals="INF">0.01</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="AsOf2015-12-31_StockOption2Member" unitRef="USDPShares" decimals="INF">1.7</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
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    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="AsOf2015-12-31_StockOption4Member" unitRef="USDPShares" decimals="INF">3.33</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="AsOf2015-12-31_StockOption5Member" unitRef="USDPShares" decimals="INF">7.67</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="AsOf2015-12-31_StockOption6Member" unitRef="USDPShares" decimals="INF">8.25</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
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    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="AsOf2015-12-31_StockOption1Member" unitRef="Shares" decimals="INF">19700</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber>
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	  <link:definition>00000011 - Disclosure - Note 4. Goodwill and Other Intangible Assets</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note5.LineOfCredit" id="Note5.LineOfCredit">
	  <link:definition>00000012 - Disclosure - Note 5. Line of Credit</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note6.NotePayableRelatedParty" id="Note6.NotePayableRelatedParty">
	  <link:definition>00000013 - Disclosure - Note 6. Note Payable (Related Party)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note7.Equity" id="Note7.Equity">
	  <link:definition>00000014 - Disclosure - Note 7. Equity</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note8.StockOptionsAndRestrictedStockUnits" id="Note8.StockOptionsAndRestrictedStockUnits">
	  <link:definition>00000015 - Disclosure - Note 8. Stock Options and Restricted Stock Units</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note9.CommitmentsAndContingencies" id="Note9.CommitmentsAndContingencies">
	  <link:definition>00000016 - Disclosure - Note 9. Commitments and Contingencies</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note10.Concentrations" id="Note10.Concentrations">
	  <link:definition>00000017 - Disclosure - Note 10. Concentrations</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note11.GeographicOperatingInformation" id="Note11.GeographicOperatingInformation">
	  <link:definition>00000018 - Disclosure - Note 11. Geographic Operating Information</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	  <link:definition>00000019 - Disclosure - Note 12. Income taxes</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note13.EmployeeBenefitPlan" id="Note13.EmployeeBenefitPlan">
	  <link:definition>00000020 - Disclosure - Note 13. Employee Benefit Plan</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note14.SubsequentEvent" id="Note14.SubsequentEvent">
	  <link:definition>00000021 - Disclosure - Note 14. Subsequent Event</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note2.SummaryOfSignificantAccountingPoliciesPolicies" id="Note2.SummaryOfSignificantAccountingPoliciesPolicies">
	  <link:definition>00000022 - Disclosure - Note 2. Summary of Significant Accounting Policies (Policies)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note2.SummaryOfSignificantAccountingPoliciesTables" id="Note2.SummaryOfSignificantAccountingPoliciesTables">
	  <link:definition>00000023 - Disclosure - Note 2. Summary of Significant Accounting Policies (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note3.FixedAssetsTables" id="Note3.FixedAssetsTables">
	  <link:definition>00000024 - Disclosure - Note 3. Fixed Assets (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note4.GoodwillAndIntangibleAssetsTables" id="Note4.GoodwillAndIntangibleAssetsTables">
	  <link:definition>00000025 - Disclosure - Note 4. Goodwill and Intangible Assets (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note8.StockOptionsAndRestrictedStockUnitsTables" id="Note8.StockOptionsAndRestrictedStockUnitsTables">
	  <link:definition>00000026 - Disclosure - Note 8. Stock Options and Restricted Stock Units (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note9.CommitmentsAndContingenciesTables" id="Note9.CommitmentsAndContingenciesTables">
	  <link:definition>00000027 - Disclosure - Note 9. Commitments and Contingencies (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note10.ConcentrationsTables" id="Note10.ConcentrationsTables">
	  <link:definition>00000028 - Disclosure - Note 10. Concentrations (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note11.GeographicOperatingInformationTables" id="Note11.GeographicOperatingInformationTables">
	  <link:definition>00000029 - Disclosure - Note 11. Geographic Operating Information (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note12.IncomeTaxesTables" id="Note12.IncomeTaxesTables">
	  <link:definition>00000030 - Disclosure - Note 12. Income Taxes (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note2.SummaryOfSignificantAccountingPoliciesDetails" id="Note2.SummaryOfSignificantAccountingPoliciesDetails">
	  <link:definition>00000031 - Disclosure - Note 2. Summary of Significant Accounting Policies (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note2.SummaryOfSignificantAccountingPoliciesDetails1" id="Note2.SummaryOfSignificantAccountingPoliciesDetails1">
	  <link:definition>00000032 - Disclosure - Note 2. Summary of Significant Accounting Policies (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note2.SummaryOfSignificantAccountingPoliciesDetailsNarrative" id="Note2.SummaryOfSignificantAccountingPoliciesDetailsNarrative">
	  <link:definition>00000033 - Disclosure - Note 2. Summary of Significant Accounting Policies (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note3.FixedAssetsDetails" id="Note3.FixedAssetsDetails">
	  <link:definition>00000034 - Disclosure - Note 3. Fixed Assets (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note3.FixedAssetsDetailsNarrative" id="Note3.FixedAssetsDetailsNarrative">
	  <link:definition>00000035 - Disclosure - Note 3. Fixed Assets (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note4.GoodwillAndOtherIntangibleAssetsDetails" id="Note4.GoodwillAndOtherIntangibleAssetsDetails">
	  <link:definition>00000036 - Disclosure - Note 4. Goodwill and Other Intangible Assets (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
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	  <link:definition>00000037 - Disclosure - Note 4. Goodwill and Other Intangible Assets (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note4.GoodwillAndOtherIntangibleAssetsDetails2" id="Note4.GoodwillAndOtherIntangibleAssetsDetails2">
	  <link:definition>00000038 - Disclosure - Note 4. Goodwill and Other Intangible Assets (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note4.GoodwillAndOtherIntangibleAssetsDetails3" id="Note4.GoodwillAndOtherIntangibleAssetsDetails3">
	  <link:definition>00000039 - Disclosure - Note 4. Goodwill and Other Intangible Assets (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note4.GoodwillAndOtherIntangibleAssetsDetails4" id="Note4.GoodwillAndOtherIntangibleAssetsDetails4">
	  <link:definition>00000040 - Disclosure - Note 4. Goodwill and Other Intangible Assets (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://issuerdirect.com/role/Note4.GoodwillAndOtherIntangibleAssetsDetails5" id="Note4.GoodwillAndOtherIntangibleAssetsDetails5">
	  <link:definition>00000041 - Disclosure - Note 4. Goodwill and Other Intangible Assets (Details 5)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note4.GoodwillAndOtherIntangibleAssetsDetailsNarrative" id="Note4.GoodwillAndOtherIntangibleAssetsDetailsNarrative">
	  <link:definition>00000042 - Disclosure - Note 4. Goodwill and Other Intangible Assets (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note5.LineOfCreditDetailsNarrative" id="Note5.LineOfCreditDetailsNarrative">
	  <link:definition>00000043 - Disclosure - Note 5. Line of Credit (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note6.NotePayableRelatedPartyDetailsNarrative" id="Note6.NotePayableRelatedPartyDetailsNarrative">
	  <link:definition>00000044 - Disclosure - Note 6. Note Payable (Related Party) (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note7.EquityDetailsNarrative" id="Note7.EquityDetailsNarrative">
	  <link:definition>00000045 - Disclosure - Note 7. Equity (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note8.StockOptionsAndRestrictedStockUnitsDetails" id="Note8.StockOptionsAndRestrictedStockUnitsDetails">
	  <link:definition>00000046 - Disclosure - Note 8. Stock Options and Restricted Stock Units (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note8.StockOptionsAndRestrictedStockUnitsDetails1" id="Note8.StockOptionsAndRestrictedStockUnitsDetails1">
	  <link:definition>00000047 - Disclosure - Note 8. Stock Options and Restricted Stock Units (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note8.StockOptionsAndRestrictedStockUnitsDetails2" id="Note8.StockOptionsAndRestrictedStockUnitsDetails2">
	  <link:definition>00000048 - Disclosure - Note 8. Stock Options and Restricted Stock Units (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note8.StockOptionsAndRestrictedStockUnitsDetailsNarrative" id="Note8.StockOptionsAndRestrictedStockUnitsDetailsNarrative">
	  <link:definition>00000049 - Disclosure - Note 8. Stock Options and Restricted Stock Units (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note9.CommitmentsAndContingenciesDetails" id="Note9.CommitmentsAndContingenciesDetails">
	  <link:definition>00000050 - Disclosure - Note 9. Commitments and Contingencies (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note9.CommitmentsAndContingenciesDetailsNarrative" id="Note9.CommitmentsAndContingenciesDetailsNarrative">
	  <link:definition>00000051 - Disclosure - Note 9. Commitments and Contingencies (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note10.ConcentrationsDetails" id="Note10.ConcentrationsDetails">
	  <link:definition>00000052 - Disclosure - Note 10. Concentrations (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note11.GeographicOperatingInformationDetails" id="Note11.GeographicOperatingInformationDetails">
	  <link:definition>00000053 - Disclosure - Note 11. Geographic Operating Information (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note12.IncomeTaxesDetails" id="Note12.IncomeTaxesDetails">
	  <link:definition>00000054 - Disclosure - Note 12. Income Taxes (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note12.IncomeTaxesDetails1" id="Note12.IncomeTaxesDetails1">
	  <link:definition>00000055 - Disclosure - Note 12. Income Taxes (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note12.IncomeTaxesDetails2" id="Note12.IncomeTaxesDetails2">
	  <link:definition>00000056 - Disclosure - Note 12. Income Taxes (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note12.IncomeTaxesDetails3" id="Note12.IncomeTaxesDetails3">
	  <link:definition>00000057 - Disclosure - Note 12. Income Taxes (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://issuerdirect.com/role/Note13.EmployeeBenefitPlanDetailsNarrative" id="Note13.EmployeeBenefitPlanDetailsNarrative">
	  <link:definition>00000058 - Disclosure - Note 13. Employee Benefit Plan (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:linkbaseRef xlink:type="simple" xlink:href="isdr-20151231_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links" />
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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>10
<FILENAME>isdr-20151231_cal.xml
<DESCRIPTION>XBRL-RELATED DOCUMENTS
<TEXT>
<XBRL>
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<TYPE>EX-101.LAB
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<FILENAME>isdr-20151231_lab.xml
<DESCRIPTION>XBRL-RELATED DOCUMENTS
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SoftwareLicenseArrangementMember_lbl" xml:lang="en-US">Software</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NorthAmericaMember" xlink:label="us-gaap_NorthAmericaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NorthAmericaMember" xlink:to="us-gaap_NorthAmericaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NorthAmericaMember_lbl" xml:lang="en-US">North America</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="us-gaap_StatementGeographicalAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementGeographicalAxis" xlink:to="us-gaap_StatementGeographicalAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementGeographicalAxis_lbl" xml:lang="en-US">Geographical [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EuropeMember" xlink:label="us-gaap_EuropeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EuropeMember" xlink:to="us-gaap_EuropeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EuropeMember_lbl" xml:lang="en-US">Europe</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Equity Components [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid-In Capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FurnitureAndFixturesMember" xlink:label="us-gaap_FurnitureAndFixturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FurnitureAndFixturesMember" xlink:to="us-gaap_FurnitureAndFixturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FurnitureAndFixturesMember_lbl" xml:lang="en-US">Furniture &amp; fixtures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ComputerEquipmentMember" xlink:label="us-gaap_ComputerEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComputerEquipmentMember" xlink:to="us-gaap_ComputerEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComputerEquipmentMember_lbl" xml:lang="en-US">Computer equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherMachineryAndEquipmentMember" xlink:label="us-gaap_OtherMachineryAndEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherMachineryAndEquipmentMember" xlink:to="us-gaap_OtherMachineryAndEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherMachineryAndEquipmentMember_lbl" xml:lang="en-US">Machinery and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LeaseholdImprovementsMember" xlink:label="us-gaap_LeaseholdImprovementsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseholdImprovementsMember" xlink:to="us-gaap_LeaseholdImprovementsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseholdImprovementsMember_lbl" xml:lang="en-US">Leasehold Improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income Loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:label="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xml:lang="en-US">Indefinite-lived Intangible Assets by Major Class [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ComputerSoftwareIntangibleAssetMember" xlink:label="us-gaap_ComputerSoftwareIntangibleAssetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComputerSoftwareIntangibleAssetMember" xlink:to="us-gaap_ComputerSoftwareIntangibleAssetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComputerSoftwareIntangibleAssetMember_lbl" xml:lang="en-US">Proprietary software</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GoodwillMember" xlink:label="us-gaap_GoodwillMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillMember" xlink:to="us-gaap_GoodwillMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillMember_lbl" xml:lang="en-US">Goodwill</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TrademarksMember" xlink:label="us-gaap_TrademarksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TrademarksMember" xlink:to="us-gaap_TrademarksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TrademarksMember_lbl" xml:lang="en-US">Trademarks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_TotalIntangibleAssetsMember" xlink:label="ISDR_TotalIntangibleAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_TotalIntangibleAssetsMember" xlink:to="ISDR_TotalIntangibleAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_TotalIntangibleAssetsMember_lbl" xml:lang="en-US">Total Intangible Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_ChangeMember" xlink:label="ISDR_ChangeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_ChangeMember" xlink:to="ISDR_ChangeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_ChangeMember_lbl" xml:lang="en-US">Change</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ValuationAllowanceByDeferredTaxAssetAxis" xlink:label="us-gaap_ValuationAllowanceByDeferredTaxAssetAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowanceByDeferredTaxAssetAxis" xlink:to="us-gaap_ValuationAllowanceByDeferredTaxAssetAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowanceByDeferredTaxAssetAxis_lbl" xml:lang="en-US">Valuation Allowance by Deferred Tax Asset [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_RedOakMember" xlink:label="ISDR_RedOakMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_RedOakMember" xlink:to="ISDR_RedOakMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_RedOakMember_lbl" xml:lang="en-US">Red Oak</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US">Related Party [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_PlatformAndTechnologyMember" xlink:label="ISDR_PlatformAndTechnologyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_PlatformAndTechnologyMember" xlink:to="ISDR_PlatformAndTechnologyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_PlatformAndTechnologyMember_lbl" xml:lang="en-US">Platform &amp; Technology</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_TrademarksDefiniteMember" xlink:label="ISDR_TrademarksDefiniteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_TrademarksDefiniteMember" xlink:to="ISDR_TrademarksDefiniteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_TrademarksDefiniteMember_lbl" xml:lang="en-US">Trademarks - definite-lived [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_DocumentAndEntityInformationAbstract" xlink:label="ISDR_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_DocumentAndEntityInformationAbstract" xlink:to="ISDR_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity's Reporting Status Current?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="us-gaap_AccountsReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNet" xlink:to="us-gaap_AccountsReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US">Accounts receivable (net of allowance for doubtful accounts of $396,884 and $460,564, respectively)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="us-gaap_DeferredTaxAssetsNetCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNetCurrent" xlink:to="us-gaap_DeferredTaxAssetsNetCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNetCurrent_lbl" xml:lang="en-US">Deferred income tax asset - current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalizedComputerSoftwareNet" xlink:label="us-gaap_CapitalizedComputerSoftwareNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalizedComputerSoftwareNet" xlink:to="us-gaap_CapitalizedComputerSoftwareNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalizedComputerSoftwareNet_lbl" xml:lang="en-US">Capitalized software, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Fixed assets, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:label="us-gaap_DeferredTaxAssetsNetNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:to="us-gaap_DeferredTaxAssetsNetNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNetNoncurrent_lbl" xml:lang="en-US">Deferred income tax asset - noncurrent</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other long-term assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="us-gaap_Goodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Goodwill</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US">Intangible assets (net of accumulated amortization of $2,512,704 and $1,517,366, respectively)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS' EQUITY</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="us-gaap_AccruedIncomeTaxesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedIncomeTaxesCurrent" xlink:to="us-gaap_AccruedIncomeTaxesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedIncomeTaxesCurrent_lbl" xml:lang="en-US">Income taxes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" xlink:label="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" xlink:to="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent_lbl" xml:lang="en-US">Note payable - related party (net of debt discount of $535,397 at December 31, 2014)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="us-gaap_DeferredRevenueCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="us-gaap_DeferredRevenueCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenueCurrent_lbl" xml:lang="en-US">Deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LinesOfCreditCurrent" xlink:label="us-gaap_LinesOfCreditCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LinesOfCreditCurrent" xlink:to="us-gaap_LinesOfCreditCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LinesOfCreditCurrent_lbl" xml:lang="en-US">Line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermNotesPayable" xlink:label="us-gaap_LongTermNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermNotesPayable" xlink:to="us-gaap_LongTermNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermNotesPayable_lbl" xml:lang="en-US">Note payable - related party (net of debt discount of $2,053,091 and $0, respectively)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:to="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US">Deferred income tax liability</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="us-gaap_OtherLiabilitiesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US">Other long-term liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and contingencies (see Note 9)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of December 31, 2015 and 2014.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock $0.001 par value, 100,000,000 shares authorized, 2,785,044 and 2,316,743 shares issued and outstanding as of December 31, 2015 and 2014, respectively.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained earnings</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total stockholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and stockholders' equity</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AssetsAbstract_2_lbl" xml:lang="en-US">Assets</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US">Allowance for Accounts Receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xml:lang="en-US">Accumulated Amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_DiscountOnCurrentPortionOfRelatedPartyNotePayable" xlink:label="ISDR_DiscountOnCurrentPortionOfRelatedPartyNotePayable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_DiscountOnCurrentPortionOfRelatedPartyNotePayable_lbl" xml:lang="en-US">Discount on current portion of related party note payable</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_DiscountOnNoncurrentPortionOfRelatedPartyNotePayable" xlink:label="ISDR_DiscountOnNoncurrentPortionOfRelatedPartyNotePayable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_DiscountOnNoncurrentPortionOfRelatedPartyNotePayable_lbl" xml:lang="en-US">Discount on non-current portion of related party note payable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_2_lbl" xml:lang="en-US">Stockholders Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred Stock shares par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred Stock shares Authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred Stock shares Issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred Stock shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common Stock shares par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common Stock shares Authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common Stock shares Issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfServices" xlink:label="us-gaap_CostOfServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="us-gaap_CostOfServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfServices_lbl" xml:lang="en-US">Cost of services</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Gross profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingCostsAndExpensesAbstract" xlink:label="us-gaap_OperatingCostsAndExpensesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingCostsAndExpensesAbstract_lbl" xml:lang="en-US">Operating costs and expenses:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="us-gaap_SellingAndMarketingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingAndMarketingExpense" xlink:to="us-gaap_SellingAndMarketingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingAndMarketingExpense_lbl" xml:lang="en-US">Sales and marketing</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpense" xlink:to="us-gaap_ResearchAndDevelopmentExpense_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet_lbl" xml:lang="en-US">Income (loss) before taxes</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Income tax benefit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Income per share - basic</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="us-gaap_EarningsPerShareDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US">Income per share - diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted average number of common shares outstanding - basic</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Weighted average number of common shares outstanding - diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract" xlink:label="ISDR_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract" xlink:to="ISDR_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract_lbl" xml:lang="en-US">Consolidated Statements Of Comprehensive Income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" xlink:label="us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" xlink:to="us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_lbl" xml:lang="en-US">Foreign currency translation adjustment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Beginning Balance, Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Beginning Balance, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_lbl" xml:lang="en-US">Repurchase and retirement of treasury shares, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_lbl" xml:lang="en-US">Repurchase and retirement of treasury shares, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xml:lang="en-US">Stock-based compensation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xml:lang="en-US">Stock-based compensation expense, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US">Stock-based compensation expense, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Exercise of stock options, net of tax, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US">Exercise of stock options, net of tax, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:label="us-gaap_DebtConversionConvertedInstrumentSharesIssued1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:to="us-gaap_DebtConversionConvertedInstrumentSharesIssued1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtConversionConvertedInstrumentSharesIssued1_lbl" xml:lang="en-US">Shares issued upon partial conversion of note payable (see Note 6), Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtConversionConvertedInstrumentAmount1" xlink:label="us-gaap_DebtConversionConvertedInstrumentAmount1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtConversionConvertedInstrumentAmount1" xlink:to="us-gaap_DebtConversionConvertedInstrumentAmount1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtConversionConvertedInstrumentAmount1_lbl" xml:lang="en-US">Shares issued upon partial conversion of note payable (see Note 6), Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:label="us-gaap_StockIssuedDuringPeriodSharesAcquisitions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:to="us-gaap_StockIssuedDuringPeriodSharesAcquisitions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesAcquisitions_lbl" xml:lang="en-US">Shares issued upon acquisition of Accesswire (see Note 4), Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:label="us-gaap_StockIssuedDuringPeriodValueAcquisitions" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueAcquisitions_lbl" xml:lang="en-US">Shares issued upon acquisition of Accesswire (see Note 4), Amount</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xml:lang="en-US">Dividends</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature_lbl" xml:lang="en-US">Value of beneficial conversion feature issued to holder of convertible note payable, net of deferred taxes</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesIssued_2_lbl" xml:lang="en-US">Ending Balance, Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_3_lbl" xml:lang="en-US">Ending Balance, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="us-gaap_ProvisionForDoubtfulAccounts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US">Bad debt expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Deferred income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="us-gaap_OtherNoncashExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashExpense" xlink:to="us-gaap_OtherNoncashExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncashExpense_lbl" xml:lang="en-US">Non-cash interest expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Stock-based compensation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Changes in operating assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Decrease (increase) in accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl" xml:lang="en-US">Decrease (increase) in deposits and prepaid assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayable" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayable_lbl" xml:lang="en-US">Increase (decrease) in accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xml:lang="en-US">Increase (decrease) in deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilities_lbl" xml:lang="en-US">Increase (decrease) in accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireIntangibleAssets" xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireIntangibleAssets" xlink:to="us-gaap_PaymentsToAcquireIntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets_lbl" xml:lang="en-US">Purchase of Accesswire intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToDevelopSoftware" xlink:label="us-gaap_PaymentsToDevelopSoftware" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToDevelopSoftware" xlink:to="us-gaap_PaymentsToDevelopSoftware_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToDevelopSoftware_lbl" xml:lang="en-US">Capitalized software</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:to="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xml:lang="en-US">Purchase of acquired business, net of cash acquired</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Purchase of fixed assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="us-gaap_ProceedsFromStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromStockOptionsExercised" xlink:to="us-gaap_ProceedsFromStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Proceeds from exercise of stock options, net of income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:to="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_lbl" xml:lang="en-US">Excess tax benefit from share based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="us-gaap_PaymentsOfDividends" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividends" xlink:to="us-gaap_PaymentsOfDividends_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividends_lbl" xml:lang="en-US">Payment of dividend</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US">Borrowings on long term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="us-gaap_ProceedsFromLinesOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromLinesOfCredit" xlink:to="us-gaap_ProceedsFromLinesOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xml:lang="en-US">Advance from line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="us-gaap_RepaymentsOfLinesOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLinesOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl" xml:lang="en-US">Repayment of line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash provided by financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net change in cash</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xml:lang="en-US">Cash - beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectOfExchangeRateOnCash" xlink:label="us-gaap_EffectOfExchangeRateOnCash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectOfExchangeRateOnCash" xlink:to="us-gaap_EffectOfExchangeRateOnCash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectOfExchangeRateOnCash_lbl" xml:lang="en-US">Currency translation adjustment</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental disclosures:</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Cash paid for interest</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US">Cash paid for income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:to="us-gaap_NoncashInvestingAndFinancingItemsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract_lbl" xml:lang="en-US">Non-cash activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueOfAssetsAcquired" xlink:label="us-gaap_FairValueOfAssetsAcquired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfAssetsAcquired" xlink:to="us-gaap_FairValueOfAssetsAcquired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOfAssetsAcquired_lbl" xml:lang="en-US">Common stock issued for acquisition of assets</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_IssuanceOfBeneficialConversionFeatureToHolderOfNotePayable" xlink:to="ISDR_IssuanceOfBeneficialConversionFeatureToHolderOfNotePayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_IssuanceOfBeneficialConversionFeatureToHolderOfNotePayable_lbl" xml:lang="en-US">Issuance of beneficial conversion feature to holder of note payable</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_StockbasedCompensationCapitalizedSoftware" xlink:to="ISDR_StockbasedCompensationCapitalizedSoftware_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_StockbasedCompensationCapitalizedSoftware_lbl" xml:lang="en-US">Stock-based compensation - capitalized software</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtConversionConvertedInstrumentAmount1" xlink:to="us-gaap_DebtConversionConvertedInstrumentAmount1_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtConversionConvertedInstrumentAmount1_2_lbl" xml:lang="en-US">Conversion of note payable to common stock</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_NotesToFinancialStatementsAbstract" xlink:to="ISDR_NotesToFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes to Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:to="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xml:lang="en-US">Description, Background and Basis of Operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Summary of Significant Accounting Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US">Property, Plant and Equipment [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">Fixed Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:to="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xml:lang="en-US">Goodwill and Other Intangible Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="us-gaap_DebtDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US">Line of Credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureAbstract" xlink:to="us-gaap_DebtDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="us-gaap_LongTermDebtTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtTextBlock" xlink:to="us-gaap_LongTermDebtTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtTextBlock_lbl" xml:lang="en-US">Note Payable (Related Party)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock" xlink:label="us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock" xlink:to="us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_lbl" xml:lang="en-US">Stock Options and Restricted Stock Units</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentrations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SegmentReportingAbstract" xlink:label="us-gaap_SegmentReportingAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingAbstract" xlink:to="us-gaap_SegmentReportingAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingAbstract_lbl" xml:lang="en-US">Segment Reporting [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US">Geographic Operating Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="us-gaap_IncomeTaxDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureAbstract" xlink:to="us-gaap_IncomeTaxDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureAbstract_lbl" xml:lang="en-US">Income Tax Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">Income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:label="us-gaap_CompensationAndRetirementDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="us-gaap_CompensationAndRetirementDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CompensationAndRetirementDisclosureAbstract_lbl" xml:lang="en-US">Compensation and Retirement Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CompensationAndEmployeeBenefitPlansOtherThanShareBasedCompensationTextBlock" xlink:label="us-gaap_CompensationAndEmployeeBenefitPlansOtherThanShareBasedCompensationTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CompensationAndEmployeeBenefitPlansOtherThanShareBasedCompensationTextBlock" xlink:to="us-gaap_CompensationAndEmployeeBenefitPlansOtherThanShareBasedCompensationTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CompensationAndEmployeeBenefitPlansOtherThanShareBasedCompensationTextBlock_lbl" xml:lang="en-US">13. Employee Benefit Plan</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_Note14.SubsequentEventAbstract" xlink:to="ISDR_Note14.SubsequentEventAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_Note14.SubsequentEventAbstract_lbl" xml:lang="en-US">Note 14. Subsequent Event</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">14. Subsequent Event</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US">Cash and Cash Equivalents</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xml:lang="en-US">Earnings per Share</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PremiumsReceivableAllowanceForDoubtfulAccountsEstimationMethodologyPolicy" xlink:to="us-gaap_PremiumsReceivableAllowanceForDoubtfulAccountsEstimationMethodologyPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PremiumsReceivableAllowanceForDoubtfulAccountsEstimationMethodologyPolicy_lbl" xml:lang="en-US">Allowance for Doubtful Accounts</link:label>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InternalUseSoftwarePolicy" xlink:label="us-gaap_InternalUseSoftwarePolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InternalUseSoftwarePolicy" xlink:to="us-gaap_InternalUseSoftwarePolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InternalUseSoftwarePolicy_lbl" xml:lang="en-US">Capitalized Software</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xml:lang="en-US">Fair Value Measurements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xml:lang="en-US">Stock-based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xml:lang="en-US">Goodwill</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomePolicyPolicyTextBlock_lbl" xml:lang="en-US">Comprehensive Income</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsFiniteLivedPolicy_lbl" xml:lang="en-US">Intangible Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdvertisingCostsPolicyTextBlock" xlink:label="us-gaap_AdvertisingCostsPolicyTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdvertisingCostsPolicyTextBlock_lbl" xml:lang="en-US">Advertising</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_RecentAccountingPronouncementsPolicyTextBlock" xlink:to="ISDR_RecentAccountingPronouncementsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_RecentAccountingPronouncementsPolicyTextBlock_lbl" xml:lang="en-US">Recent Accounting Pronouncements</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_Note2.SummaryOfSignificantAccountingPoliciesTablesAbstract" xlink:label="ISDR_Note2.SummaryOfSignificantAccountingPoliciesTablesAbstract" />
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      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_ScheduleOfEstimatedUsefulLivesForPropertyAndEquipment" xlink:label="ISDR_ScheduleOfEstimatedUsefulLivesForPropertyAndEquipment" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:label="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:to="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_lbl" xml:lang="en-US">Schedule of Future Minimum Lease Payments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:label="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:to="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_lbl" xml:lang="en-US">Concentration of revenue as a percentage of total revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xml:lang="en-US">Revenue based on geographic region</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:label="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xml:lang="en-US">Schedule of Components of Income Tax Expense (Benefit)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US">Schedule of Effective Income Tax Rate Reconciliation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:label="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Schedule of Deferred Tax Assets and Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:label="us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:to="us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_lbl" xml:lang="en-US">Schedule of Changes in the Balance of Unrecognized Tax Benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:label="us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:to="us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives_lbl" xml:lang="en-US">Depreciation / Amortization Period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_Note2.SummaryOfSignificantAccountingPoliciesTablesAbstract" xlink:to="ISDR_Note2.SummaryOfSignificantAccountingPoliciesTablesAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ISDR_Note2.SummaryOfSignificantAccountingPoliciesTablesAbstract_2_lbl" xml:lang="en-US">Note 2. Summary Of Significant Accounting Policies Details 1</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_2_lbl" xml:lang="en-US">Beginning balance</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_AcquiredFromAcquisition" xlink:label="ISDR_AcquiredFromAcquisition" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_AcquiredFromAcquisition" xlink:to="ISDR_AcquiredFromAcquisition_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_AcquiredFromAcquisition_lbl" xml:lang="en-US">Acquired from acquisition</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_2_lbl" xml:lang="en-US">Bad Debt Expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs_lbl" xml:lang="en-US">Write-offs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_3_lbl" xml:lang="en-US">Ending Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_Note2SummaryOfSignificantAccountingPoliciesDetailsNarrativeAbstract" xlink:label="ISDR_Note2SummaryOfSignificantAccountingPoliciesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_Note2SummaryOfSignificantAccountingPoliciesDetailsNarrativeAbstract" xlink:to="ISDR_Note2SummaryOfSignificantAccountingPoliciesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_Note2SummaryOfSignificantAccountingPoliciesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Note 2. Summary Of Significant Accounting Policies Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashUninsuredAmount" xlink:label="us-gaap_CashUninsuredAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashUninsuredAmount" xlink:to="us-gaap_CashUninsuredAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashUninsuredAmount_lbl" xml:lang="en-US">Cash and cash equivalents in excess of FDIC insured amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:to="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xml:lang="en-US">Stock options included in computation of diluted earnings per share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US">Antidilutive Securities Excluded from Computation of Earnings Per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_AntidilutiveSecuritiesAssociatedWithConvertibleNoteExcludedFromComputationOfEarningsPerShareAmount" xlink:label="ISDR_AntidilutiveSecuritiesAssociatedWithConvertibleNoteExcludedFromComputationOfEarningsPerShareAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_AntidilutiveSecuritiesAssociatedWithConvertibleNoteExcludedFromComputationOfEarningsPerShareAmount" xlink:to="ISDR_AntidilutiveSecuritiesAssociatedWithConvertibleNoteExcludedFromComputationOfEarningsPerShareAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_AntidilutiveSecuritiesAssociatedWithConvertibleNoteExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US">Antidilutive Securities Excluded from Computation of Earnings Per Share, Convertible note</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdvertisingExpense" xlink:label="us-gaap_AdvertisingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdvertisingExpense" xlink:to="us-gaap_AdvertisingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdvertisingExpense_lbl" xml:lang="en-US">Advertising expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MachineryAndEquipmentGross" xlink:label="us-gaap_MachineryAndEquipmentGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MachineryAndEquipmentGross" xlink:to="us-gaap_MachineryAndEquipmentGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MachineryAndEquipmentGross_lbl" xml:lang="en-US">Computers &amp; equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FurnitureAndFixturesGross" xlink:label="us-gaap_FurnitureAndFixturesGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FurnitureAndFixturesGross" xlink:to="us-gaap_FurnitureAndFixturesGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FurnitureAndFixturesGross_lbl" xml:lang="en-US">Furniture</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LeaseholdImprovementsGross" xlink:label="us-gaap_LeaseholdImprovementsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseholdImprovementsGross" xlink:to="us-gaap_LeaseholdImprovementsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseholdImprovementsGross_lbl" xml:lang="en-US">Leasehold improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl" xml:lang="en-US">Total fixed assets, gross</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Less: Accumulated depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_2_lbl" xml:lang="en-US">Total fixed assets, net</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_Note3.FurnitureEquipmentAndImprovementsDetailsNarrativeAbstract" xlink:label="ISDR_Note3.FurnitureEquipmentAndImprovementsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_Note3.FurnitureEquipmentAndImprovementsDetailsNarrativeAbstract" xlink:to="ISDR_Note3.FurnitureEquipmentAndImprovementsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_Note3.FurnitureEquipmentAndImprovementsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Note 3. Fixed Assets Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Depreciation" xlink:label="us-gaap_Depreciation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Depreciation_lbl" xml:lang="en-US">Depreciation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferred1" xlink:label="us-gaap_BusinessCombinationConsiderationTransferred1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationConsiderationTransferred1" xlink:to="us-gaap_BusinessCombinationConsiderationTransferred1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationConsiderationTransferred1_lbl" xml:lang="en-US">Total Consideration</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_lbl" xml:lang="en-US">Plus: Liabilities assumed in excess of tangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_TotalFairValueOfIntangibleAssetsAndGoodwill" xlink:label="ISDR_TotalFairValueOfIntangibleAssetsAndGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_TotalFairValueOfIntangibleAssetsAndGoodwill" xlink:to="ISDR_TotalFairValueOfIntangibleAssetsAndGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_TotalFairValueOfIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Total fair value of PIR intangible assets and goodwill</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:to="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_lbl" xml:lang="en-US">Allocation of intangible assets and goodwill:</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xml:lang="en-US">Amortizable intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedTrademarksGross" xlink:label="us-gaap_FiniteLivedTrademarksGross" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedTrademarksGross_lbl" xml:lang="en-US">Trademarks</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_TotalFairValueOfAccesswireIntangibleAssetsAndGoodwill" xlink:label="ISDR_TotalFairValueOfAccesswireIntangibleAssetsAndGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_TotalFairValueOfAccesswireIntangibleAssetsAndGoodwill" xlink:to="ISDR_TotalFairValueOfAccesswireIntangibleAssetsAndGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_TotalFairValueOfAccesswireIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Total fair value of Accesswire intangible assets and goodwill</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsGross" xlink:to="us-gaap_FiniteLivedIntangibleAssetsGross_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_2_lbl" xml:lang="en-US">Asset Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:label="us-gaap_FiniteLivedIntangibleAssetUsefulLife" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:to="us-gaap_FiniteLivedIntangibleAssetUsefulLife_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetUsefulLife_lbl" xml:lang="en-US">Useful Life (years)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_2_lbl" xml:lang="en-US">Indefinite-lived Intangible Assets [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsGross" xlink:to="us-gaap_FiniteLivedIntangibleAssetsGross_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_3_lbl" xml:lang="en-US">Gross Carrying Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_2_lbl" xml:lang="en-US">Accumulated Amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IntangibleAssetsNetIncludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetIncludingGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetIncludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetIncludingGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsNetIncludingGoodwill_lbl" xml:lang="en-US">Net Carrying Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_Note4.GoodwillAndOtherIntangibleAssetsTablesAbstract" xlink:label="ISDR_Note4.GoodwillAndOtherIntangibleAssetsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_Note4.GoodwillAndOtherIntangibleAssetsTablesAbstract" xlink:to="ISDR_Note4.GoodwillAndOtherIntangibleAssetsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_Note4.GoodwillAndOtherIntangibleAssetsTablesAbstract_lbl" xml:lang="en-US">Note 4. Goodwill And Other Intangible Assets Details 3</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xml:lang="en-US">2016</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xml:lang="en-US">2017</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl" xml:lang="en-US">2018</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl" xml:lang="en-US">2019</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_lbl" xml:lang="en-US">2020</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_lbl" xml:lang="en-US">Thereafter</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsNet" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsNet" xlink:to="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_lbl" xml:lang="en-US">Cash</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_lbl" xml:lang="en-US">Furniture, equipment, and improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets_lbl" xml:lang="en-US">Deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_lbl" xml:lang="en-US">Accounts payable and accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic_lbl" xml:lang="en-US">Basic earnings per share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted" xlink:label="us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfIntangibleAssets" xlink:to="us-gaap_AmortizationOfIntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization of intangible assets</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US">Line Of Credit, Maximum Borrowing Capacity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateDescription" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityInterestRateDescription" xlink:to="us-gaap_LineOfCreditFacilityInterestRateDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDescription_lbl" xml:lang="en-US">Line of Credit, Interest Rate Description</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:label="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:to="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd_lbl" xml:lang="en-US">Line of Credit Facility, Interest Rate at Period End</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LinesOfCreditCurrent" xlink:to="us-gaap_LinesOfCreditCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LinesOfCreditCurrent_2_lbl" xml:lang="en-US">Line of Credit, amount outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xml:lang="en-US">Line Of Credit, Remaining Borrowing Capacity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US">Line Of Credit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashExpense" xlink:to="us-gaap_OtherNoncashExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherNoncashExpense_2_lbl" xml:lang="en-US">Non-cash interest expense on related party note</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_InterestPaidInCashOnRelatedPartyNote" xlink:label="ISDR_InterestPaidInCashOnRelatedPartyNote" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_InterestPaidInCashOnRelatedPartyNote" xlink:to="ISDR_InterestPaidInCashOnRelatedPartyNote_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_InterestPaidInCashOnRelatedPartyNote_lbl" xml:lang="en-US">Interest paid in cash on related party note</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionDescriptionOfTransaction" xlink:label="us-gaap_RelatedPartyTransactionDescriptionOfTransaction" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionDescriptionOfTransaction" xlink:to="us-gaap_RelatedPartyTransactionDescriptionOfTransaction_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionDescriptionOfTransaction_lbl" xml:lang="en-US">Related party transaction</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividends" xlink:to="us-gaap_PaymentsOfDividends_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividends_2_lbl" xml:lang="en-US">Cash dividends paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" xml:lang="en-US">Date Dividend Declared</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xml:lang="en-US">Common Stock Dividends Per Share Declared</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="us-gaap_DividendPayableDateToBePaidDayMonthAndYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:to="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xml:lang="en-US">Dividends Payable, Date to be Paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:to="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl" xml:lang="en-US">Dividends Payable, Date of Record</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Number of Options Outstanding, Beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xml:lang="en-US">Number of Options Granted</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_NumberOfOptionsExercised" xlink:label="ISDR_NumberOfOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_NumberOfOptionsExercised" xlink:to="ISDR_NumberOfOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ISDR_NumberOfOptionsExercised_lbl" xml:lang="en-US">Number of Options Exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xml:lang="en-US">Number of Options expired or cancelled</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xml:lang="en-US">Number of Options Forfeited</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_2_lbl" xml:lang="en-US">Number of Options Outstanding, Ending</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_RangeOfExercisePriceOptionsOutstandingBeginning" xlink:label="ISDR_RangeOfExercisePriceOptionsOutstandingBeginning" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_RangeOfExercisePriceOptionsOutstandingBeginning" xlink:to="ISDR_RangeOfExercisePriceOptionsOutstandingBeginning_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_RangeOfExercisePriceOptionsOutstandingBeginning_lbl" xml:lang="en-US">Range of Exercise Price Options Outstanding, Beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_RangeOfExercisePriceOptionsGranted" xlink:label="ISDR_RangeOfExercisePriceOptionsGranted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_RangeOfExercisePriceOptionsGranted" xlink:to="ISDR_RangeOfExercisePriceOptionsGranted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_RangeOfExercisePriceOptionsGranted_lbl" xml:lang="en-US">Range of Exercise Price Options Granted</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_RangeOfExercisePriceOptionsExercised" xlink:label="ISDR_RangeOfExercisePriceOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_RangeOfExercisePriceOptionsExercised" xlink:to="ISDR_RangeOfExercisePriceOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_RangeOfExercisePriceOptionsExercised_lbl" xml:lang="en-US">Range of Exercise Price Options Exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_RangeOfExercisePriceOptionsExpiredOrCancelled" xlink:label="ISDR_RangeOfExercisePriceOptionsExpiredOrCancelled" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_RangeOfExercisePriceOptionsExpiredOrCancelled" xlink:to="ISDR_RangeOfExercisePriceOptionsExpiredOrCancelled_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_RangeOfExercisePriceOptionsExpiredOrCancelled_lbl" xml:lang="en-US">Range of Exercise Price Options expired or cancelled</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_RangeOfExercisePriceOptionsForfeited" xlink:label="ISDR_RangeOfExercisePriceOptionsForfeited" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_RangeOfExercisePriceOptionsForfeited" xlink:to="ISDR_RangeOfExercisePriceOptionsForfeited_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_RangeOfExercisePriceOptionsForfeited_lbl" xml:lang="en-US">Range of Exercise Price Options Forfeited</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_RangeOfExercisePriceOptionsOutstandingEnding" xlink:label="ISDR_RangeOfExercisePriceOptionsOutstandingEnding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_RangeOfExercisePriceOptionsOutstandingEnding" xlink:to="ISDR_RangeOfExercisePriceOptionsOutstandingEnding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_RangeOfExercisePriceOptionsOutstandingEnding_lbl" xml:lang="en-US">Range of Exercise Price Options Outstanding, Ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Outstanding, Beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price expired or Canceled</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Forfeited</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xml:lang="en-US">Weighted Average Exercise Price Outstanding, Ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_lbl" xml:lang="en-US">Aggregate Intrinsic Value Outstanding, Beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue_lbl" xml:lang="en-US">Aggregate Intrinsic Value Granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_lbl" xml:lang="en-US">Aggregate Intrinsic Value Exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_AggregateIntrinsicValueOptionsExpiredOrCancelled" xlink:label="ISDR_AggregateIntrinsicValueOptionsExpiredOrCancelled" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_AggregateIntrinsicValueOptionsExpiredOrCancelled" xlink:to="ISDR_AggregateIntrinsicValueOptionsExpiredOrCancelled_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_AggregateIntrinsicValueOptionsExpiredOrCancelled_lbl" xml:lang="en-US">Aggregate Intrinsic Value Options expired or cancelled</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue_lbl" xml:lang="en-US">Aggregate Intrinsic Value Forfeited</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_2_lbl" xml:lang="en-US">Aggregate Intrinsic Value Outstanding, Ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis" xlink:to="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis_2_lbl" xml:lang="en-US">Exercise Price Range [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_ExercisePriceRange" xlink:label="ISDR_ExercisePriceRange" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_ExercisePriceRange" xlink:to="ISDR_ExercisePriceRange_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_ExercisePriceRange_lbl" xml:lang="en-US">Exercise Price Range</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_lbl" xml:lang="en-US">Weighted Average Remaining Contractual Life (in Years)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US">Number of Options Exercisable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" xml:lang="en-US">Expected dividend yield</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl" xml:lang="en-US">Expected stock price volatility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_lbl" xml:lang="en-US">Weighted-average risk-free interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_lbl" xml:lang="en-US">Weighted-average expected life of options (in years)</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_Note5.StockOptionsDetailsNarrativeAbstract" xlink:label="ISDR_Note5.StockOptionsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_Note5.StockOptionsDetailsNarrativeAbstract" xlink:to="ISDR_Note5.StockOptionsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_Note5.StockOptionsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Note 8. Stock Options And Restricted Stock Units Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_lbl" xml:lang="en-US">Unrecognized Compensation Expense, Options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_lbl" xml:lang="en-US">Unrecognized Compensation Expense, Restricted Stock Units</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockOptionPlanExpense" xlink:label="us-gaap_StockOptionPlanExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockOptionPlanExpense" xlink:to="us-gaap_StockOptionPlanExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockOptionPlanExpense_lbl" xml:lang="en-US">Stock Options and Restricted Stock Units Expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_lbl" xml:lang="en-US">2016</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_lbl" xml:lang="en-US">2017</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_lbl" xml:lang="en-US">2018</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_lbl" xml:lang="en-US">2019</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_lbl" xml:lang="en-US">Thereafter</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDue_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_Note9.CommitmentsAndContingenciesDetailsNarrativeAbstract" xlink:label="ISDR_Note9.CommitmentsAndContingenciesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_Note9.CommitmentsAndContingenciesDetailsNarrativeAbstract" xlink:to="ISDR_Note9.CommitmentsAndContingenciesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_Note9.CommitmentsAndContingenciesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Note 9. Commitments And Contingencies Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:label="us-gaap_LeaseAndRentalExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseAndRentalExpense" xlink:to="us-gaap_LeaseAndRentalExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseAndRentalExpense_lbl" xml:lang="en-US">Rent expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="us-gaap_ConcentrationRiskPercentage1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US">Percentage of revenue from various revenue streams</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Revenues_2_lbl" xml:lang="en-US">Amont of revenue from various revenue streams</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_lbl" xml:lang="en-US">Current:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentFederalTaxExpenseBenefit" xlink:label="us-gaap_CurrentFederalTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="us-gaap_CurrentFederalTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrentFederalTaxExpenseBenefit_lbl" xml:lang="en-US">Federal</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:label="us-gaap_CurrentStateAndLocalTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:to="us-gaap_CurrentStateAndLocalTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrentStateAndLocalTaxExpenseBenefit_lbl" xml:lang="en-US">State</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentForeignTaxExpenseBenefit" xlink:label="us-gaap_CurrentForeignTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentForeignTaxExpenseBenefit" xlink:to="us-gaap_CurrentForeignTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrentForeignTaxExpenseBenefit_lbl" xml:lang="en-US">Foreign</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Total Current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredIncomeTaxesAbstract" xlink:label="us-gaap_DeferredIncomeTaxesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxesAbstract" xlink:to="us-gaap_DeferredIncomeTaxesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxesAbstract_lbl" xml:lang="en-US">Deferred:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredFederalIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredFederalIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredFederalIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Federal</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">State</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredForeignIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredForeignIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredForeignIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Foreign</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:label="us-gaap_DeferredIncomeTaxesAndTaxCredits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:to="us-gaap_DeferredIncomeTaxesAndTaxCredits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxesAndTaxCredits_lbl" xml:lang="en-US">Total Deferred</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xml:lang="en-US">Total provision (benefit) for income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xml:lang="en-US">Federal statutory tax rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:label="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:to="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_lbl" xml:lang="en-US">Federal statutory tax rate, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_lbl" xml:lang="en-US">State tax rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:label="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:to="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_lbl" xml:lang="en-US">State tax rate, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_PermanentDifferenceStockbasedCompensation" xlink:label="ISDR_PermanentDifferenceStockbasedCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_PermanentDifferenceStockbasedCompensation" xlink:to="ISDR_PermanentDifferenceStockbasedCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_PermanentDifferenceStockbasedCompensation_lbl" xml:lang="en-US">Permanent difference - stock-based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:to="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_lbl" xml:lang="en-US">Permanent difference - stock-based compensation, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_PermanentDifferenceTransactionCosts" xlink:label="ISDR_PermanentDifferenceTransactionCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_PermanentDifferenceTransactionCosts" xlink:to="ISDR_PermanentDifferenceTransactionCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_PermanentDifferenceTransactionCosts_lbl" xml:lang="en-US">Permanent difference - transaction costs</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_IncomeTaxReconciliationNondeductibleExpenseTransactionCosts" xlink:label="ISDR_IncomeTaxReconciliationNondeductibleExpenseTransactionCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_IncomeTaxReconciliationNondeductibleExpenseTransactionCosts" xlink:to="ISDR_IncomeTaxReconciliationNondeductibleExpenseTransactionCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_IncomeTaxReconciliationNondeductibleExpenseTransactionCosts_lbl" xml:lang="en-US">Permanent difference - transaction costs, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_lbl" xml:lang="en-US">Permanent difference - other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" xlink:to="us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther_lbl" xml:lang="en-US">Permanent difference - other, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense_lbl" xml:lang="en-US">Permanent items - disallowed interest</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_IncomeTaxReconciliationNondeductibleExpenseDisallowedInterest" xlink:label="ISDR_IncomeTaxReconciliationNondeductibleExpenseDisallowedInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_IncomeTaxReconciliationNondeductibleExpenseDisallowedInterest" xlink:to="ISDR_IncomeTaxReconciliationNondeductibleExpenseDisallowedInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_IncomeTaxReconciliationNondeductibleExpenseDisallowedInterest_lbl" xml:lang="en-US">Permanent items - disallowed interest, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes_lbl" xml:lang="en-US">Provision to return</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes" xlink:label="us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes" xlink:to="us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes_lbl" xml:lang="en-US">Provision to return, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefit" xlink:label="ISDR_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefit" xlink:to="ISDR_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefit_lbl" xml:lang="en-US">Change in unrecognized tax benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_IncomeTaxReconciliationChangeInUnrecognizedTaxBenefits" xlink:label="ISDR_IncomeTaxReconciliationChangeInUnrecognizedTaxBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_IncomeTaxReconciliationChangeInUnrecognizedTaxBenefits" xlink:to="ISDR_IncomeTaxReconciliationChangeInUnrecognizedTaxBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_IncomeTaxReconciliationChangeInUnrecognizedTaxBenefits_lbl" xml:lang="en-US">Change in unrecognized tax benefits, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_EffectiveIncomeTaxRateReconciliationWriteOffofNetOperatingLosses" xlink:label="ISDR_EffectiveIncomeTaxRateReconciliationWriteOffofNetOperatingLosses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_EffectiveIncomeTaxRateReconciliationWriteOffofNetOperatingLosses" xlink:to="ISDR_EffectiveIncomeTaxRateReconciliationWriteOffofNetOperatingLosses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_EffectiveIncomeTaxRateReconciliationWriteOffofNetOperatingLosses_lbl" xml:lang="en-US">Write-off of net operating losses</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_IncomeTaxReconciliationWriteoffOfNetOperatingLosses" xlink:label="ISDR_IncomeTaxReconciliationWriteoffOfNetOperatingLosses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_IncomeTaxReconciliationWriteoffOfNetOperatingLosses" xlink:to="ISDR_IncomeTaxReconciliationWriteoffOfNetOperatingLosses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_IncomeTaxReconciliationWriteoffOfNetOperatingLosses_lbl" xml:lang="en-US">Write-off of net operating losses, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_lbl" xml:lang="en-US">Foreign rate differential</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:label="us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:to="us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential_lbl" xml:lang="en-US">Foreign rate differential, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_lbl" xml:lang="en-US">Research and development credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment" xlink:to="us-gaap_IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_lbl" xml:lang="en-US">Research and development credit, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_lbl" xml:lang="en-US">UK rate change</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_EffectiveIncomeTaxRateReconciliationUKIncomeTaxRateDifferential" xlink:label="ISDR_EffectiveIncomeTaxRateReconciliationUKIncomeTaxRateDifferential" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_EffectiveIncomeTaxRateReconciliationUKIncomeTaxRateDifferential" xlink:to="ISDR_EffectiveIncomeTaxRateReconciliationUKIncomeTaxRateDifferential_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_EffectiveIncomeTaxRateReconciliationUKIncomeTaxRateDifferential_lbl" xml:lang="en-US">UK rate change, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxReconciliationDeductionsOther" xlink:label="us-gaap_IncomeTaxReconciliationDeductionsOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationDeductionsOther" xlink:to="us-gaap_IncomeTaxReconciliationDeductionsOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationDeductionsOther_lbl" xml:lang="en-US">Other, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_EffectiveTaxRateBeforeValuationAllowance" xlink:label="ISDR_EffectiveTaxRateBeforeValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_EffectiveTaxRateBeforeValuationAllowance" xlink:to="ISDR_EffectiveTaxRateBeforeValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_EffectiveTaxRateBeforeValuationAllowance_lbl" xml:lang="en-US">Subtotal</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_IncomeTaxExpenseBenefitBeforeValuationAllowance" xlink:label="ISDR_IncomeTaxExpenseBenefitBeforeValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_IncomeTaxExpenseBenefitBeforeValuationAllowance" xlink:to="ISDR_IncomeTaxExpenseBenefitBeforeValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_IncomeTaxExpenseBenefitBeforeValuationAllowance_lbl" xml:lang="en-US">Subtotal, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US">Change in valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US">Change in valuation allowance, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US">Total</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_3_lbl" xml:lang="en-US">Total, amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_3_lbl" xml:lang="en-US">Assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:to="us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_lbl" xml:lang="en-US">Net operating loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsDeferredIncome" xlink:label="us-gaap_DeferredTaxAssetsDeferredIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsDeferredIncome" xlink:to="us-gaap_DeferredTaxAssetsDeferredIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsDeferredIncome_lbl" xml:lang="en-US">Deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts" xlink:to="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_lbl" xml:lang="en-US">Allowance for doubtful accounts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xlink:to="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_lbl" xml:lang="en-US">Stock options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets" xlink:label="us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets" xlink:to="us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets_lbl" xml:lang="en-US">Basis difference in intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther" xlink:to="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther_lbl" xml:lang="en-US">Prepaid D&amp;O Insurance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:to="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_lbl" xml:lang="en-US">Accrued accounting fees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent" xlink:to="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent_lbl" xml:lang="en-US">Rent expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign" xlink:label="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign" xlink:to="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign_lbl" xml:lang="en-US">Foreign tax credits carryforward</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsOther" xlink:label="us-gaap_DeferredTaxAssetsOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOther" xlink:to="us-gaap_DeferredTaxAssetsOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsOther_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsGross" xlink:label="us-gaap_DeferredTaxAssetsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsGross" xlink:to="us-gaap_DeferredTaxAssetsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsGross_lbl" xml:lang="en-US">Total deferred tax asset</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US">Less: Valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsNet" xlink:label="us-gaap_DeferredTaxAssetsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNet" xlink:to="us-gaap_DeferredTaxAssetsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNet_lbl" xml:lang="en-US">Total net deferred tax asset</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LiabilitiesAbstract_2_lbl" xml:lang="en-US">Liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxLiabilitiesPrepaidExpenses" xlink:label="us-gaap_DeferredTaxLiabilitiesPrepaidExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesPrepaidExpenses" xlink:to="us-gaap_DeferredTaxLiabilitiesPrepaidExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesPrepaidExpenses_lbl" xml:lang="en-US">Prepaid expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:label="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:to="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Basis difference in fixed assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware" xlink:label="us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware" xlink:to="us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware_lbl" xml:lang="en-US">Capitalized software</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts" xlink:label="us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts" xlink:to="us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts_lbl" xml:lang="en-US">Debt discount - convertible note payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets" xlink:label="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets" xlink:to="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_lbl" xml:lang="en-US">Purchase of intangibles</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxLiabilities" xlink:label="us-gaap_DeferredTaxLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilities" xlink:to="us-gaap_DeferredTaxLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilities_lbl" xml:lang="en-US">Total deferred tax liability</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:label="us-gaap_DeferredTaxAssetsLiabilitiesNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:to="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" xml:lang="en-US">Total net deferred tax asset / (liability)</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_Note12.IncomeTaxesDetails3Abstract" xlink:label="ISDR_Note12.IncomeTaxesDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_Note12.IncomeTaxesDetails3Abstract" xlink:to="ISDR_Note12.IncomeTaxesDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_Note12.IncomeTaxesDetails3Abstract_lbl" xml:lang="en-US">Note 12. Income Taxes Details 3</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="us-gaap_UnrecognizedTaxBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecognizedTaxBenefits" xlink:to="us-gaap_UnrecognizedTaxBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_UnrecognizedTaxBenefits_lbl" xml:lang="en-US">Balance as of January 1:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:label="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:to="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_lbl" xml:lang="en-US">Change related to current year positions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:label="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:to="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_lbl" xml:lang="en-US">Change related to prior year positions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:label="us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:to="us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_lbl" xml:lang="en-US">Change related to statute expirations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecognizedTaxBenefits" xlink:to="us-gaap_UnrecognizedTaxBenefits_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_UnrecognizedTaxBenefits_2_lbl" xml:lang="en-US">Balance as of December 31:</link:label>
      <link:loc xlink:type="locator" xlink:href="isdr-20151231.xsd#ISDR_Note13.EmployeeBenefitPlanDetailsNarrativeAbstract" xlink:label="ISDR_Note13.EmployeeBenefitPlanDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_Note13.EmployeeBenefitPlanDetailsNarrativeAbstract" xlink:to="ISDR_Note13.EmployeeBenefitPlanDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ISDR_Note13.EmployeeBenefitPlanDetailsNarrativeAbstract_lbl" xml:lang="en-US">Note 13. Employee Benefit Plan Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution" xlink:to="us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution_lbl" xml:lang="en-US">401(k) Contribution Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" xlink:label="us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" xlink:to="us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount_lbl" xml:lang="en-US">Employer Discretionary Contribution Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISDR_NumberOfOptionsExercised" xlink:to="ISDR_NumberOfOptionsExercised_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ISDR_NumberOfOptionsExercised_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_2_lbl" xml:lang="en-US">Assets, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="us-gaap_Goodwill_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Goodwill_2_lbl" xml:lang="en-US">Goodwill [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_2_lbl" xml:lang="en-US">Liabilities, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_2_lbl" xml:lang="en-US">Liabilities [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_4_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GrossProfit_2_lbl" xml:lang="en-US">Gross Profit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_2_lbl" xml:lang="en-US">Operating Expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_2_lbl" xml:lang="en-US">Operating Income (Loss)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations before Interest Expense, Interest Income, Income Taxes, Extraordinary Items, Noncontrolling Interests, Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_2_lbl" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_3_lbl" xml:lang="en-US">Shares, Issued</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_2_lbl" xml:lang="en-US">Depreciation, Depletion and Amortization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_2_lbl" xml:lang="en-US">Share-based Compensation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_2_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Receivable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets_2_lbl" xml:lang="en-US">Increase (Decrease) in Other Operating Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireIntangibleAssets" xlink:to="us-gaap_PaymentsToAcquireIntangibleAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets_2_lbl" xml:lang="en-US">Payments to Acquire Intangible Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToDevelopSoftware" xlink:to="us-gaap_PaymentsToDevelopSoftware_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToDevelopSoftware_2_lbl" xml:lang="en-US">Payments to Develop Software</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:to="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_2_lbl" xml:lang="en-US">Payments to Acquire Businesses, Net of Cash Acquired</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>13
<FILENAME>isdr-20151231_pre.xml
<DESCRIPTION>XBRL-RELATED DOCUMENTS
<TEXT>
<XBRL>
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<th class="th" colspan="1">12 Months Ended</th>
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<th class="th"><div>Dec. 31, 2015</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">--12-31<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Is Entity a Well-known Seasoned Issuer?</a></td>
<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Is Entity a Voluntary Filer?</a></td>
<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Smaller Reporting Company<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 18,472,825<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">2,791,894<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityPublicFloat</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6783788816">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 4,215,145<span></span>
</td>
<td class="nump">$ 1,721,343<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNet', window );">Accounts receivable (net of allowance for doubtful accounts of $396,884 and $460,564, respectively)</a></td>
<td class="nump">1,253,628<span></span>
</td>
<td class="nump">2,013,464<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred income tax asset - current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">7,290<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets</a></td>
<td class="nump">252,468<span></span>
</td>
<td class="nump">311,666<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">5,721,241<span></span>
</td>
<td class="nump">4,053,763<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalizedComputerSoftwareNet', window );">Capitalized software, net</a></td>
<td class="nump">723,962<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Fixed assets, net</a></td>
<td class="nump">175,497<span></span>
</td>
<td class="nump">145,384<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Deferred income tax asset - noncurrent</a></td>
<td class="nump">97,974<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other long-term assets</a></td>
<td class="nump">18,301<span></span>
</td>
<td class="nump">28,286<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">2,241,872<span></span>
</td>
<td class="nump">2,241,872<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets (net of accumulated amortization of $2,512,704 and $1,517,366, respectively)</a></td>
<td class="nump">2,191,296<span></span>
</td>
<td class="nump">3,733,634<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">11,170,143<span></span>
</td>
<td class="nump">10,202,939<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">385,285<span></span>
</td>
<td class="nump">255,615<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses</a></td>
<td class="nump">995,999<span></span>
</td>
<td class="nump">1,105,122<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
<td class="nump">199,613<span></span>
</td>
<td class="nump">135,533<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableRelatedPartiesClassifiedCurrent', window );">Note payable - related party (net of debt discount of $535,397 at December 31, 2014)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,131,276<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="nump">822,481<span></span>
</td>
<td class="nump">877,120<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">2,403,378<span></span>
</td>
<td class="nump">3,504,666<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred income tax liability</a></td>
<td class="nump">94,566<span></span>
</td>
<td class="nump">633,778<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other long-term liabilities</a></td>
<td class="nump">113,222<span></span>
</td>
<td class="nump">56,733<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">2,611,166<span></span>
</td>
<td class="nump">$ 4,195,177<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies (see Note 9)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of December 31, 2015 and 2014.</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock $0.001 par value, 100,000,000 shares authorized, 2,785,044 and 2,316,743 shares issued and outstanding as of December 31, 2015 and 2014, respectively.</a></td>
<td class="nump">2,785<span></span>
</td>
<td class="nump">2,317<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
<td class="nump">8,202,605<span></span>
</td>
<td class="nump">5,725,470<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Other accumulated comprehensive loss</a></td>
<td class="num">(35,154)<span></span>
</td>
<td class="num">(47,283)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">388,741<span></span>
</td>
<td class="nump">327,258<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders' equity</a></td>
<td class="nump">8,558,977<span></span>
</td>
<td class="nump">6,007,762<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and stockholders' equity</a></td>
<td class="nump">$ 11,170,143<span></span>
</td>
<td class="nump">$ 10,202,939<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 3<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 15<br> -Article 9<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 15<br> -Subparagraph b(1)<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e681-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669686-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 12<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalizedComputerSoftwareNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of capitalized computer software costs net of accumulated amortization as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128487-111756<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalizedComputerSoftwareNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, netted by jurisdiction and classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph ((a)(1),(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IntangibleAssetsNetExcludingGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.32)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 25<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableRelatedPartiesClassifiedCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount for notes payable (written promise to pay), due to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesPayableRelatedPartiesClassifiedCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.31(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB TOPIC 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 4<br> -Section E<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6771545536">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (Parenthetical) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Allowance for Accounts Receivables</a></td>
<td class="nump">$ 396,884<span></span>
</td>
<td class="nump">$ 460,564<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
<td class="nump">2,512,704<span></span>
</td>
<td class="nump">1,517,366<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_DiscountOnCurrentPortionOfRelatedPartyNotePayable', window );">Discount on current portion of related party note payable</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 535,397<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred Stock shares par value</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred Stock shares Authorized</a></td>
<td class="nump">30,000,000<span></span>
</td>
<td class="nump">30,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred Stock shares Issued</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred Stock shares Outstanding</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common Stock shares par value</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common Stock shares Authorized</a></td>
<td class="nump">100,000,000<span></span>
</td>
<td class="nump">100,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common Stock shares Issued</a></td>
<td class="nump">2,785,044<span></span>
</td>
<td class="nump">2,316,743<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common Stock shares Outstanding</a></td>
<td class="nump">2,785,044<span></span>
</td>
<td class="nump">2,316,743<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_DiscountOnCurrentPortionOfRelatedPartyNotePayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_DiscountOnCurrentPortionOfRelatedPartyNotePayable</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5074-111524<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<head>
<title></title>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6771620288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Income - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Income Statement [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">$ 11,619,883<span></span>
</td>
<td class="nump">$ 13,629,684<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServices', window );">Cost of services</a></td>
<td class="nump">3,447,992<span></span>
</td>
<td class="nump">4,065,655<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
<td class="nump">8,171,891<span></span>
</td>
<td class="nump">9,564,029<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpensesAbstract', window );"><strong>Operating costs and expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
<td class="nump">3,241,404<span></span>
</td>
<td class="nump">3,835,439<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Sales and marketing</a></td>
<td class="nump">2,343,330<span></span>
</td>
<td class="nump">2,705,322<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Product development</a></td>
<td class="nump">326,584<span></span>
</td>
<td class="nump">391,973<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">1,079,337<span></span>
</td>
<td class="nump">1,158,642<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Impairment loss on intangible assets</a></td>
<td class="nump">547,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating costs and expenses</a></td>
<td class="nump">7,537,655<span></span>
</td>
<td class="nump">8,091,376<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
<td class="nump">634,236<span></span>
</td>
<td class="nump">1,472,653<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Interest expense, net</a></td>
<td class="num">(622,139)<span></span>
</td>
<td class="num">(1,710,002)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet', window );">Income (loss) before taxes</a></td>
<td class="nump">12,097<span></span>
</td>
<td class="num">(237,349)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax benefit</a></td>
<td class="nump">132,487<span></span>
</td>
<td class="nump">279,475<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 144,584<span></span>
</td>
<td class="nump">$ 42,126<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Income per share - basic</a></td>
<td class="nump">$ 0.06<span></span>
</td>
<td class="nump">$ 0.02<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Income per share - diluted</a></td>
<td class="nump">$ 0.06<span></span>
</td>
<td class="nump">$ 0.02<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of common shares outstanding - basic</a></td>
<td class="nump">2,486,684<span></span>
</td>
<td class="nump">2,082,941<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average number of common shares outstanding - diluted</a></td>
<td class="nump">2,575,952<span></span>
</td>
<td class="nump">2,124,917<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total costs related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.23)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 18<br> -Article 7<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 20<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 21<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 18<br> -Article 7<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 20<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 21<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1,2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations (before interest income and interest expense) attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before interest income, interest expense, income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of operating interest income (expense).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.10)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total amount of expenses directly related to the marketing or selling of products or services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SellingAndMarketingExpense</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6615805920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Income - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
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<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 144,584<span></span>
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<td class="nump">$ 42,126<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent', window );">Foreign currency translation adjustment</a></td>
<td class="nump">12,129<span></span>
</td>
<td class="nump">11,782<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income</a></td>
<td class="nump">$ 156,713<span></span>
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<td class="nump">$ 53,908<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831223<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e557-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6784279552">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Stockholders' Equity - USD ($)<br></strong></div></th>
<th class="th"><div>Common Stock</div></th>
<th class="th"><div>Additional Paid-In Capital</div></th>
<th class="th"><div>Accumulated Other Comprehensive Income Loss</div></th>
<th class="th"><div>Retained Earnings (Accumulated Deficit)</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Beginning Balance, Shares at Dec. 31, 2013</a></td>
<td class="nump">2,006,689<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Beginning Balance, Amount at Dec. 31, 2013</a></td>
<td class="nump">$ 2,007<span></span>
</td>
<td class="nump">$ 3,977,661<span></span>
</td>
<td class="num">$ (59,065)<span></span>
</td>
<td class="nump">$ 285,132<span></span>
</td>
<td class="nump">$ 4,205,735<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Stock-based compensation expense, shares</a></td>
<td class="nump">3,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Stock-based compensation expense, amount</a></td>
<td class="nump">$ 3<span></span>
</td>
<td class="nump">410,468<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">410,471<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercise of stock options, net of tax, shares</a></td>
<td class="nump">76,959<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Exercise of stock options, net of tax, amount</a></td>
<td class="nump">$ 77<span></span>
</td>
<td class="nump">340,873<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">340,950<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtConversionConvertedInstrumentSharesIssued1', window );">Shares issued upon partial conversion of note payable (see Note 6), Shares</a></td>
<td class="nump">214,710<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtConversionConvertedInstrumentAmount1', window );">Shares issued upon partial conversion of note payable (see Note 6), Amount</a></td>
<td class="nump">$ 215<span></span>
</td>
<td class="nump">856,483<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">856,698<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesAcquisitions', window );">Shares issued upon acquisition of Accesswire (see Note 4), Shares</a></td>
<td class="nump">15,385<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueAcquisitions', window );">Shares issued upon acquisition of Accesswire (see Note 4), Amount</a></td>
<td class="nump">$ 15<span></span>
</td>
<td class="nump">139,985<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">140,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsTranslationAndPurchaseAccountingAdjustments', window );">Foreign currency translation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,782<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">11,782<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 42,126<span></span>
</td>
<td class="nump">42,126<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balance, Shares at Dec. 31, 2014</a></td>
<td class="nump">2,316,743<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending Balance, Amount at Dec. 31, 2014</a></td>
<td class="nump">$ 2,317<span></span>
</td>
<td class="nump">5,725,470<span></span>
</td>
<td class="num">$ (47,283)<span></span>
</td>
<td class="nump">$ 327,258<span></span>
</td>
<td class="nump">6,007,762<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Stock-based compensation expense, shares</a></td>
<td class="nump">8,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Stock-based compensation expense, amount</a></td>
<td class="nump">$ 8<span></span>
</td>
<td class="nump">744,587<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">744,595<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercise of stock options, net of tax, shares</a></td>
<td class="nump">42,589<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Exercise of stock options, net of tax, amount</a></td>
<td class="nump">$ 42<span></span>
</td>
<td class="nump">66,293<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">66,335<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtConversionConvertedInstrumentSharesIssued1', window );">Shares issued upon partial conversion of note payable (see Note 6), Shares</a></td>
<td class="nump">417,712<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtConversionConvertedInstrumentAmount1', window );">Shares issued upon partial conversion of note payable (see Note 6), Amount</a></td>
<td class="nump">$ 418<span></span>
</td>
<td class="nump">1,666,255<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,666,673<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings', window );">Dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (83,101)<span></span>
</td>
<td class="num">(83,101)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsTranslationAndPurchaseAccountingAdjustments', window );">Foreign currency translation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,129<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">12,129<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 144,584<span></span>
</td>
<td class="nump">144,584<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balance, Shares at Dec. 31, 2015</a></td>
<td class="nump">2,785,044<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending Balance, Amount at Dec. 31, 2015</a></td>
<td class="nump">$ 2,785<span></span>
</td>
<td class="nump">$ 8,202,605<span></span>
</td>
<td class="num">$ (35,154)<span></span>
</td>
<td class="nump">$ 388,741<span></span>
</td>
<td class="nump">$ 8,558,977<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in additional paid in capital (APIC) resulting from dividends legally declared (or paid) in excess of retained earnings balance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtConversionConvertedInstrumentAmount1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtConversionConvertedInstrumentAmount1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtConversionConvertedInstrumentSharesIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued in exchange for the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtConversionConvertedInstrumentSharesIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsTranslationAndPurchaseAccountingAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) to assets, excluding financial assets and goodwill, lacking physical substance with a finite life for foreign currency translation adjustments and purchase accounting adjustments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsTranslationAndPurchaseAccountingAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesAcquisitions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued during the period pursuant to acquisitions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28,29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesAcquisitions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share options (or share units) exercised during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28,29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueAcquisitions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock issued pursuant to acquisitions during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueAcquisitions</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30, 31<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock issued as a result of the exercise of stock options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB TOPIC 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 4<br> -Section E<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6784301856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 144,584<span></span>
</td>
<td class="nump">$ 42,126<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt expense</a></td>
<td class="nump">169,020<span></span>
</td>
<td class="nump">275,657<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">1,099,870<span></span>
</td>
<td class="nump">1,158,062<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Impairment loss on intangible assets</a></td>
<td class="nump">547,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income taxes</a></td>
<td class="num">(631,938)<span></span>
</td>
<td class="num">(999,603)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashExpense', window );">Non-cash interest expense</a></td>
<td class="nump">535,397<span></span>
</td>
<td class="nump">1,541,065<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation expense</a></td>
<td class="nump">549,184<span></span>
</td>
<td class="nump">410,471<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Decrease (increase) in accounts receivable</a></td>
<td class="nump">586,518<span></span>
</td>
<td class="num">(343,678)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets', window );">Decrease (increase) in deposits and prepaid assets</a></td>
<td class="nump">68,813<span></span>
</td>
<td class="num">(159,171)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayable', window );">Increase (decrease) in accounts payable</a></td>
<td class="nump">132,168<span></span>
</td>
<td class="num">(8,930)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Increase (decrease) in deferred revenue</a></td>
<td class="num">(44,680)<span></span>
</td>
<td class="num">(142,389)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilities', window );">Increase (decrease) in accrued expenses</a></td>
<td class="nump">20,630<span></span>
</td>
<td class="num">(311,356)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
<td class="nump">3,176,566<span></span>
</td>
<td class="nump">1,462,254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireIntangibleAssets', window );">Purchase of Accesswire intangible assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,700,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToDevelopSoftware', window );">Capitalized software</a></td>
<td class="num">(553,684)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of fixed assets</a></td>
<td class="num">(109,512)<span></span>
</td>
<td class="num">(71,372)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
<td class="num">(663,196)<span></span>
</td>
<td class="num">(1,771,372)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Proceeds from exercise of stock options, net of income taxes</a></td>
<td class="nump">28,100<span></span>
</td>
<td class="nump">172,131<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities', window );">Excess tax benefit from share based compensation</a></td>
<td class="nump">38,235<span></span>
</td>
<td class="nump">168,819<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Payment of dividend</a></td>
<td class="num">(83,101)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
<td class="num">(16,766)<span></span>
</td>
<td class="nump">340,950<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net change in cash</a></td>
<td class="nump">2,496,604<span></span>
</td>
<td class="nump">31,832<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash - beginning</a></td>
<td class="nump">1,721,343<span></span>
</td>
<td class="nump">1,713,479<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCash', window );">Currency translation adjustment</a></td>
<td class="num">(2,802)<span></span>
</td>
<td class="num">(23,968)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash - ending</a></td>
<td class="nump">4,215,145<span></span>
</td>
<td class="nump">1,721,343<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental disclosures:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Cash paid for interest</a></td>
<td class="nump">85,870<span></span>
</td>
<td class="nump">167,742<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Cash paid for income taxes</a></td>
<td class="nump">282,951<span></span>
</td>
<td class="nump">862,808<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract', window );"><strong>Non-cash activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfAssetsAcquired', window );">Common stock issued for acquisition of assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">140,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_IssuanceOfBeneficialConversionFeatureToHolderOfNotePayable', window );">Issuance of beneficial conversion feature to holder of note payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_StockbasedCompensationCapitalizedSoftware', window );">Stock-based compensation - capitalized software</a></td>
<td class="nump">195,411<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtConversionConvertedInstrumentAmount1', window );">Conversion of note payable to common stock</a></td>
<td class="nump">$ 1,666,673<span></span>
</td>
<td class="nump">$ 856,698<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_IssuanceOfBeneficialConversionFeatureToHolderOfNotePayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_IssuanceOfBeneficialConversionFeatureToHolderOfNotePayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_StockbasedCompensationCapitalizedSoftware">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_StockbasedCompensationCapitalizedSoftware</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtConversionConvertedInstrumentAmount1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtConversionConvertedInstrumentAmount1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectOfExchangeRateOnCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of effect of exchange rate changes on cash balances held in foreign currencies. Excludes cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectOfExchangeRateOnCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 20<br> -Section 55<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=32706628&amp;loc=d3e11374-113907<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfAssetsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of assets acquired in noncash investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueOfAssetsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxesPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherOperatingAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid for interest during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
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<tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncashInvestingAndFinancingItemsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNoncashExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the development or modification of software programs or applications for internal use (that is, not to be sold, leased or otherwise marketed to others) that qualify for capitalization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (j)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6773902544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1. Description, Background and Basis of Operations<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Issuer Direct Corporation (the &#147;Company&#148;
or &#147;Issuer Direct&#148;) was incorporated in the state of Delaware in October&#160;1988 under the name Docucon Inc. Subsequent
to the December&#160;13, 2007 merger with My EDGAR, Inc., the Company changed its name to Issuer Direct Corporation. The surviving
company was formed for the purposes of helping companies produce and distribute their financial and business communications both
online and in print. As a technology and issuer services focused company, Issuer Direct Corporation operates under several brands
in the market, including Direct Transfer, PrecisionIR (PIR), Blueprint, Classify, Investor Network, New York Stock Transfer, iProxy
Direct, iFund Direct, iR Direct, QX Interactive, Accesswire and Issuer Services Group. The Company leverages its securities compliance
and regulatory expertise to provide a comprehensive set of services that enhance a client's ability to communicate effectively
with its shareholder base while meeting all reporting regulations required.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the business description and basis of presentation concepts.  Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity.  Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6752426048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2. Summary of Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.&#160;&#160;Significant
intercompany accounts and transactions are eliminated in consolidation.</font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Cash and
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">We
consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents.
Cash and cash equivalents are carried at cost, which approximates fair value.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
Company places its cash and cash equivalents on deposit with financial institutions in the United States, Canada, and Europe.
The Federal Deposit Insurance Corporation (FDIC) covers $250,000 for substantially all depository accounts in the United States.&#160;&#160;The
Company from time to time may have amounts on deposit in excess of the insured limits. As of December 31, 2015, the Company had
$3,564,307 which exceeds the insured amounts in the United States.&#160;&#160;The Company also had cash of $184,233 in Europe,
and $8,381 in Canada on hand at December 31, 2015.</font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Revenue
Recognition</i></font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">We
recognize revenue in accordance with SEC Staff Accounting Bulletin&#160;No.&#160;104, &#147;Revenue Recognition,&#148; which requires
that: (i)&#160;persuasive evidence of an arrangement exists, (ii)&#160;delivery has occurred or services have been rendered, (iii)&#160;the
sales price is fixed or determinable, and (iv)&#160;collectability is reasonably assured. We recognize revenue when services are
rendered and/or delivered, where collectability is probable. Deferred revenue primarily consists of advanced billings for annual
service contracts, and is recognized throughout the year as the services are performed.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Fixed Assets</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fixed
assets are recorded at cost and depreciated over the estimated useful lives of the assets using principally the straight-line
method. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value
and proceeds realized thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments
are capitalized. The range of estimated useful lives used to calculate depreciation for principal items of property and equipment
are as follow:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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    <td style="width: 45%; border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Depreciation
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3
    years</font></td></tr>
<tr style="vertical-align: top; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
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    fixtures</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Leasehold improvements</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>&#160;</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Earnings
per Share</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">We
calculate earnings per share in accordance with Financial Accounting Standards Board (FASB) ASC No. 260 &#150; EPS, which requires
that basic net income per common share be computed by dividing net income for the period by the weighted average number of common
shares outstanding during the period. Diluted net income per share is computed by dividing the net income for the period by the
weighted average number of common and dilutive common equivalent shares outstanding during the period.&#160;&#160;Shares issuable
upon the exercise of stock options and restricted stock units totaling 211,250 and 218,750 were excluded in the computation of
diluted earnings per common share during the year ended December 31, 2015 and 2014, respectively, because their impact was anti-dilutive.&#160;&#160;As
of December 31, 2014, 417,712 shares associated with the conversion feature on the convertible note outstanding were excluded
from the calculation of diluted earnings per share as the impact was anti-dilutive.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>&#160;Reclassifications</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
Company has reclassified certain amounts as previously reported as general and administrative expenses to product development
expenses, in order to conform to current year presentation.&#160;&#160;This reclassification has no impact on revenue, net income,
assets, liabilities, shareholders&#146; equity, or earnings per share.&#160;In particular, the Company is now presenting product
development cost as a separate line on the consolidated statement of operations, whereas they were previously included in general
and administrative expenses.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>&#160;</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Allowance
for Doubtful Accounts</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">We
provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection
information. Credit is granted on an unsecured basis. In determining the amount of the allowance, management is required to make
certain estimates and assumptions. The allowance is made up of specific reserves, as deemed necessary, on client account balances,
and a reserve based on our historical experience.&#160;&#160;The following is a summary of our allowance for doubtful accounts
during the years ended December 31, 2015 and 2014:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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        Ended</b></font></p>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Ending
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    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">396,884</font></td>
    <td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
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    <td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Use of
Estimates</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#147;US
GAAP&#148;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Significant estimates include the allowance for doubtful accounts and the valuation of goodwill,
intangible assets, deferred tax assets, and stock based compensation.&#160;&#160;Actual results could differ from those estimates.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;<i>Income
Taxes</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">We
comply with the FASB ASC No. 740 &#150; Income Taxes which requires an asset and liability approach to financial accounting and
reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement
and tax bases of assets and liabilities that will result in future taxable or deductible amounts based on enacted tax laws and
rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established,
when necessary, to reduce deferred income tax assets to the amounts expected to be realized.&#160;&#160;For any uncertain tax
positions, we recognize the impact of a tax position, only if it is more likely than not of being sustained upon examination,
based on the technical merits of the position. Our policy regarding the classification of interest and penalties is to classify
them as income tax expense in our financial statements, if applicable.&#160;&#160;At the end of each interim period, we estimate
the effective tax rate we expect to be applicable for the full year and this rate is applied to our results for the interim year-to-date
period and then adjusted for any discrete period items.&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>&#160;</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Capitalized
Software </i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>&#160;</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">In
accordance with FASB ASC No. 350 &#150; Intangibles &#150; Goodwill and Other, costs incurred to develop our cloud-based platform
products and disclosure management system components are capitalized when the preliminary project phase is complete, management
commits to fund the project and it is probable the project will be completed and used for its intended purposes. Once the software
is substantially complete and ready for its intended use, the software is amortized over its estimated useful life.&#160;&#160;Costs
related to design or maintenance of the software are expensed as incurred.&#160;&#160;&#160;During the year ended December 31,
2015, the Company capitalized $749,095 of software development costs. Included in this amount was $195,411 related to stock-based
compensation and $100,000 related to the purchase of a cloud-based reporting platform from Xselus, LLC. The Company recorded amortization
expense of $25,133 on software that was placed in service during the year, which is included in Cost of services on the Consolidated
Statements of Income for the year ended December 31, 2015.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>&#160;</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Impairment
of Long-lived Assets</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">In
accordance with the authoritative guidance for accounting for long-lived assets, assets such as property and equipment, trademarks,
and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset group may not be recoverable. Recoverability of asset groups to be held and used is measured
by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated
by the asset group. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is
recognized by the amount by which the carrying amount of an asset group exceeds fair value of the asset group.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Fair Value
Measurements</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2015 and 2014, we do not have any financial assets or liabilities that are required to be, or that we elected
to measure, at fair value.&#160;&#160;We believe that the fair value of our financial instruments, which consist of cash and cash
equivalents, accounts receivable, our line of credit, notes payable, and accounts payable approximate their carrying amounts.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Stock-based
Compensation</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">We
account for stock-based compensation under FASB ASC No. 718 &#150; Compensation &#150; Stock Compensation. The authoritative guidance
for stock compensation requires that companies estimate the fair value of share-based payment awards on the date of the grant
using an option-pricing model. The cost is to be recognized over the period during which an employee is required to provide service
in exchange for the award. The authoritative guidance for stock compensation also requires the benefit of tax deductions in excess
of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow as prescribed
under previous accounting rules. This requirement reduces net operating cash flows and increases net financing cash flows in periods
subsequent to adoption, only if excess tax benefits exist.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;<i>Translation
of Foreign Financial Statements</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
financial statements of the foreign subsidiaries of the Company have been translated into U.S. dollars.&#160;&#160;All assets
and liabilities have been translated at current rates of exchange in effect at the end of the period.&#160;&#160;Income and expense
items have been translated at the average exchange rates for the year or the applicable interim period.&#160;&#160;The gains or
losses that result from this process are recorded as a separate component of other accumulated comprehensive income (loss) until
the entity is sold or substantially liquidated.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;<i>Comprehensive
Income</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">Comprehensive
income consists of net income and other comprehensive income related to changes in the cumulative foreign currency translation
adjustment.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>&#160;</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Business
Combinations, Goodwill and Intangible Assets</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">We
account for business combinations under FASB ASC No. 805 &#150; Business Combinations and the related acquired intangible assets
and goodwill under FASB ASC No. 350 &#150; Intangibles &#150; Goodwill and Other. The authoritative guidance for business combinations
specifies the criteria for recognizing and reporting intangible assets apart from goodwill. We record the assets acquired and
liabilities assumed in business combinations at their respective fair values at the date of acquisition, with any excess purchase
price recorded as goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired
in a business combination that are not individually identified and separately recognized. Intangible assets consist of client
relationships, customer lists, software, technology and trademarks that are initially measured at fair value.&#160;&#160;At the
time of the business combination the trademarks were considered an indefinite-lived asset and, as such, were not amortized as
there was no foreseeable limit to cash flows generated from them. The goodwill and intangible assets are assessed annually for
impairment, or whenever conditions indicate the asset may be impaired, and any such impairment will be recognized in the period
identified. The client relationships, customer lists, software and technology are amortized over their estimated useful lives.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Advertising</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
Company expenses advertising as incurred, except for direct-response advertising, which is capitalized and amortized over its
expected period of future benefits.&#160;&#160;Advertising expense totaled $174,094 and $603,895, during the years ended December
31, 2015 and 2014, respectively.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Newly Adopted
Accounting Pronouncements</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">On
November 20, 2015, the FASB issued Accounting Standards Update (&#147;ASU&#148;) 2015-17 (&#34;ASU 2015-17&#148;), Balance Sheet
Classification of Deferred Taxes, which requires that all deferred tax assets and liabilities, along with any related valuation
allowance, in each jurisdiction be classified as noncurrent on the balance sheet. For public business entities, ASU 2015-17 is
effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those
annual periods but may be early adopted. ASU 2015-17 may be applied either prospectively, for all deferred tax assets and liabilities,
or retrospectively (i.e., by reclassifying the comparative balance sheets). The Company has elected to early adopt ASU 2015-17,
on a prospective basis, as of December 31, 2015.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>&#160;</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Recent
Accounting Pronouncements</i></font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB's new leases standard ASU 2016-02 Leases (Topic 842) was issued on February 25, 2016. ASU 2016-02 is intended to improve
financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as
real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred to as &#147;Lessees&#148;
to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization
is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of
cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information
about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets
and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement,
and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a
finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet
the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee
accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the
same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar
to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those
leases. The leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018.&#160;
Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal
years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of
the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application
to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large portfolio of leases are likely
to see a significant increase in balance sheet assets and liabilities. See Note 9 for the Company&#146;s current lease commitments.
The Company is currently in the process of evaluating the impact that this new leasing ASU will have on its financial statements.</font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB has issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments<i>.
</i>The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during
the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the
acquirer record, in the same period&#146;s financial statements, the effect on earnings of changes in depreciation, amortization,
or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been
completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement
or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded
in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendments
in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods
within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after
the effective date with earlier application permitted for financial statements that have not been issued. The Company does not
anticipate that ASU 2015-16 will have a significant impact on our financial statements.</font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 40pt"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB has issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#146;s Accounting
for Fees Paid in a Cloud Computing Arrangement.&#160; The amendments in ASU 2015-05 provide guidance to customers about whether
a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then
the customer should account for the software license element of the arrangement consistent with the acquisition of other software
licenses. If a cloud computing arrangement does not include a softwarelicense, the customer should account for the arrangement
as a service contract. The amendments do not change the accounting for a customer&#146;s accounting for service contracts. As
a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other
licenses of intangible assets. ASU 2015-05 is effective for public entities for annual periods, including interim periods within
those annual periods, beginning after December 15, 2015. The Company does not anticipate that ASU 2015-05 will have a significant
impact on our financial statements.</font></p>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB has issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement
Presentation by Eliminating the Concept of Extraordinary Items.&#160;&#160;The FASB issued this ASU as part of its initiative
to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate, and improve
areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information
provided to the users of financial statements.&#160;&#160;The amendments in ASU 2015-01 are effective for fiscal years, and interim
periods within those fiscal years, beginning after December 15, 2015.&#160;&#160;The Company does not anticipate that ASU 2015-01
will have a significant impact on our financial statements.</font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB has issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial
Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.&#160;&#160;The amendments in this ASU do not change
the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial
instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics
and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments
clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated
for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature
would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract
depends upon the economic characteristics and risks of the entire hybrid financial instrument.&#160;&#160;The amendments in this
ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2015. The Company does not anticipate that ASU 2014-16 will have a significant impact on our financial statements.</font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;The
FASB has issued ASU 2014-12, Compensation &#150; Stock Compensation (Topic 718): Accounting for Share-Based Payments When the
Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.&#160;&#160;The issue
is the result of a consensus of the FASB Emerging Issues Task Force (EITF).&#160;&#160;The amendments in the ASU require that
a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance
condition. A reporting entity should apply existing guidance in Topic 718, Compensation &#150; Stock Compensation, as it relates
to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected
in estimating the grant-date fair value of the award.&#160;&#160;Compensation cost should be recognized in the period in which
it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the
period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved
before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively
over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service
period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately
vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award
if the performance target is achieved.&#160;&#160;The amendments in this ASU are effective for annual periods and interim periods
within those annual periods beginning after December 15, 2015.&#160;&#160;The Company will apply the provisions of ASU 2014-12
to any future performance based stock awards, but does not anticipate that the impact will have a significant impact on our financial
statements.</font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB has issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 requires revenue recognition to depict
the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services. ASU 2014-09 sets forth a new revenue recognition model that requires identifying
the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to
performance obligations and recognizing the revenue upon satisfaction of performance obligations. The amendments in the ASU can
be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially
applying the update recognized at the date of the initial application along with additional disclosures. The Company is currently
evaluating the impact of ASU 2014-09, which is currently effective for the Company in our year beginning on January 1, 2018.</font></p><span></span>
</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3. Fixed Assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="text">&#160;<span></span>
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2015 and 2014 totaled $79,399 and $223,565, respectively, during the year ended December 31, 2015.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13-14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=51719941&amp;loc=d3e2921-110230<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6620816848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4. Goodwill and Other Intangible Assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsDisclosureTextBlock', window );">Goodwill and Other Intangible Assets</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Acquisition of Accesswire</i></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On October 29, 2014, the Company completed its
acquisition of all of the assets relating to the &#147;Accesswire&#148; business (as defined below) owned and operated by Baystreet.ca
Media Corp., a British Columbia company (&#147;Baystreet&#148;) for consideration totaling $1,840,000. Accesswire is a business
corporate news and content distribution and dissemination business (&#147;Accesswire&#148;). In consideration of the assets related
to Accesswire, the Company paid to Baystreet on the closing date the following: (i) $1,700,000 in cash from the Company&#146;s
current cash reserves and (ii) 15,385 shares of the Company&#146;s common stock with a value of $140,000 based on the Company&#146;s
stock price at the time of closing.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the year ended December 31, 2014, the
Company employed a third party valuation firm to assist in determining the purchase price allocation of assets acquired from Accesswire.
The income approach was used to determine the value of Accesswire&#146;s trademarks and client relationships. The income approach
determines the fair value for the asset based on the present value of cash flows projected to be generated by the asset. Projected
cash flows are discounted at a rate of return that reflects the relative risk of achieving the cash flow and the time value of
money. Projected cash flows for each asset considered multiple factors, including current revenue from existing customers; analysis
of expected revenue and attrition trends; reasonable contract renewal assumptions from the perspective of a marketplace participant;
expected profit margins giving consideration to marketplace synergies; and required returns to contributory assets. The cost approach
was used to determine the value of Accesswire&#146;s technology.&#160;&#160;The cost approach is based on replacement cost as
an indicator of value. It assumes that a prudent investor would pay no more for an asset than the amount for which it could be
replaced new. Further, to the extent a particular asset provides less utility than a new one, its value will be less than its replacement
cost new. To account for this difference, the replacement cost new is adjusted for losses in value that is, depreciated.&#160;&#160;No
liabilities or tangible assets were assumed.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;The transaction resulted in recording intangible
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The identifiable amortizable intangible assets
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has elected not to provide unaudited
pro forma financial information for the Accesswire acquisition, as management determined that providing useful, accurate pro-forma
information would be impracticable, and because the acquisition was not considered a significant acquisition in accordance with
Rule 3-05 of the SEC's Regulation S-X. &#160; Because the Accesswire news distribution service was just one of many services offered
by Baystreet Media ca. separate financial information was not maintained, and creating separate financials statements would include
too many estimates and assumptions to be portrayed as useful and accurate.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the fourth quarter of 2015, the Company
elected not to renew certain trademarks purchased in conjunction with the acquisition of PIR. These trademarks had an allocated
value of $148,680 and the write-off of this value is included in Impairment loss on intangible assets on the Consolidated Statements
of Net Income for the year ended December 31, 2015. Additionally, as part of the Company&#146;s annual review of impairment of
goodwill and intangible assets, the Company determined the remaining trademarks purchased as part of the acquisition of PIR are
no longer indefinite-lived assets as the Company plans to integrate and rebrand the associated trademarks with Issuer Direct. As
a result of this determination, the Company was required to perform a goodwill impairment assessment. Due to lower future projections
of revenue associated with our ARS service and a shortened useful life of the trademarks, this assessment resulted in an impairment
loss of $398,320, which is also included in Impairment loss on intangible assets in the Consolidated Statements of Income for the
year ended December 31, 2015.</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The amortization of intangible assets is a charge
to operating expenses and totaled $995,338 and $934,495 in the years ended 2015 and 2014, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The future amortization of the identifiable intangible
assets is as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td style="width: 1%"><font style="font-size: 8pt">$</font></td>
    <td style="width: 8%; text-align: right"><font style="font-size: 8pt">811,079</font></td>
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<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 8pt">2017</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">332,964</font></td>
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    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">322,733</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">286,042</font></td>
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 8pt">2020</font></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">178,599</font></td>
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<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Thereafter</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 3pt"><font style="font-size: 8pt">Total</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our goodwill balance of $2,241,872 at December&#160;31,
2015 and 2014, was related to our acquisition of Basset Press in July&#160;2007, the acquisition of PIR in 2013 and the acquisition
of Accesswire in 2014. We conducted our annual impairment analyses as of October 1, of 2015 and 2014 and determined that no goodwill
was impaired.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all or part of the information related to intangible assets.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6773917472">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5. Line of Credit<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6608863776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6. Note Payable (Related Party)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On August 22, 2013, in connection with and to
partially fund the acquisition and simultaneously with the Acquisition of PIR, the Company entered into a Securities Purchase Agreement&#160;&#160;
(the &#147;8% Note Purchase Agreement&#148;) relating to the sale of $2,500,000 aggregate principal amount of the Company&#146;s
8% convertible secured promissory note (&#147;8% Note&#148;) with Red Oak Partners LP (&#147;Red Oak&#148;). The 8% Note paid
interest on each of March 31, June 30, September 30, and December 31, beginning on September 30, 2013, at a rate of 8% per year,
however would increase to 18% upon an event of default. The maturity date of the 8% Note was August 22, 2015.&#160;&#160;The 8%
Note was secured by all of the assets of the Company and was subordinated to the Company&#146;s obligations to its primary financial
institution. Furthermore, in connection with the 8% Note Purchase Agreement, a partner of Red Oak was appointed to the Company&#146;s
Board of Directors. On November 10, 2014, Red Oak assigned the 8% Note between the Red Oak Fund, LP; Pinnacle Opportunities, LP;
and the Red Oak Long Fund, LP; all of which are under management by Red Oak.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#9;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Beginning immediately upon the date of issuance,
Red Oak or its assignees had the right to convert the 8% Note into shares of the Company&#146;s common stock at a conversion price
of $3.99 per share.&#160;&#160;On the date the Company entered into the 8% Note Purchase Agreement, the Company&#146;s stock price
was $8.20 per share, and therefore the Company assigned a value of $2,500,000 to the common stock conversion feature and recorded
this as debt discount and additional paid-in capital.&#160;&#160;This instrument also created a deferred tax liability of $1,000,000
that reduced the value recorded as additional paid in capital, and therefore the net amount recorded to stockholders' equity was
$1,500,000.&#160;&#160;The debt discount of $2,500,000 was amortized over the two-year life of the loan as non-cash interest expense.&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 12, 2014, Red Oak converted $833,327
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the conversion price of $3.99.&#160;&#160;Following this transaction, the principal balance of the note was $1,666,673.&#160;&#160;As
a result of this transaction, the company recorded $323,250 of non-cash interest expense due to the acceleration of debt discount
on the portion of the 8% Note that was converted.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Effective August 22, 2015, upon the maturity
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at the conversion price of $3.99.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the year ended December 31, 2015, the
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-term debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6773955584">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7. Equity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><i>Dividends</i></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company paid cash dividends of $83,101 ($0.03
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i>&#160;</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i>Preferred stock and common stock</i></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There were no issuances of preferred stock during
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the following issuances of common stock in addition to stock issued pursuant to exercises of options to purchase common stock:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

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    <td style="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.25in"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 8pt">On April 2, 2012, the Company issued grants for a total of 95,000 restricted shares of the Company&#146;s common stock (the &#147;Awards&#148;) to its executive officers and certain other employees.&#160;&#160;The Awards vest over periods up to two years as stated in the Award Agreements, and therefore were fully vested on April 2, 2014. These Awards were not part of the 2010 Equity Incentive Plan.&#160;&#160;The Company recognized compensation expense of $22,831 related to these shares during the year ended December 31, 2014.</font></td></tr>
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    <td style="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.25in"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 8pt">The Company issued 8,000 and 3,000 shares of common stock to consultants in exchange for services during the years ended December 31, 2015 and 2014, respectively, and recognized expense of $63,686 and $26,775, respectively, for the value of the shares.</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 2.25pt">&#160;</p>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6752504624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8. Stock Options and Restricted Stock Units<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On May 23, 2014, the shareholders of the Company
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On August 9, 2010, the shareholders of the Company
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such lesser number of shares as the Company&#146;s board of directors shall determine, provided, however, in no event shall the
maximum number of shares that may be issued under the Plan pursuant to stock awards be greater than 15% of the aggregate shares
outstanding on the last day of the immediately preceding year.&#160;&#160;With the automatic increases, there were 220,416 shares
of common stock on January 1, 2012.&#160;&#160;On January 20, 2012, the Company&#146;s Board of Directors approved an increase
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    <td style="width: 9%; text-align: right"><font style="font-size: 8pt">280,836</font></td>
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    <td style="width: 1%"><font style="font-size: 8pt">$</font></td>
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31, 2015 and 2014 of $5.77 and $8.96, respectively, and the exercise price for in-the-money options) that would have been received
by the holders if all instruments had been exercised on December 31, 2015 and 2014. As of December 31, 2015, there was $754,288
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

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with the following assumptions used:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the year ended December 31, 2015, the
Company also issued 110,000 restricted stock units with an average intrinsic value of $7.32 per share on the date of issuance and
a two-year vesting period. These awards have not yet been registered with the SEC. Vesting on a majority of these restricted stock
units is tied to the achievement of certain milestones related to the development of the Company&#146;s cloud-based disclosure
reporting software. During the year ended December 31, 2015, 25,000 of the restricted stock units vested and the Company capitalized
a total of $180,000. These costs are included in capitalized software on the Consolidated Balance Sheet as of December 31, 2015.
It is anticipated that a majority of the remaining expense associated with the vesting of any future shares will be capitalized
as well. During the year ended 2014, the Company issued 26,000 shares of restricted stock units with an intrinsic value of $9.26
per share on the date of issuance and a three-year vesting period. These awards have not yet been registered with the SEC.&#160;&#160;As
of December 31, 2015, there was $641,840 of unrecognized compensation cost related to our unvested restricted stock units, which
will be recognized through 2017.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the year ended December 31, 2015 and 2014,
we recorded expense of $485,498 and $360,865, respectively, related to stock options and restricted stock units. Additionally,
$195,411 of expense was included as capitalized software on the Consolidated Balance Sheet as of December 31, 2015.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan.  Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6613358656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9. Commitments and Contingencies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Office Lease</i></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In October 2015, we signed a three year lease
extension for our 16,059 square-foot corporate headquarters in Morrisville, NC.&#160;&#160;At our option, we may terminate the
lease any time in exchange for an early termination fee of $135,000.&#160;&#160;During 2014, we provided notice to the landlord
of our office lease in Chesterfield, VA, exercising an early termination clause, and therefore our lease terminated on October
31, 2015.&#160;&#160;As a result, included in Accrued expenses on the Consolidated Balance Sheet, we accrued the remaining lease
payments in 2015 of $97,934 as well as the early termination fee of $43,000 as of December 31, 2014.&#160;&#160;If we do not terminate
the lease in Morrisville, NC early, our required minimum lease payments are as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

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    <td>&#160;</td>
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    <td style="width: 1%"><font style="font-size: 8pt">$</font></td>
    <td style="width: 8%; text-align: right"><font style="font-size: 8pt">136,789</font></td>
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    <td style="background-color: white"><font style="font-size: 8pt">$</font></td>
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    <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">2018</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">157,994</font></td>
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    <td style="padding-bottom: 3pt"><font style="font-size: 8pt">Total</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Including the accrual of the early termination
fee and all 2015 lease payments for the Richmond office lease, rental expenses associated with our office leases totaled $203,953
and $417,903 for the years ended December&#160;31, 2015 and 2014, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">&#160;<b><i>Litigation</i></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From time to time, the Company may be involved
in litigation that arises through the normal course of business.&#160;&#160; The Company is neither a party to any litigation nor
are we aware of any such threatened or pending litigation that might result in a material adverse effect to our business.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=51674963&amp;loc=d3e12565-110249<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6773913952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 10. Concentrations<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Concentrations</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the years ended December&#160;31, 2015 and
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

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    <td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">11,619,883</font></td>
    <td nowrap="nowrap" style="padding-bottom: 3pt">&#160;</td>
    <td style="padding-bottom: 3pt; text-align: right">&#160;</td>
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    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">13,629,684</font></td>
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    <td style="padding-bottom: 3pt; text-align: right">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">100.0</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We did not have any customers during the years
ended December 31, 2015 or 2014 that accounted for more than 10% of our revenue. We did not have any customers that comprised more
than 10% of our total accounts receivable balances at December 31, 2015 or 2014.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe we do not have any financial instruments
that could have potentially subjected us to significant concentrations of credit risk. Since a portion of the revenues are paid
at the beginning of the month via credit card or advance by check, the remaining accounts receivable amounts are generally due
within 30 days, none of which is collateralized.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6327-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6442-108592<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6351-108592<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6752426048">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11. Geographic Operating Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingAbstract', window );"><strong>Segment Reporting [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We consider ourselves to be in a single reportable
segment under the authoritative guidance for segment reporting, specifically a disclosure management and targeted communications
company for publically traded companies.&#160;&#160;&#160;&#160;Revenue is attributed to a particular geographic region based on
where the services are earned. The following tables set forth revenues by domestic versus international regions:&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 34<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8981-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 41<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e9038-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 33<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8971-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8595-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8380-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8844-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 35<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8984-108599<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 40<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e9031-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 42<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e9054-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8538-108599<br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 29<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8864-108599<br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8924-108599<br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8906-108599<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6773917472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12. Income taxes<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Income taxes</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The benefit
for income taxes consisted of the following components for the years ended December&#160;31:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current:</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 76%; font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Federal</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">257,098</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">631,129</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">State</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">47,256</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">97,186</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Foreign</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">193,055</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,278</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: 20pt"><font style="font: 8pt Times New Roman, Times, Serif">Total
    Current</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">497,409</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">719,037</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred:</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Federal</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(468,887</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(776,467</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">State</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(67,423</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(130,535</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Foreign</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(93,586</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(91,510</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: 20pt"><font style="font: 8pt Times New Roman, Times, Serif">Total
    Deferred</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(629,896</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(998,512</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
    benefit for income taxes</font></td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(132,487</font></td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(279,475</font></td>
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</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Reconciliation
between the statutory rate and the effective tax rate is as follows at December&#160;31:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
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    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Percentage</b></font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="width: 50%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Federal
    statutory tax rate</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,113</font></td>
    <td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">34.0</font></td>
    <td nowrap="nowrap" style="width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(80,699</font></td>
    <td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(34.0</font></td>
    <td nowrap="nowrap" style="width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">State tax rate</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,042</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(8.6</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(12,579</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(5.3</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Permanent difference&#160;&#160;-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">27,410</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">226.6</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">15,053</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: -4.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6.3</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Permanent difference&#160;&#160;-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,630</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: -4.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Permanent difference
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,888</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">73.4</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,935</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Permanent items
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,433</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">251.6</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">62,185</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">26.2</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Provision to return</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(30,797</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(254.6</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
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    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(96,954)</font></td>
    <td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(40.9</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
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    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(279,475)</font></td>
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    <td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(117.8</font></td>
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Components
of net deferred income tax assets, including a valuation allowance, are as follows at December&#160;31:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Change</b></font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 58%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
    operating loss</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">254,123</font></td>
    <td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">561,358</font></td>
    <td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 12%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(307,235</font></td>
    <td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred revenue</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">51,914</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">35,347</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">16,567</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Allowance for doubtful
    accounts</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">135,663</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">145,335</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(9,672</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Stock options</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">345,779</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">211,824</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">133,955</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basis difference
    in intangible assets</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">118,257</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">190,295</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(72,038</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Prepaid D&#38;O
    Insurance</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,341</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">13,996</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(3,655</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign tax credits
    carryforward</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,180,833</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,180,833</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">26,916</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">759</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">26,157</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,123,826</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,339,747</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(215,921</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;Less:&#160;&#160;Valuation
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    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,407,955</font></td>
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    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,763,415</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">355,460</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
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    net deferred tax asset</font></td>
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    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,871</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">576,332</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">139,539</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Prepaid expenses</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(30,460</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(32,176</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,716</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basis difference
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4,833</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(19,222</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">14,389</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Capitalized software
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(171,584</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(171,584</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Debt discount -
    convertible note payable</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(200,559</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">200,559</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Purchase
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    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(505,586</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(950,863</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">445,277</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
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    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(712,463</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,202,820</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">490,357</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
    net deferred tax asset / (liability)</font></td>
    <td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,408</font></td>
    <td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(626,488</font></td>
    <td nowrap="nowrap" style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 3pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
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Company has $1,407,955 of total valuation allowance for deferred tax assets as of December 31, 2015.&#160;&#160;The valuation
allowance relates to PIR federal net operating losses, state net operating losses, foreign net operating losses and foreign tax
credit carryforwards. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than
not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets
is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible.
Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning
strategies in making this assessment.&#160;It has been determined that it is more likely than not that the deferred tax assets
will not be realized, as it has been deemed unlikely that there will be generation of taxable income for the subsidiaries that
carry these losses or that sufficient foreign source income would be generated to use the foreign tax credits. If in the future,
we determine based on expected profitability, that these deferred tax assets are more likely than not to be realized, a release
of all, or part, of the related valuation allowance could result in an immediate material income tax benefit in the period of
release. Such release of the valuation allowance could occur within the next 12 months upon resolution of the aforementioned uncertainties.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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of December 31, 2015, the Company had $57,749 of unrecognized tax benefits which is recorded in Income taxes payable on the Consolidated
Balance Sheets, all of which, if recognized, would affect our effective tax rate. As of December 31, 2014, the Company had no
unrecognized tax benefits. The aggregate changes in the balance of unrecognized tax benefits were as follows:</font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#9;The
Company has not recorded deferred income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely
reinvested in foreign operations. Generally, such earnings become subject to U.S. tax upon the remittance of dividends and under
certain other circumstances. It is not practical to estimate the amount of deferred tax liabilities on such undistributed earnings.
Undistributed earnings are insignificant as of December 31, 2015 and 2014.&#160;&#160;The Company is subject to income taxation
by both federal and state taxing authorities. Income tax returns for the years ended December 31, 2014, 2013, 2012 and 2011 are
open to audit by federal and state taxing authorities.</font></p><span></span>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6769824544">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13. Employee Benefit Plan<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company sponsors a defined contribution 401(k)
Profit Sharing Plan and allows all employees in the United States to participate. Matching and profit sharing contributions to
the plan are at the discretion of management, but are limited to the amount deductible for federal income tax purposes. The Company
made contributions to the plan of $6,023 and $0 during the years ended December 31, 2015 and 2014, respectively.</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company also sponsors a defined contribution
plan which covers substantially all employees in the United Kingdom.&#160;&#160;Employer contributions to the plan are at the discretion
of management.&#160;&#160;The Company's contribution expense for discretionary contributions were $3,566 and $5,173 for the year
ended December 31, 2015 and 2014, respectively.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of an entity's employee compensation and benefit plans, excluding share-based compensation and including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, life insurance, severance, health care, unemployment and other benefit plans.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14. Subsequent Event<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_Note14.SubsequentEventAbstract', window );"><strong>Note 14. Subsequent Event</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">14. Subsequent Event</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 11, 2016, the Company&#146;s Board
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of record as of January 21, 2016.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6783802064">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2. Summary of Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We consider all highly liquid investments with
an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are carried
at cost, which approximates fair value.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company places its cash and cash equivalents
on deposit with financial institutions in the United States, Canada, and Europe. The Federal Deposit Insurance Corporation (FDIC)
covers $250,000 for substantially all depository accounts in the United States.&#160;&#160;The Company from time to time may have
amounts on deposit in excess of the insured limits. As of December 31, 2015, the Company had $3,564,307 which exceeds the insured
amounts in the United States.&#160;&#160;The Company also had cash of $184,233 in Europe, and $8,381 in Canada on hand at December
31, 2015.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We recognize revenue in accordance with SEC Staff
Accounting Bulletin&#160;No.&#160;104, &#147;Revenue Recognition,&#148; which requires that: (i)&#160;persuasive evidence of
an arrangement exists, (ii)&#160;delivery has occurred or services have been rendered, (iii)&#160;the sales price is fixed or determinable,
and (iv)&#160;collectability is reasonably assured. We recognize revenue when services are rendered and/or delivered, where collectability
is probable. Deferred revenue primarily consists of advanced billings for annual service contracts, and is recognized throughout
the year as the services are performed.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Fixed Assets</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fixed
assets are recorded at cost and depreciated over the estimated useful lives of the assets using principally the straight-line method.
When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and proceeds
realized thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized.
The range of estimated useful lives used to calculate depreciation for principal items of property and equipment are as follow:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<tr style="vertical-align: top; background-color: white">
    <td><font style="font-size: 8pt">Computer equipment </font></td>
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    <td style="text-align: center"><font style="font-size: 8pt">3 years</font></td></tr>
<tr style="vertical-align: top; background-color: #CCEEFF">
    <td><font style="font-size: 8pt">Furniture &#38; fixtures</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 8pt">3 to 7 years</font></td></tr>
<tr style="vertical-align: top; background-color: white">
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</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings per Share</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We calculate earnings per share in accordance
with Financial Accounting Standards Board (FASB) ASC No. 260 &#150; EPS, which requires that basic net income per common share
be computed by dividing net income for the period by the weighted average number of common shares outstanding during the period.
Diluted net income per share is computed by dividing the net income for the period by the weighted average number of common and
dilutive common equivalent shares outstanding during the period.&#160;&#160;Shares issuable upon the exercise of stock options
and restricted stock units totaling 211,250 and 218,750 were excluded in the computation of diluted earnings per common share during
the year ended December 31, 2015 and 2014, respectively, because their impact was anti-dilutive.&#160;&#160;As of December 31,
2014, 417,712 shares associated with the conversion feature on the convertible note outstanding were excluded from the calculation
of diluted earnings per share as the impact was anti-dilutive.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Reclassifications', window );">Reclassifications</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has reclassified certain amounts
as previously reported as general and administrative expenses to product development expenses, in order to conform to current year
presentation.&#160;&#160;This reclassification has no impact on revenue, net income, assets, liabilities, shareholders&#146; equity,
or earnings per share.&#160;In particular, the Company is now presenting product development cost as a separate line on the consolidated
statement of operations, whereas they were previously included in general and administrative expenses.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PremiumsReceivableAllowanceForDoubtfulAccountsEstimationMethodologyPolicy', window );">Allowance for Doubtful Accounts</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We provide an allowance for doubtful accounts,
which is based upon a review of outstanding receivables as well as historical collection information. Credit is granted on an unsecured
basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions. The allowance
is made up of specific reserves, as deemed necessary, on client account balances, and a reserve based on our historical experience.&#160;&#160;The
following is a summary of our allowance for doubtful accounts during the years ended December 31, 2015 and 2014:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%"><font style="font-size: 8pt">$</font></td>
    <td style="width: 8%; text-align: right"><font style="font-size: 8pt">460,564</font></td>
    <td nowrap="nowrap" style="width: 1%">&#160;</td>
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    <td style="width: 1%"><font style="font-size: 8pt">$</font></td>
    <td style="width: 8%; text-align: right"><font style="font-size: 8pt">429,509</font></td>
    <td nowrap="nowrap" style="width: 1%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><font style="font-size: 8pt">Bad debt expense</font></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">169,020</font></td>
    <td nowrap="nowrap">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">275,657</font></td>
    <td nowrap="nowrap">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Write-offs</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(232,700 </font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(244,602 </font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 3pt"><font style="font-size: 8pt">Ending balance</font></td>
    <td style="padding-bottom: 3pt; text-align: right">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">396,884</font></td>
    <td nowrap="nowrap" style="padding-bottom: 3pt">&#160;</td>
    <td style="padding-bottom: 3pt; text-align: right">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">460,564</font></td>
    <td nowrap="nowrap" style="padding-bottom: 3pt">&#160;</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The preparation of financial statements in conformity
with accounting principles generally accepted in the United States (&#147;US GAAP&#148;) requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant
estimates include the allowance for doubtful accounts and the valuation of goodwill, intangible assets, deferred tax assets, and
stock based compensation.&#160;&#160;Actual results could differ from those estimates.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We comply with the FASB ASC No. 740 &#150; Income
Taxes which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax
assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that
will result in future taxable or deductible amounts based on enacted tax laws and rates applicable to the periods in which the
differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income
tax assets to the amounts expected to be realized.&#160;&#160;For any uncertain tax positions, we recognize the impact of a tax
position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position.
Our policy regarding the classification of interest and penalties is to classify them as income tax expense in our financial statements,
if applicable.&#160;&#160;At the end of each interim period, we estimate the effective tax rate we expect to be applicable for
the full year and this rate is applied to our results for the interim year-to-date period and then adjusted for any discrete period
items.&#160;&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InternalUseSoftwarePolicy', window );">Capitalized Software</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with FASB ASC No. 350 &#150; Intangibles
&#150; Goodwill and Other, costs incurred to develop our cloud-based platform products and disclosure management system components
are capitalized when the preliminary project phase is complete, management commits to fund the project and it is probable the project
will be completed and used for its intended purposes. Once the software is substantially complete and ready for its intended use,
the software is amortized over its estimated useful life.&#160;&#160;Costs related to design or maintenance of the software are
expensed as incurred.&#160;&#160;&#160;During the year ended December 31, 2015, the Company capitalized $749,095 of software development
costs. Included in this amount was $195,411 related to stock-based compensation and $100,000 related to the purchase of a cloud-based
reporting platform from Xselus, LLC. The Company recorded amortization expense of $25,133 on software that was placed in service
during the year, which is included in Cost of services on the Consolidated Statements of Income for the year ended December 31,
2015.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock', window );">Impairment of Long-lived Assets</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with the authoritative guidance
for accounting for long-lived assets, assets such as property and equipment, trademarks, and intangible assets subject to amortization,
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may
not be recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of an
asset group to estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of
an asset group exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying
amount of an asset group exceeds fair value of the asset group.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurements</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2015 and 2014, we do not have
any financial assets or liabilities that are required to be, or that we elected to measure, at fair value.&#160;&#160;We believe
that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, our line of
credit, notes payable, and accounts payable approximate their carrying amounts.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Stock-based compensation</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We account for stock-based compensation under
FASB ASC No. 718 &#150; Compensation &#150; Stock Compensation. The authoritative guidance for stock compensation requires that
companies estimate the fair value of share-based payment awards on the date of the grant using an option-pricing model. The cost
is to be recognized over the period during which an employee is required to provide service in exchange for the award. The authoritative
guidance for stock compensation also requires the benefit of tax deductions in excess of recognized compensation expense to be
reported as a financing cash flow, rather than as an operating cash flow as prescribed under previous accounting rules. This requirement
reduces net operating cash flows and increases net financing cash flows in periods subsequent to adoption, only if excess tax benefits
exist.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock', window );">Translation of Foreign Financial Statements</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The financial statements of the foreign subsidiaries
of the Company have been translated into U.S. dollars.&#160;&#160;All assets and liabilities have been translated at current rates
of exchange in effect at the end of the period.&#160;&#160;Income and expense items have been translated at the average exchange
rates for the year or the applicable interim period.&#160;&#160;The gains or losses that result from this process are recorded
as a separate component of other accumulated comprehensive income (loss) until the entity is sold or substantially liquidated.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock', window );">Comprehensive Income</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Comprehensive income consists of net income and
other comprehensive income related to changes in the cumulative foreign currency translation adjustment.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationsPolicy', window );">Business Combinations, Goodwill and Intangible Assets</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We account for business combinations under FASB
ASC No. 805 &#150; Business Combinations and the related acquired intangible assets and goodwill under FASB ASC No. 350 &#150;
Intangibles &#150; Goodwill and Other. The authoritative guidance for business combinations specifies the criteria for recognizing
and reporting intangible assets apart from goodwill. We record the assets acquired and liabilities assumed in business combinations
at their respective fair values at the date of acquisition, with any excess purchase price recorded as goodwill. Goodwill is an
asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually
identified and separately recognized. Intangible assets consist of client relationships, customer lists, software, technology and
trademarks that are initially measured at fair value.&#160;&#160;At the time of the business combination the trademarks were considered
an indefinite-lived asset and, as such, were not amortized as there was no foreseeable limit to cash flows generated from them.
The goodwill and intangible assets are assessed annually for impairment, or whenever conditions indicate the asset may be impaired,
and any such impairment will be recognized in the period identified. The client relationships, customer lists, software and technology
are amortized over their estimated useful lives.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvertisingCostsPolicyTextBlock', window );">Advertising</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company expenses advertising as incurred,
except for direct-response advertising, which is capitalized and amortized over its expected period of future benefits.&#160;&#160;Advertising
expense totaled $174,094 and $603,895, during the years ended December 31, 2015 and 2014, respectively.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Newly Adopted Accounting Pronouncements</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 20, 2015, the FASB issued Accounting
Standards Update (&#147;ASU&#148;) 2015-17 (&#34;ASU 2015-17&#148;), Balance Sheet Classification of Deferred Taxes, which
requires that all deferred tax assets and liabilities, along with any related valuation allowance, in each jurisdiction be classified
as noncurrent on the balance sheet. For public business entities, ASU 2015-17 is effective for financial statements issued for
annual periods beginning after December 15, 2016, and interim periods within those annual periods but may be early adopted. ASU
2015-17 may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying
the comparative balance sheets). The Company has elected to early adopt ASU 2015-17, on a prospective basis, as of December 31,
2015.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_RecentAccountingPronouncementsPolicyTextBlock', window );">Recent Accounting Pronouncements</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB's new leases standard ASU 2016-02 Leases (Topic 842) was issued on February 25, 2016. ASU 2016-02 is intended to improve
financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as
real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred to as &#147;Lessees&#148;
to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization
is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of
cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information
about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets
and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement,
and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a
finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet
the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee
accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the
same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar
to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those
leases. The leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018.&#160;
Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal
years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of
the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application
to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large portfolio of leases are likely
to see a significant increase in balance sheet assets and liabilities. See Note 9 for the Company&#146;s current lease commitments.
The Company is currently in the process of evaluating the impact that this new leasing ASU will have on its financial statements.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB has issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments<i>.
</i>The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during
the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the
acquirer record, in the same period&#146;s financial statements, the effect on earnings of changes in depreciation, amortization,
or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been
completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement
or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded
in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendments
in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods
within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after
the effective date with earlier application permitted for financial statements that have not been issued. The Company does not
anticipate that ASU 2015-16 will have a significant impact on our financial statements.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB has issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#146;s Accounting
for Fees Paid in a Cloud Computing Arrangement.&#160; The amendments in ASU 2015-05 provide guidance to customers about whether
a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then
the customer should account for the software license element of the arrangement consistent with the acquisition of other software
licenses. If a cloud computing arrangement does not include a softwarelicense, the customer should account for the arrangement
as a service contract. The amendments do not change the accounting for a customer&#146;s accounting for service contracts. As
a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other
licenses of intangible assets.&#160; ASU 2015-05 is effective for public entities for annual periods, including interim periods
within those annual periods, beginning after December 15, 2015. The Company does not anticipate that ASU 2015-05 will have a significant
impact on our financial statements.</font></p>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB has issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement
Presentation by Eliminating the Concept of Extraordinary Items.&#160;&#160;The FASB issued this ASU as part of its initiative
to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate, and improve
areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information
provided to the users of financial statements.&#160;&#160;The amendments in ASU 2015-01 are effective for fiscal years, and interim
periods within those fiscal years, beginning after December 15, 2015.&#160;&#160;The Company does not anticipate that ASU 2015-01
will have a significant impact on our financial statements.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB has issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial
Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.&#160;&#160;The amendments in this ASU do not change
the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial
instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics
and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments
clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated
for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature
would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract
depends upon the economic characteristics and risks of the entire hybrid financial instrument.&#160;&#160;The amendments in this
ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2015. The Company does not anticipate that ASU 2014-16 will have a significant impact on our financial statements.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;The
FASB has issued ASU 2014-12, Compensation &#150; Stock Compensation (Topic 718): Accounting for Share-Based Payments When the
Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.&#160;&#160;The issue
is the result of a consensus of the FASB Emerging Issues Task Force (EITF).&#160;&#160;The amendments in the ASU require that
a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance
condition. A reporting entity should apply existing guidance in Topic 718, Compensation &#150; Stock Compensation, as it relates
to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected
in estimating the grant-date fair value of the award.&#160;&#160;Compensation cost should be recognized in the period in which
it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the
period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved
before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively
over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service
period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately
vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award
if the performance target is achieved.&#160;&#160;The amendments in this ASU are effective for annual periods and interim periods
within those annual periods beginning after December 15, 2015.&#160;&#160;The Company will apply the provisions of ASU 2014-12
to any future performance based stock awards, but does not anticipate that the impact will have a significant impact on our financial
statements.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">The
FASB has issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 requires revenue recognition to depict
the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services. ASU 2014-09 sets forth a new revenue recognition model that requires identifying
the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to
performance obligations and recognizing the revenue upon satisfaction of performance obligations. The amendments in the ASU can
be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially
applying the update recognized at the date of the initial application along with additional disclosures. The Company is currently
evaluating the impact of ASU 2014-09, which is currently effective for the Company in our year beginning on January 1, 2018.</font></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy.</p></div>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomePolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerSharePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerSharePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450520&amp;loc=d3e32583-110901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=51717228&amp;loc=d3e202-110218<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 5<br> -Section CC<br> -Subsection 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6423966&amp;loc=d3e40913-109327<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32247-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32280-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InternalUseSoftwarePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for costs incurred when both (1) the software is acquired, internally developed, or modified solely to meet the entity's internal needs, and (2) during the software's development or modification, no substantive plan exists or is being developed to market the software externally.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 50<br> -Section 25<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=16397303&amp;loc=d3e19379-109286<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 40<br> -Section 30<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6389767&amp;loc=d3e17916-109280<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InternalUseSoftwarePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PremiumsReceivableAllowanceForDoubtfulAccountsEstimationMethodologyPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for determining the estimated allowance for doubtful accounts for premium amounts due from policyholders, insureds, and other insurance entities. May include factors that management considered, such as historical loss experience and current economic and competitive conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 310<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6933075&amp;loc=SL5748726-161290<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5144-111524<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PremiumsReceivableAllowanceForDoubtfulAccountsEstimationMethodologyPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for classifying current financial statements, which may be different from classifications in the prior year's financial statements. Disclose any material changes in classification including an explanation of the reason for the change and the areas impacted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6061-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6143-108592<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6132-108592<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6735539744">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2. Summary of Significant Accounting Policies (Tables)<br></strong></div></th>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(244,602 </font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of credit losses for current financing receivables (such as trade and accounts receivable), including a rollforward of the balance.  An alternative caption includes allowance for doubtful accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=SL6953423-111524<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6774039104">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3. Fixed Assets (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property, Plant and Equipment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6619448272">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4. Goodwill and Intangible Assets (Tables)<br></strong></div></th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.</p></div>
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<tr class="re">
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<td class="text"><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6769555936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9. Commitments and Contingencies (Tables)<br></strong></div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6756514064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 10. Concentrations (Tables)<br></strong></div></th>
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</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13531-108611<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6442-108592<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6327-108592<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6404-108592<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11. Geographic Operating Information (Tables)<br></strong></div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6592172704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12. Income Taxes (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock', window );">Schedule of Components of Income Tax Expense (Benefit)</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current:</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 76%; text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Federal</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">257,098</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">631,129</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">State</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">47,256</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">97,186</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">193,055</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,278</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 20pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
    Current</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">497,409</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">719,037</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred:</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Federal</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(468,887</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(776,467</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">State</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(67,423</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(130,535</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 10pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(93,586</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(91,510</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 20pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
    Deferred</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(629,896</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(998,512</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
    benefit for income taxes</font></td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(132,487</font></td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(279,475</font></td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
</table>


<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock', window );">Schedule of Effective Income Tax Rate Reconciliation</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Percentage</b></font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Percentage</b></font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="width: 50%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Federal
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    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,113</font></td>
    <td nowrap="nowrap" style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(80,699</font></td>
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    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(34.0</font></td>
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<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">State tax rate</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,042</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(8.6</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(12,579</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(5.3</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Permanent difference&#160;&#160;-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">27,410</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">226.6</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">15,053</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: -4.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6.3</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Permanent difference&#160;&#160;-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,630</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: -4.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Permanent difference
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,888</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">73.4</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,935</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1.7</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Permanent items
    &#150; disallowed interest</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,433</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">251.6</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">62,185</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">26.2</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Provision to return</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(30,797</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(254.6</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(10,206</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4.3</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Change in unrecognized
    tax benefits</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">57,749</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">477.4</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Write-off of net
    operating losses</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">176,034</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,455.2</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign rate differential</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 8pt Times New Roman, Times, Serif">
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    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
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</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock', window );">Schedule of Deferred Tax Assets and Liabilities</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: #CCEEFF">
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</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock', window );">Schedule of Changes in the Balance of Unrecognized Tax Benefits</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the change in unrecognized tax benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 55<br> -Paragraph 217<br> -URI http://asc.fasb.org/extlink&amp;oid=51663037&amp;loc=d3e36027-109320<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6619496544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2. Summary of Significant Accounting Policies (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="rh">
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives', window );">Depreciation / Amortization Period</a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember', window );">Furniture &amp; fixtures</a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives', window );">Depreciation / Amortization Period</a></td>
<td class="text">3 to 7 years<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold Improvements</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives', window );">Depreciation / Amortization Period</a></td>
<td class="text">7 years or lesser of the lease term<span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Describes the periods of time over which an entity anticipates to receive utility from its property, plant and equipment (that is, the periods of time over which an entity allocates the initial cost of its property, plant and equipment).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 35<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=51661791&amp;loc=d3e1205-110223<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6771497248">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2. Summary of Significant Accounting Policies (Details 1) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_Note2.SummaryOfSignificantAccountingPoliciesTablesAbstract', window );"><strong>Note 2. Summary Of Significant Accounting Policies Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Beginning balance</a></td>
<td class="nump">$ 460,564<span></span>
</td>
<td class="nump">$ 429,509<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad Debt Expense</a></td>
<td class="nump">169,020<span></span>
</td>
<td class="nump">275,657<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs', window );">Write-offs</a></td>
<td class="num">(232,700)<span></span>
</td>
<td class="num">(244,602)<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Ending Balance</a></td>
<td class="nump">$ 396,884<span></span>
</td>
<td class="nump">$ 460,564<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5074-111524<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of direct write-downs of accounts receivable charged against the allowance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 310<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51673446&amp;loc=SL9156395-115594<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5074-111524<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6767678016">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 2. Summary of Significant Accounting Policies (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_Note2SummaryOfSignificantAccountingPoliciesDetailsNarrativeAbstract', window );"><strong>Note 2. Summary Of Significant Accounting Policies Details Narrative</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashUninsuredAmount', window );">Cash and cash equivalents in excess of FDIC insured amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 3,564,307<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive Securities Excluded from Computation of Earnings Per Share</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">211,250<span></span>
</td>
<td class="nump">218,750<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvertisingExpense', window );">Advertising expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 174,094<span></span>
</td>
<td class="nump">$ 603,895<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The Company also had cash of $184,233 in Europe, and $8,381 in Canada on hand at December 31, 2015.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_Note2SummaryOfSignificantAccountingPoliciesDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_Note2SummaryOfSignificantAccountingPoliciesDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdvertisingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 720<br> -SubTopic 35<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420018&amp;loc=d3e36677-107848<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdvertisingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Antidilution<br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Diluted Earnings Per Share<br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Contingent Stock Agreement<br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashUninsuredAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash as of the balance sheet date that is not insured by the Federal Deposit Insurance Corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashUninsuredAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6771632832">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 3. Fixed Assets (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property, Plant and Equipment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MachineryAndEquipmentGross', window );">Computers &amp; equipment</a></td>
<td class="nump">$ 185,495<span></span>
</td>
<td class="nump">$ 325,192<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FurnitureAndFixturesGross', window );">Furniture</a></td>
<td class="nump">159,018<span></span>
</td>
<td class="nump">123,652<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseholdImprovementsGross', window );">Leasehold improvements</a></td>
<td class="nump">93,781<span></span>
</td>
<td class="nump">54,708<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Total fixed assets, gross</a></td>
<td class="nump">438,294<span></span>
</td>
<td class="nump">503,552<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less: Accumulated depreciation</a></td>
<td class="num">(262,797)<span></span>
</td>
<td class="num">(358,168)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Total fixed assets, net</a></td>
<td class="nump">$ 175,497<span></span>
</td>
<td class="nump">$ 145,384<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FurnitureAndFixturesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation of equipment commonly used in offices and stores that have no permanent connection to the structure of a building or utilities. Examples include, but are not limited to, desks, chairs, tables, and bookcases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FurnitureAndFixturesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseholdImprovementsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation of additions or improvements to assets held under a lease arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseholdImprovementsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MachineryAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation of tangible personal property used to produce goods and services, including, but is not limited to, tools, dies and molds, computer and office equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MachineryAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6738694064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3. Fixed Assets (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_Note3.FurnitureEquipmentAndImprovementsDetailsNarrativeAbstract', window );"><strong>Note 3. Fixed Assets Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation expense</a></td>
<td class="nump">$ 79,399<span></span>
</td>
<td class="nump">$ 223,565<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_Note3.FurnitureEquipmentAndImprovementsDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_Note3.FurnitureEquipmentAndImprovementsDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>49
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6771510832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4. Goodwill and Other Intangible Assets (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract', window );"><strong>Allocation of intangible assets and goodwill:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 2,241,872<span></span>
</td>
<td class="nump">$ 2,241,872<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=ISDR_AccesswireMember', window );">Accesswire</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferred1', window );">Total Consideration</a></td>
<td class="nump">1,840,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract', window );"><strong>Allocation of intangible assets and goodwill:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Amortizable intangible assets</a></td>
<td class="nump">423,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedTrademarksGross', window );">Trademarks</a></td>
<td class="nump">232,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">1,185,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_TotalFairValueOfAccesswireIntangibleAssetsAndGoodwill', window );">Total fair value of Accesswire intangible assets and goodwill</a></td>
<td class="nump">$ 1,840,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_TotalFairValueOfAccesswireIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_TotalFairValueOfAccesswireIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationConsiderationTransferred1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6578-128477<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e6927-128479<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6613-128477<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationConsiderationTransferred1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedTrademarksGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross carrying amount before accumulated amortization as of the balance sheet date for the rights acquired through registration of a trademark to gain or protect exclusive use of a business name, symbol or other device or style for a specified period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedTrademarksGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=ISDR_AccesswireMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=ISDR_AccesswireMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>50
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6771500080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4. Goodwill and Other Intangible Assets (Details 1) - Accesswire<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Asset Amount</a></td>
<td class="nump">$ 423,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CustomerRelationshipsMember', window );">Client relationships</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Asset Amount</a></td>
<td class="nump">$ 242,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Useful Life (years)</a></td>
<td class="text">7 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_SoftwareLicenseArrangementMember', window );">Software</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Asset Amount</a></td>
<td class="nump">$ 181,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Useful Life (years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=ISDR_AccesswireMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=ISDR_AccesswireMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CustomerRelationshipsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CustomerRelationshipsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_SoftwareLicenseArrangementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_SoftwareLicenseArrangementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
<FILENAME>R38.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6772445728">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 4. Goodwill and Other Intangible Assets (Details 2) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
<td class="num">$ (2,512,704)<span></span>
</td>
<td class="num">$ (1,517,366)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CustomerListsMember', window );">Customer list</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross Carrying Amount</a></td>
<td class="nump">1,770,000<span></span>
</td>
<td class="nump">1,770,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
<td class="num">(1,408,920)<span></span>
</td>
<td class="num">(891,585)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetIncludingGoodwill', window );">Net Carrying Amount</a></td>
<td class="nump">361,080<span></span>
</td>
<td class="nump">878,415<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CustomerRelationshipsMember', window );">Client relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross Carrying Amount</a></td>
<td class="nump">1,747,000<span></span>
</td>
<td class="nump">1,747,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
<td class="num">(564,810)<span></span>
</td>
<td class="num">(318,809)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetIncludingGoodwill', window );">Net Carrying Amount</a></td>
<td class="nump">1,182,190<span></span>
</td>
<td class="nump">1,428,191<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember', window );">Proprietary software</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross Carrying Amount</a></td>
<td class="nump">782,000<span></span>
</td>
<td class="nump">782,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
<td class="num">(526,508)<span></span>
</td>
<td class="num">(306,972)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetIncludingGoodwill', window );">Net Carrying Amount</a></td>
<td class="nump">255,492<span></span>
</td>
<td class="nump">475,028<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=ISDR_TrademarksDefiniteMember', window );">Trademarks - definite-lived [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross Carrying Amount</a></td>
<td class="nump">173,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
<td class="num">(12,466)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetIncludingGoodwill', window );">Net Carrying Amount</a></td>
<td class="nump">160,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TrademarksMember', window );">Trademarks [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross Carrying Amount</a></td>
<td class="nump">232,000<span></span>
</td>
<td class="nump">952,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetIncludingGoodwill', window );">Net Carrying Amount</a></td>
<td class="nump">232,000<span></span>
</td>
<td class="nump">952,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=ISDR_TotalIntangibleAssetsMember', window );">Total Intangible Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross Carrying Amount</a></td>
<td class="nump">4,704,000<span></span>
</td>
<td class="nump">5,251,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
<td class="num">(2,512,704)<span></span>
</td>
<td class="num">(1,517,366)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetIncludingGoodwill', window );">Net Carrying Amount</a></td>
<td class="nump">$ 2,191,296<span></span>
</td>
<td class="nump">$ 3,733,634<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of finite-lived intangible assets, indefinite-lived intangible assets and goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets are assets, not including financial assets, lacking physical substance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IntangibleAssetsNetIncludingGoodwill</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CustomerListsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CustomerRelationshipsMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=ISDR_TrademarksDefiniteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TrademarksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=ISDR_TotalIntangibleAssetsMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6619530544">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 4. Goodwill and Other Intangible Assets (Details 3)<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_Note4.GoodwillAndOtherIntangibleAssetsTablesAbstract', window );"><strong>Note 4. Goodwill And Other Intangible Assets Details 3</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths', window );">2016</a></td>
<td class="nump">$ 811,079<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo', window );">2017</a></td>
<td class="nump">332,964<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree', window );">2018</a></td>
<td class="nump">322,733<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour', window );">2019</a></td>
<td class="nump">286,042<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive', window );">2020</a></td>
<td class="nump">178,599<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive', window );">Thereafter</a></td>
<td class="nump">27,879<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsNet', window );">Total</a></td>
<td class="nump">$ 1,959,296<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_Note4.GoodwillAndOtherIntangibleAssetsTablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_Note4.GoodwillAndOtherIntangibleAssetsTablesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6768774752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4. Goodwill and Other Intangible Assets (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="nump">$ 995,338<span></span>
</td>
<td class="nump">$ 934,495<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6758781584">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 5. Line of Credit (Details Narrative)<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line Of Credit, Maximum Borrowing Capacity</a></td>
<td class="nump">$ 2,000,000<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd', window );">Line of Credit Facility, Interest Rate at Period End</a></td>
<td class="nump">3.42%<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Line Of Credit</a></td>
<td class="nump">$ 0<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.16)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.16)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 19, 20, 22<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effective interest rate at the end of the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6751168288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6. Note Payable (Related Party) (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashExpense', window );">Non-cash interest expense on related party note</a></td>
<td class="nump">$ 535,397<span></span>
</td>
<td class="nump">$ 1,541,065<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_InterestPaidInCashOnRelatedPartyNote', window );">Interest paid in cash on related party note</a></td>
<td class="nump">$ 85,870<span></span>
</td>
<td class="nump">$ 167,742<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ISDR_RedOakMember', window );">Red Oak</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionDescriptionOfTransaction', window );">Related party transaction</a></td>
<td class="text"><p><font style="font: 8pt Times New Roman, Times, Serif">On November 12, 2014, Red Oak converted $833,327 of principal and $23,369
of accrued interest payable on the 8% Note into 214,710 shares of the Company's common stock at the conversion price of $3.99.
Following this transaction, the principal balance of the note was $1,666,673. As a result of this transaction, the company recorded
$323,250 of non-cash interest expense due to the acceleration of debt discount on the portion of the 8% Note that was converted.</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_InterestPaidInCashOnRelatedPartyNote</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNoncashExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6452652&amp;loc=d3e36975-112693<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.10,11,23)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph b<br> -Article 3A<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph k<br> -Subparagraph 2<br> -Article 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionDescriptionOfTransaction</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ISDR_RedOakMember</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6769525536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7. Equity (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Cash dividends paid</a></td>
<td class="nump">$ 83,101<span></span>
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<td class="nump">$ 0<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</head>
<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6776950416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8. Stock Options and Restricted Stock Units (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Beginning</a></td>
<td class="nump">258,171<span></span>
</td>
<td class="nump">280,836<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Number of Options Granted</a></td>
<td class="nump">10,000<span></span>
</td>
<td class="nump">54,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NumberOfOptionsExercised', window );">Number of Options Exercised</a></td>
<td class="num">(20,671)<span></span>
</td>
<td class="num">(76,665)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Number of Options Forfeited</a></td>
<td class="num">(1,500)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">246,000<span></span>
</td>
<td class="nump">258,171<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_RangeOfExercisePriceOptionsOutstandingBeginning', window );">Range of Exercise Price Options Outstanding, Beginning</a></td>
<td class="text">0.01 - $13.49<span></span>
</td>
<td class="text">0.01 - $8.25<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_RangeOfExercisePriceOptionsGranted', window );">Range of Exercise Price Options Granted</a></td>
<td class="text">6.80<span></span>
</td>
<td class="text">9.26 - $13.49<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_RangeOfExercisePriceOptionsExercised', window );">Range of Exercise Price Options Exercised</a></td>
<td class="text">0.01 - $2.81<span></span>
</td>
<td class="text">0.01 - $7.76<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_RangeOfExercisePriceOptionsForfeited', window );">Range of Exercise Price Options Forfeited</a></td>
<td class="text">9.26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_RangeOfExercisePriceOptionsOutstandingEnding', window );">Range of Exercise Price Options Outstanding, Ending</a></td>
<td class="text">0.01 - $13.49<span></span>
</td>
<td class="text">0.01 - $13.49<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Outstanding, Beginning</a></td>
<td class="nump">$ 7.32<span></span>
</td>
<td class="nump">$ 4.97<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Granted</a></td>
<td class="nump">6.80<span></span>
</td>
<td class="nump">12.39<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Exercised</a></td>
<td class="nump">2.55<span></span>
</td>
<td class="nump">2.23<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Forfeited</a></td>
<td class="nump">9.26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Outstanding, Ending</a></td>
<td class="nump">$ 7.69<span></span>
</td>
<td class="nump">$ 7.32<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue', window );">Aggregate Intrinsic Value Outstanding, Beginning</a></td>
<td class="nump">$ 608,570<span></span>
</td>
<td class="nump">$ 1,340,684<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue', window );">Aggregate Intrinsic Value Granted</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue', window );">Aggregate Intrinsic Value Exercised</a></td>
<td class="nump">$ 106,868<span></span>
</td>
<td class="nump">$ 646,266<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue', window );">Aggregate Intrinsic Value Forfeited</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue', window );">Aggregate Intrinsic Value Outstanding, Ending</a></td>
<td class="nump">$ 187,798<span></span>
</td>
<td class="nump">$ 608,570<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_NotesToFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_NotesToFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_NumberOfOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Custom Element.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_NumberOfOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_RangeOfExercisePriceOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_RangeOfExercisePriceOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_RangeOfExercisePriceOptionsForfeited">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_RangeOfExercisePriceOptionsForfeited</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_RangeOfExercisePriceOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_RangeOfExercisePriceOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_RangeOfExercisePriceOptionsOutstandingBeginning">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_RangeOfExercisePriceOptionsOutstandingBeginning</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_RangeOfExercisePriceOptionsOutstandingEnding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_RangeOfExercisePriceOptionsOutstandingEnding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated difference between fair value of underlying shares on dates of exercise and exercise price on options exercised (or share units converted) into shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price of options that were either forfeited or expired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)-(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The combined weighted average of the accumulated differences between the fair values on underlying shares and exercises prices to acquire such shares as of the grant date on options that were either forfeited or lapsed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The grant-date intrinsic value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount by which the current fair value of the underlying stock exceeds the exercise price of fully vested and expected to vest options outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>58
<FILENAME>R45.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6783393088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8. Stock Options and Restricted Stock Units (Details 1)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2015 </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">246,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption1Member', window );">Option 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_ExercisePriceRange', window );">Exercise Price Range</a></td>
<td class="text">0.01 - $1.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">19,700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted Average Exercise Price | $ / shares</a></td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Life (in Years)</a></td>
<td class="text">6 years 22 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Number of Options Exercisable</a></td>
<td class="nump">19,700<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption2Member', window );">Option 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_ExercisePriceRange', window );">Exercise Price Range</a></td>
<td class="text">1.01 - $2.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">4,550<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted Average Exercise Price | $ / shares</a></td>
<td class="nump">$ 1.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Life (in Years)</a></td>
<td class="text">5 years 4 months 24 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Number of Options Exercisable</a></td>
<td class="nump">4,550<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption3Member', window );">Option 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_ExercisePriceRange', window );">Exercise Price Range</a></td>
<td class="text">2.01 - $3.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">6,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted Average Exercise Price | $ / shares</a></td>
<td class="nump">$ 2.65<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Life (in Years)</a></td>
<td class="text">2 years 2 months 23 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Number of Options Exercisable</a></td>
<td class="nump">1,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption4Member', window );">Option 4</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_ExercisePriceRange', window );">Exercise Price Range</a></td>
<td class="text">3.01 - $4.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">14,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted Average Exercise Price | $ / shares</a></td>
<td class="nump">$ 3.33<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Life (in Years)</a></td>
<td class="text">6 years 3 months<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Number of Options Exercisable</a></td>
<td class="nump">14,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption5Member', window );">Option 5</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_ExercisePriceRange', window );">Exercise Price Range</a></td>
<td class="text">4.01 - $8.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">108,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted Average Exercise Price | $ / shares</a></td>
<td class="nump">$ 7.67<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Life (in Years)</a></td>
<td class="text">5 years 8 months 27 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Number of Options Exercisable</a></td>
<td class="nump">55,001<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption6Member', window );">Option 6</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_ExercisePriceRange', window );">Exercise Price Range</a></td>
<td class="text">8.01 - $9.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">40,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted Average Exercise Price | $ / shares</a></td>
<td class="nump">$ 8.25<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Life (in Years)</a></td>
<td class="text">2 years 7 months 20 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Number of Options Exercisable</a></td>
<td class="nump">25,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption7Member', window );">Option 7</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_ExercisePriceRange', window );">Exercise Price Range</a></td>
<td class="text">9.01 - $10.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">12,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted Average Exercise Price | $ / shares</a></td>
<td class="nump">$ 9.26<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Life (in Years)</a></td>
<td class="text">8 years 11 months 26 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Number of Options Exercisable</a></td>
<td class="nump">3,125<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption8Member', window );">Option 8</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_ExercisePriceRange', window );">Exercise Price Range</a></td>
<td class="text">10.01-$13.49<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">40,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted Average Exercise Price | $ / shares</a></td>
<td class="nump">$ 13.49<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Life (in Years)</a></td>
<td class="text">3 years 2 months 8 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Number of Options Exercisable</a></td>
<td class="nump">17,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_TotalMember', window );">Total</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending</a></td>
<td class="nump">246,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted Average Exercise Price | $ / shares</a></td>
<td class="nump">$ 7.69<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Life (in Years)</a></td>
<td class="text">4 years 11 months 8 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Number of Options Exercisable</a></td>
<td class="nump">140,376<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_ExercisePriceRange">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_ExercisePriceRange</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption3Member</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption6Member">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption6Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption7Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption8Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_StockOption8Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_TotalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=ISDR_TotalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
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<td><strong> Period Type:</strong></td>
<td></td>
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<head>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6733308224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8. Stock Options and Restricted Stock Units (Details 2)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate', window );">Expected dividend yield</a></td>
<td class="nump">1.76%<span></span>
</td>
<td class="nump">0.33%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Expected stock price volatility</a></td>
<td class="nump">158.00%<span></span>
</td>
<td class="nump">161.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate', window );">Weighted-average risk-free interest rate</a></td>
<td class="nump">1.84%<span></span>
</td>
<td class="nump">1.32%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1', window );">Weighted-average expected life of options (in years)</a></td>
<td class="text">5 years 11 months 19 days<span></span>
</td>
<td class="text">4 years 6 months<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_NotesToFinancialStatementsAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The risk-free interest rate assumption that is used in valuing an option on its own shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iv)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 14.D.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br> -Section D<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>60
<FILENAME>R47.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6769785536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8. Stock Options and Restricted Stock Units (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_Note5.StockOptionsDetailsNarrativeAbstract', window );"><strong>Note 8. Stock Options And Restricted Stock Units Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions', window );">Unrecognized Compensation Expense, Options</a></td>
<td class="nump">$ 754,288<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions', window );">Unrecognized Compensation Expense, Restricted Stock Units</a></td>
<td class="nump">641,840<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockOptionPlanExpense', window );">Stock Options and Restricted Stock Units Expense</a></td>
<td class="nump">$ 485,498<span></span>
</td>
<td class="nump">$ 360,865<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_Note5.StockOptionsDetailsNarrativeAbstract</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based awards, other than options, awarded to employees as compensation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested options awarded to employees as compensation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6760930320">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 9. Commitments and Contingencies (Details)<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent', window );">2016</a></td>
<td class="nump">$ 136,789<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears', window );">2017</a></td>
<td class="nump">153,337<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears', window );">2018</a></td>
<td class="nump">157,994<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears', window );">2019</a></td>
<td class="nump">134,896<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue', window );">Total</a></td>
<td class="nump">$ 583,016<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6584063104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9. Commitments and Contingencies (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_Note9.CommitmentsAndContingenciesDetailsNarrativeAbstract', window );"><strong>Note 9. Commitments And Contingencies Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseAndRentalExpense', window );">Rent expense</a></td>
<td class="nump">$ 203,953<span></span>
</td>
<td class="nump">$ 417,903<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_Note9.CommitmentsAndContingenciesDetailsNarrativeAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseAndRentalExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseAndRentalExpense</td>
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<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td>debit</td>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6771737632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 10. Concentrations (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Percentage of revenue from various revenue streams</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Amont of revenue from various revenue streams</a></td>
<td class="nump">$ 11,619,883<span></span>
</td>
<td class="nump">$ 13,629,684<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByTypeAxis=ISDR_DisclosureManagementMember', window );">Disclosure management</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Percentage of revenue from various revenue streams</a></td>
<td class="nump">22.10%<span></span>
</td>
<td class="nump">23.60%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Amont of revenue from various revenue streams</a></td>
<td class="nump">$ 2,569,415<span></span>
</td>
<td class="nump">$ 3,209,298<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByTypeAxis=ISDR_ShareholderCommunicationsMember', window );">Shareholder communications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Percentage of revenue from various revenue streams</a></td>
<td class="nump">68.40%<span></span>
</td>
<td class="nump">68.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Amont of revenue from various revenue streams</a></td>
<td class="nump">$ 7,942,421<span></span>
</td>
<td class="nump">$ 9,274,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByTypeAxis=ISDR_PlatformAndTechnologyMember', window );">Platform &amp; Technology</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Percentage of revenue from various revenue streams</a></td>
<td class="nump">9.50%<span></span>
</td>
<td class="nump">8.40%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Amont of revenue from various revenue streams</a></td>
<td class="nump">$ 1,108,047<span></span>
</td>
<td class="nump">$ 1,146,186<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=ISDR_DisclosureManagementMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=ISDR_ShareholderCommunicationsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=ISDR_PlatformAndTechnologyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=ISDR_PlatformAndTechnologyMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6752134912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11. Geographic Operating Information (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">$ 11,619,883<span></span>
</td>
<td class="nump">$ 13,629,684<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=us-gaap_NorthAmericaMember', window );">North America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">9,520,523<span></span>
</td>
<td class="nump">10,721,520<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=us-gaap_EuropeMember', window );">Europe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">$ 2,099,360<span></span>
</td>
<td class="nump">$ 2,908,164<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6783407392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12. Income Taxes (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract', window );"><strong>Current:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentFederalTaxExpenseBenefit', window );">Federal</a></td>
<td class="nump">$ 257,098<span></span>
</td>
<td class="nump">$ 631,129<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentStateAndLocalTaxExpenseBenefit', window );">State</a></td>
<td class="nump">47,256<span></span>
</td>
<td class="nump">97,186<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentForeignTaxExpenseBenefit', window );">Foreign</a></td>
<td class="nump">193,055<span></span>
</td>
<td class="num">(9,278)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefit', window );">Total Current</a></td>
<td class="nump">497,409<span></span>
</td>
<td class="nump">719,037<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxesAbstract', window );"><strong>Deferred:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit', window );">Federal</a></td>
<td class="num">(468,887)<span></span>
</td>
<td class="num">(776,467)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit', window );">State</a></td>
<td class="num">(67,423)<span></span>
</td>
<td class="num">(130,535)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredForeignIncomeTaxExpenseBenefit', window );">Foreign</a></td>
<td class="num">(93,586)<span></span>
</td>
<td class="num">(91,510)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxesAndTaxCredits', window );">Total Deferred</a></td>
<td class="num">(629,896)<span></span>
</td>
<td class="num">(998,512)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Total provision (benefit) for income taxes</a></td>
<td class="num">$ (132,487)<span></span>
</td>
<td class="num">$ (279,475)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Paragraph Question 1-7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentFederalTaxExpenseBenefit</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current foreign income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentForeignTaxExpenseBenefit</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefit</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentStateAndLocalTaxExpenseBenefit</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFederalIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredForeignIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred foreign income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredForeignIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxesAndTaxCredits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) and income tax credits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 20<br> -Section 55<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=32706628&amp;loc=d3e11374-113907<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxesAndTaxCredits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6776758160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12. Income Taxes (Details 1) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Federal statutory tax rate</a></td>
<td class="nump">34.00%<span></span>
</td>
<td class="num">(34.00%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate', window );">Federal statutory tax rate, amount</a></td>
<td class="nump">$ 4,113<span></span>
</td>
<td class="num">$ (80,699)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes', window );">State tax rate</a></td>
<td class="num">(8.60%)<span></span>
</td>
<td class="num">(5.30%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes', window );">State tax rate, amount</a></td>
<td class="num">$ (1,042)<span></span>
</td>
<td class="num">$ (12,579)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_PermanentDifferenceStockbasedCompensation', window );">Permanent difference - stock-based compensation</a></td>
<td class="nump">226.60%<span></span>
</td>
<td class="nump">6.30%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost', window );">Permanent difference - stock-based compensation, amount</a></td>
<td class="nump">$ 27,410<span></span>
</td>
<td class="nump">$ 15,053<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_PermanentDifferenceTransactionCosts', window );">Permanent difference - transaction costs</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">4.90%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_IncomeTaxReconciliationNondeductibleExpenseTransactionCosts', window );">Permanent difference - transaction costs, amount</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 11,630<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther', window );">Permanent difference - other</a></td>
<td class="nump">73.40%<span></span>
</td>
<td class="nump">1.70%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther', window );">Permanent difference - other, amount</a></td>
<td class="nump">$ 8,888<span></span>
</td>
<td class="nump">$ 3,935<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense', window );">Permanent items - disallowed interest</a></td>
<td class="nump">251.60%<span></span>
</td>
<td class="nump">26.20%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_IncomeTaxReconciliationNondeductibleExpenseDisallowedInterest', window );">Permanent items - disallowed interest, amount</a></td>
<td class="nump">$ 30,433<span></span>
</td>
<td class="nump">$ 62,185<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes', window );">Provision to return</a></td>
<td class="num">(254.60%)<span></span>
</td>
<td class="num">(4.30%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes', window );">Provision to return, amount</a></td>
<td class="nump">$ 30,797<span></span>
</td>
<td class="num">$ (10,206)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefit', window );">Change in unrecognized tax benefits</a></td>
<td class="nump">477.40%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_IncomeTaxReconciliationChangeInUnrecognizedTaxBenefits', window );">Change in unrecognized tax benefits, amount</a></td>
<td class="nump">$ 57,749<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_EffectiveIncomeTaxRateReconciliationWriteOffofNetOperatingLosses', window );">Write-off of net operating losses</a></td>
<td class="nump">1455.20%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_IncomeTaxReconciliationWriteoffOfNetOperatingLosses', window );">Write-off of net operating losses, amount</a></td>
<td class="nump">$ 176,034<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential', window );">Foreign rate differential</a></td>
<td class="num">(273.10%)<span></span>
</td>
<td class="num">(26.60%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential', window );">Foreign rate differential, amount</a></td>
<td class="num">$ (33,032)<span></span>
</td>
<td class="num">$ (63,013)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment', window );">Research and development credit</a></td>
<td class="num">(228.30%)<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment', window );">Research and development credit, amount</a></td>
<td class="num">$ (27,623)<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate', window );">UK rate change</a></td>
<td class="num">(32.20%)<span></span>
</td>
<td class="num">(9.80%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_EffectiveIncomeTaxRateReconciliationUKIncomeTaxRateDifferential', window );">UK rate change, amount</a></td>
<td class="num">$ (3,898)<span></span>
</td>
<td class="num">$ (23,260)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments', window );">Other</a></td>
<td class="nump">121.80%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationDeductionsOther', window );">Other, amount</a></td>
<td class="nump">$ 14,738<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_EffectiveTaxRateBeforeValuationAllowance', window );">Subtotal</a></td>
<td class="nump">1843.20%<span></span>
</td>
<td class="num">(40.90%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_IncomeTaxExpenseBenefitBeforeValuationAllowance', window );">Subtotal, amount</a></td>
<td class="nump">$ 222,973<span></span>
</td>
<td class="num">$ (96,954)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance', window );">Change in valuation allowance</a></td>
<td class="num">(2938.40%)<span></span>
</td>
<td class="num">(76.90%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance', window );">Change in valuation allowance, amount</a></td>
<td class="num">$ (355,460)<span></span>
</td>
<td class="num">$ (182,521)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations', window );">Total</a></td>
<td class="num">(1095.20%)<span></span>
</td>
<td class="num">(117.80%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Total, amount</a></td>
<td class="num">$ (132,487)<span></span>
</td>
<td class="num">$ (279,475)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_EffectiveIncomeTaxRateReconciliationUKIncomeTaxRateDifferential">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_EffectiveIncomeTaxRateReconciliationUKIncomeTaxRateDifferential</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_EffectiveIncomeTaxRateReconciliationWriteOffofNetOperatingLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_EffectiveIncomeTaxRateReconciliationWriteOffofNetOperatingLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_EffectiveTaxRateBeforeValuationAllowance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_EffectiveTaxRateBeforeValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_IncomeTaxExpenseBenefitBeforeValuationAllowance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_IncomeTaxExpenseBenefitBeforeValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_IncomeTaxReconciliationChangeInUnrecognizedTaxBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_IncomeTaxReconciliationChangeInUnrecognizedTaxBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_IncomeTaxReconciliationNondeductibleExpenseDisallowedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_IncomeTaxReconciliationNondeductibleExpenseDisallowedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_IncomeTaxReconciliationNondeductibleExpenseTransactionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_IncomeTaxReconciliationNondeductibleExpenseTransactionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_IncomeTaxReconciliationWriteoffOfNetOperatingLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_IncomeTaxReconciliationWriteoffOfNetOperatingLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_PermanentDifferenceStockbasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_PermanentDifferenceStockbasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ISDR_PermanentDifferenceTransactionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_PermanentDifferenceTransactionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ISDR_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the valuation allowance for deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the income tax rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to statutory income tax expense (benefit) outside of the country of domicile.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to nondeductible expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other nondeductible expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to research and development expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to revisions of previously reported income tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to state and local income tax expense (benefit), net of federal tax expense (benefit).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to increase (decrease) in the valuation allowance for deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32123-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other deductions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationDeductionsOther</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to foreign income tax expense (benefit).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph h<br> -Subparagraph 1<br> -Article 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph h<br> -Subparagraph 2<br> -Article 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other nondeductible expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to nondeductible research and development expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to nondeductible equity-based compensation costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to revisions of previously reported income tax expense (benefit).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to state and local income tax expense (benefit).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph h<br> -Subparagraph 1<br> -Article 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6783304000">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 12. Income Taxes (Details 2) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards', window );">Net operating loss</a></td>
<td class="nump">$ 254,123<span></span>
</td>
<td class="nump">$ 561,358<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsDeferredIncome', window );">Deferred revenue</a></td>
<td class="nump">51,914<span></span>
</td>
<td class="nump">35,347<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts', window );">Allowance for doubtful accounts</a></td>
<td class="nump">135,663<span></span>
</td>
<td class="nump">145,335<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost', window );">Stock options</a></td>
<td class="nump">345,779<span></span>
</td>
<td class="nump">211,824<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets', window );">Basis difference in intangible assets</a></td>
<td class="nump">118,257<span></span>
</td>
<td class="nump">190,295<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther', window );">Prepaid D&amp;O Insurance</a></td>
<td class="nump">10,341<span></span>
</td>
<td class="nump">13,996<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign', window );">Foreign tax credits carryforward</a></td>
<td class="nump">1,180,833<span></span>
</td>
<td class="nump">1,180,833<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOther', window );">Other</a></td>
<td class="nump">26,916<span></span>
</td>
<td class="nump">759<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsGross', window );">Total deferred tax asset</a></td>
<td class="nump">2,123,826<span></span>
</td>
<td class="nump">2,339,747<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowance', window );">Less: Valuation allowance</a></td>
<td class="num">(1,407,955)<span></span>
</td>
<td class="num">(1,763,415)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNet', window );">Total net deferred tax asset</a></td>
<td class="nump">715,871<span></span>
</td>
<td class="nump">576,332<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesPrepaidExpenses', window );">Prepaid expenses</a></td>
<td class="num">(30,460)<span></span>
</td>
<td class="num">(32,176)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment', window );">Basis difference in fixed assets</a></td>
<td class="num">(4,833)<span></span>
</td>
<td class="num">(19,222)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware', window );">Capitalized software</a></td>
<td class="num">(171,584)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts', window );">Debt discount - convertible note payable</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(200,559)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets', window );">Purchase of intangibles</a></td>
<td class="num">(505,586)<span></span>
</td>
<td class="num">(950,863)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilities', window );">Total deferred tax liability</a></td>
<td class="num">(712,463)<span></span>
</td>
<td class="num">(1,202,820)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsLiabilitiesNet', window );">Total net deferred tax asset / (liability)</a></td>
<td class="nump">3,408<span></span>
</td>
<td class="num">$ (626,488)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ValuationAllowanceByDeferredTaxAssetAxis=ISDR_ChangeMember', window );">Change</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards', window );">Net operating loss</a></td>
<td class="num">(307,235)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsDeferredIncome', window );">Deferred revenue</a></td>
<td class="nump">16,567<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts', window );">Allowance for doubtful accounts</a></td>
<td class="num">(9,672)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost', window );">Stock options</a></td>
<td class="nump">133,955<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets', window );">Basis difference in intangible assets</a></td>
<td class="num">(72,038)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther', window );">Prepaid D&amp;O Insurance</a></td>
<td class="num">(3,655)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign', window );">Foreign tax credits carryforward</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOther', window );">Other</a></td>
<td class="nump">26,157<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsGross', window );">Total deferred tax asset</a></td>
<td class="num">(215,921)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowance', window );">Less: Valuation allowance</a></td>
<td class="nump">355,460<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNet', window );">Total net deferred tax asset</a></td>
<td class="nump">139,539<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesPrepaidExpenses', window );">Prepaid expenses</a></td>
<td class="nump">1,716<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment', window );">Basis difference in fixed assets</a></td>
<td class="nump">14,389<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware', window );">Capitalized software</a></td>
<td class="num">(171,584)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts', window );">Debt discount - convertible note payable</a></td>
<td class="nump">200,559<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets', window );">Purchase of intangibles</a></td>
<td class="nump">445,277<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilities', window );">Total deferred tax liability</a></td>
<td class="nump">490,357<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsLiabilitiesNet', window );">Total net deferred tax asset / (liability)</a></td>
<td class="nump">$ 629,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsDeferredIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from deferred income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsDeferredIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from intangible assets including goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Asset<br> -URI http://asc.fasb.org/extlink&amp;oid=6510090<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsLiabilitiesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, before jurisdictional netting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsLiabilitiesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible foreign tax credit carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from share-based compensation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from the allowance for doubtful accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from other reserves and accruals not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsValuationAllowance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, before jurisdictional netting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liability attributable to taxable temporary differences from capitalized software.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liability attributable to taxable temporary differences from deferred financing costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liability attributable to taxable temporary differences from intangible assets other than goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesPrepaidExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax consequences attributable to taxable temporary differences derived from prepaid expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesPrepaidExpenses</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ValuationAllowanceByDeferredTaxAssetAxis=ISDR_ChangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6738401488">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12. Income Taxes (Details 3) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
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<tr class="re">
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Balance as of January 1:</a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions', window );">Change related to current year positions</a></td>
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<td class="nump">0<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions', window );">Change related to prior year positions</a></td>
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<td class="nump">0<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations', window );">Change related to statute expirations</a></td>
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<td class="nump">0<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Balance as of December 31:</a></td>
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<td class="nump">$ 0<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ISDR_Note12.IncomeTaxesDetails3Abstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Unrecognized Tax Benefit<br> -URI http://asc.fasb.org/extlink&amp;oid=6527854<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefits</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase in unrecognized tax benefits resulting from tax positions that have been or will be taken in current period tax return.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase in unrecognized tax benefits resulting from tax positions taken in prior period tax returns.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in unrecognized tax benefits resulting from lapses of applicable statutes of limitations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6734490896">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13. Employee Benefit Plan (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ISDR_Note13.EmployeeBenefitPlanDetailsNarrativeAbstract', window );"><strong>Note 13. Employee Benefit Plan Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 6,023<span></span>
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<td class="nump">$ 0<span></span>
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<td class="nump">$ 3,566<span></span>
</td>
<td class="nump">$ 5,173<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payment into the fund established for purposes of making future disbursements to the individual in accordance with the terms and understanding of the deferred compensation arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of discretionary contributions made by an employer to a defined contribution plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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/**
 * Rivet Software Inc.
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 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
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var Show = {};
Show.LastAR = null,

Show.hideAR = function(){
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Show.showAR = function ( link, id, win ){
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};
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
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	border: 2px solid #2F4497;
	font-size: 1em;
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..report table.authRefData a {
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	font-weight: bold;
}

..report table.authRefData p {
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}

..report table.authRefData .hide {
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..report table.authRefData .hide a:hover {
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}

..report table.authRefData .body {
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..report table.authRefData table{
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/* Report Styles */
..pl a, .pl a:visited {
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}

/* table */
..report {
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..report hr {
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..report th.void	{
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..report .pl {
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..report td.pl div.a {
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/* Header rows... */
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/* Calendars... */
..report .rc {
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/* Even rows... */
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/* styles for footnote marker */
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..report .nump {
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}

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..report .text .big {
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..report .text .more {
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..report .text .small {
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}

..report sup {
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}

..report .outerFootnotes {
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>74
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='UTF-8'?>
<FilingSummary>
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  <ElementCount>288</ElementCount>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
