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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue:        
Transaction and processing fees $ 1,831,896 $ 2,546,340 $ 4,168,375 $ 5,122,624
Merchant equipment rental and sales 18,548 29,414 38,810 37,824
Other revenue from monthly recurring subscriptions 149,591 6,186 406,843 12,386
Total revenue 2,000,035 2,581,940 4,614,028 5,172,834
Operating expenses:        
Processing and servicing costs, excluding merchant portfolio amortization 1,294,604 1,678,548 3,015,017 3,396,646
Amortization expense 203,215 178,782 406,429 406,429
Salaries and wages 317,198 366,602 717,386 801,395
Outside commissions 30,266 34,442 71,701 75,311
General and administrative expenses 350,622 488,209 824,554 761,231
Total operating expenses 2,195,905 2,746,583 5,035,087 5,441,012
Loss from operations (195,870) (164,643) (421,059) (268,178)
Other Income (Expense):        
Interest expense (213,430) (215,765) (429,555) (429,515)
Interest expense, related party (101,315) (93,035) (202,631) (183,239)
Other income 206 605 629 1,149
Total other expense (314,539) (308,195) (631,557) (611,605)
Net Loss $ (510,409) $ (472,838) $ (1,052,616) $ (879,783)
Net loss per share, basic and diluted $ (0.09) $ (0.09) $ (0.19) $ (0.16)
Weighted average shares outstanding, basic and diluted 5,524,640 5,461,108 5,524,640 5,437,622