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Liquidity and Going Concern | 9 Months Ended
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Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Liquidity and Going Concern | Liquidity and Going Concern As of September 30, 2017, we had $1,439,000 of cash and working capital of $696,000. Our cash balance as of September 30, 2017 includes restricted cash of $18,000 (as discussed in Note 6). For the nine months ended September 30, 2017, we generated net income of $5,846,000 and net cash from operating activities of $1,073,000. A substantial portion of our cash flow from operations has been dedicated to the payment of interest on our former indebtedness, thereby reducing our ability to use our cash flow to fund our operations, capital expenditures and investments in sales and marketing. For the nine months ended September 30, 2017 and 2016, our cash flow from operations was reduced by $777,000 and $841,000, respectively, for interest payments on our indebtedness. On July 31, 2017, the Company completed a recapitalization of its debt obligations as described further in Note 8 (the “Debt Recapitalization”). As a result of the Debt Recapitalization, the Company reduced debt and accrued interest obligations by $9,362,000. Although the Debt Recapitalization significantly improved the Company’s financial position, the Company will be required to meet significant debt service obligations during the next twelve months. During the fourth quarter of 2017, the Company made a principal payment of $200,000 to Western Alliance Bank and is required to make total principal and interest payments of $152,000 to Super G Capital. During 2018, the Company is required to make total principal payments of $400,000 to Western Alliance Bank and total principal and interest payments of $823,000 to Super G Capital. On October 24, 2017, the Company closed a registered direct offering of 2,800 shares of Series B convertible preferred stock for total gross proceeds of $2,800,000 (see further discussion in Note 17). The net proceeds, after estimated expenses of the offering payable by the Company, are estimated to be $2,325,000 (the “Series B Offering”). As further described in Item 2, Results of Operations, the Company anticipates continued declines in its revenue, which is expected to result in reduced cash flow from operations. The Company currently expects to use some or all of the net proceeds of the Series B Offering to fund investments in product development, sales and marketing expenses and capital expenditures to develop new service offerings to reverse the Company’s revenue trends. Given the Company’s plans to increase operating expenses and capital expenditures following the closing of the Series B Offering, the Company will seek to amend certain financial covenants for fiscal years 2018 and 2019 in the Western Alliance Bank Loan Agreement. Although we expect to agree on amended covenants with Western Alliance Bank, there can be no assurance that we will successful in doing so. There can be no assurance that we will be successful in developing new service offerings and reversing our revenue trends. There can be no assurance that our existing cash resources and the net proceeds of the Series B Offering will be adequate to fund our operations, projected capital expenditures and debt service obligations. Therefore, the Company may raise capital in one or more offerings in the future. The holders of the Series B convertible preferred stock have the right to approve certain financings. There can be no assurance the holders of the Series B convertible preferred stock will approve such financings, that we will succeed in raising necessary capital, or that any such offering will be on terms acceptable to the Company. If we cannot raise additional capital on terms acceptable to us, it could have a material adverse effect on the Company. The factors discussed above raise substantial doubt as to our ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that might result from these uncertainties.

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