The DMA 81st Annual Conference and Exhibition
SAN FRANCISCO, Oct. 13 /PRNewswire/ -- PaylinX(R) Corporation today announced the integration of Paymentech's direct response merchant processing for PaylinX for Site Server(TM) Web catalog implementations. This addition to the PaylinX portfolio is significant for Paymentech direct marketers who are preparing to launch Internet catalog initiatives. Bob Lozano, president of PaylinX, stated, "By extending Paymentech processing and availability of Microsoft Site Server 3.0, Commerce Edition, through the PaylinX platform, Paymentech clients can leverage real time credit card authorization functionality for Internet transactions while also complementing existing call center operations."
"Our relationship with PaylinX continues the expansion of Paymentech's leadership in the direct response electronic payments arena," said John Shirey, Paymentech's senior director of electronic commerce. "Together our companies deliver a true end-to-end solution that offers a low-risk, effective way to transform the Internet into a key distribution channel for direct marketers."
Offering PS2000 address verification compliance, PaylinX payment servers securely manage real time authorizations, settlements and reporting for conventional credit, corporate or GSA purchasing card transactions concurrently originating from any mix of Web, call center, interactive voice response or point-of-sale buying venues. In single node configurations, the scalable architecture reliably delivers multi-threaded performance of 3-7 second authorization response times and throughput of up to 50,000 transactions per hour via frame relay connectivity to the Paymentech network. Clients realize improved fraud control, reduced bad debt exposure and enhanced inventory turnover through the PaylinX-Paymentech solution set.
Microsoft Site Server 3.0, Commerce Edition enables direct marketers to build cost-effective and engaging Web storefronts for business-to-business and business-to-consumer applications. Microsoft BackOffice-compatible and field- proven by clients like PhotoDisc (www.photodisc.com), PaylinX for Site Server simplifies Site Server 3.0, Commerce Edition order processing and facilitates achievement of critical time-to-market goals. "The integration of PaylinX with Microsoft Site Server 3.0, Commerce Edition has provided an incredible advantage in bringing real time credit card verification to multiple Site Server Commerce Edition websites in a timely, secure and highly scalable manner," says Russell Stockdale, Group Product Manager, Applications Group, Microsoft Corporation.
Paymentech, Inc. (NYSE: PTI), founded in 1985, is the leading provider of electronic payment services to the direct marketing industry. Paymentech provides full-service solutions directly to the merchant clients as well as third-party transaction processing. The company also offers complete commercial card payment and information programs to businesses and other entities. Paymentech is the third largest processor of bankcard transactions and a leading issuer of commercial cards in the United States.
PaylinX for Site Server and the PaylinX V2.5 family of payment servers are generally available and currently shipping. PaylinX Corporation is an innovator in the field of electronic commerce and the leader in enterprise payment servers. PaylinX software is available from PaylinX Value Added Resellers, PaylinX OEM Partners or directly from the company. PaylinX Corporation is a privately held company headquartered in St. Louis, Missouri USA and can be reached at 314.692.0929 or www.paylinx.com.
PaylinX(R) is a registered trademark and PaylinX for Site Server, Payment Pipes, Processor Cartridges and "Electronic Commerce. Today." are trademarks of PaylinX Corporation. Other trademarks, service marks and copyrights are the property of their respective owners.
The 7DAYS letters page has recently been filled with comments from frustrated teens saying there is nothing for them to do in this city. It's true, the weather in this part of the world does prohibit a lot of outdoor activity for at least three months of the year, sports can be expensive, and transport to and from clubs, friend's houses, events and malls is more than likely reliant on parents - how uncool! But if you dig deep and look further than the usual mall outings and bowling alleys, there is in fact, plenty for teens to do in Dubai. All it takes is a little imagination. Here are some suggestions to banish boredom: Climb a wall If having nothing to do quite literally has you climbing the walls, then why not take advantage of this talent and head down to the E-Sports Climbing Academy or the Pharaoh's Club at Wafi to perfect the art of scaling heights. Both venues have professional climbing walls and expert instructors to show you the ropes, and of course the foot-holes. Call the Pharaoh Club on 04 324 0000 or visit Esportsdubai.com Become an eBay whizz kid Parents are always complaining that they don't understand computers yet the younger generation are internet experts. So, get to grips with eBay; make a fortune for your parents and demand your own cut of the profits! If you manage to make dhs100 for a pair of your mum's old shoes or flog your dad's old magazine collection (with permission of course) you're bound to score points with the folks and collect a tidy sum. Make the most of the nice weather It's going to be too hot to enjoy outdoor activities soon, so why not get some air in your lungs now? Ask your parents if they'll be able to pay for you to go wakeboarding or horseriding. But if money is tight at the moment, get some friends together and play tennis or football on the beach. We live so close to beautiful beaches, but often take them for granted, so celebrate the cooler climate and make the most of the outdoor life. HAL TATAKALAM ARABI? In this multicultural city, being able to speak a new language would be really handy. If you're an expat teenager, why not learn Arabic and impress your local friends. The Eton Institute of Languages down at Knowledge Village has dozens of courses from Farsi to Italian and they even do online courses so you could do it all from the comfort of your bedroom. Call 04 360 2955 or email info@eton.ac Dramatic tendencies If you can entertain your friends without even breaking a sweat, then you could be a born actor. Why not put your skills to good use and start attending drama classes? Drama Dubai runs workshops for all ages and abilities to teach everything from method acting to stage fighting and circus skills. For information visit dramaworkshopsdubai.com Do some charity work Doing something for others or 'giving back' as they say gives people a real sense of satisfaction. And if you're thinking, 'why would I give up my precious free time', well charity work doesn't have to be a chore. If you like animals you could volunteer at an animal sanctuary like Feline Friends or, if you're creative, put your skills to good use by selling your cool crafts and donating the money to a charity of your choice. Al Noor Training Centre for Children with Special Needs takes on young people over the age of 16 to assist and help the children at the centre. The volunteers work from 8am to 1pm so maybe you could put a day off school to good use by signing up for a few hours on a Friday. Contact 04 340 4844 for more details. Older teens should also note that listing volunteer work on your CV gives you an added advantage when future employees are looking to recruit. PAD YOUR POCKETS If you and your friends are really bored, why not set up a business doing odd jobs? From washing cars to babysitting or maybe even just doing some dusting (essential in Dubai), if you work out a rate for each job it could be a nice little earner. If you're a real entrepreneur you could design flyers or set up your own web site to advertise your service. ROCK ON Every teen wants to be a rock star, so what's stopping you? Any spare time can be put to great use by starting a garage band. Find a singer, guitarist, drummer and bassist and get practicing in any available space - at home or at school. Music and lyrics can be found online, and if you get really good, you might even find an opportunity to play at one of Dubai's many live music nights. Check out dubailime.com for some rocking inspiration. 'ATTENTION' Get fit and sample army life by going along to a Fitness 02 bootcamp. They're gruelling, but lots of fun. Just started this week is a special 'Young Gun' session for teenagers on Mondays from 4.30pm to 5.30pm down at Safa Park. Email info@fitness02.com or phone 050 955 6129 for more information. Get on the ball The Barclays International Football Academy is the UAE's largest football school and the coaches are all English FA qualified. They take on teenagers up to age the age of 16. For information go to intlfootballacademy.com. Teens of all ages can join the youth team with Dubai Amateur Football League. Email dxbexpatleague@yahoo.co.uk
2009 Al Sidra Media LLC
Provided by Syndigate.info an Albawaba.com company
Colorado Springs, CO (PRWEB) July 12, 2011
Internet Honey, a Colorado marketing technology company, was selected by the Denver-based Karsh/Hagan advertising agency to provide the Customer Relationship Management (CRM) software for all consumer leads that are derived both offline and online through http://www.colorado.com, the state of Colorado's tourism web site of the Colorado Tourism Office (CTO). Through their tool Honeycomb, Internet Honey will track and manage leads and inquiries from thousands of consumers seeking vacation and tourism information on Colorado. In addition, Honeycomb will measure ad performance and social media influence through the customer life cycle, tracking individual leads from first point of contact to conversion. "We're ecstatic to have been selected for this role in Colorado's marketing effort. With Honeycomb, the CTO will be using the most advanced tourism industry data management," said R.A. Burrell, architect of Honeycomb and CEO for Internet Honey. "Karsh\Hagan will have the ability to track ad campaign performance, fine tune the message and pinpoint the consumer audience. Honeycomb delivers a very cost effective, sophisticated and precise way to market to today's traveler."
Early on, Internet Honey established itself as a visionary in an industry that changes as rapidly as the acronyms it uses. The company is a Software as a Service (SaaS) business headquartered in Colorado Springs, Colorado. Internet Honey President Jason Goss and Burrell, along with three full-time staff and several contractors, specialize exclusively in marketing technologies for Destination Marketing Organizations (DMOs), Convention and Visitor Bureaus (CVBs), resorts, hospitality, attractions and events. With its proprietary tool Honeycomb, Internet Honey delivers a refined solution for web Content Management Systems (CMS), Customer Relationship Management (CRM), e-commerce, e-mail delivery, analytics and media management. Burrell, a fifteen-year veteran of internet marketing in tourism, is a Salesforce CRM Administrator, Google Analytics Authorized Consultant, Google AdWords Qualified Individual, and Yahoo Search Marketing Ambassador. Goss brings two decades of experience in direct marketing, a career which began with direct mail and has evolved into data mining and web-based market intelligence solutions specific to travel and tourism.
The addition of Internet Honey to the Colorado tourism marketing team is one of several changes in 2011. Earlier this spring, the CTO announced the agencies selected for five of its marketing-related contracts. Four contractors, including Karsh/Hagan, MMG Mardiks, Miles|Weaver and Cellet Travel Services Limited were selected for different roles to promote the state up to the next three years. Denver's Karsh/Hagan was selected as the lead brand agency for the Colorado Tourism Office and is responsible for brand development, creative production, media planning and buying for the CTO's domestic advertising campaigns.
"Internet Honey offered a smart, strategic and responsive approach to the Colorado Tourism Office's CRM and database management needs." said Rachael Donaldson VP Account Strategy, Karsh/Hagan "We were very impressed both that they specialize in tourism and that their focus is on providing and segmenting data that can be truly analyzed and acted upon, instead of simply reported. They're a valuable addition to our team and we're proud to support a Colorado-based business."
Miles|Weaver, the publishers of the Official State Vacation Guide and colorado.com, will also work closely with Internet Honey to help maximize the message and reach on the state's portal website. Content and messaging of the site will be continuously optimized for search engines, with the goal of seamless access for consumers searching for Colorado travel information, and favorable and relevant search engine rankings for its myriad advertisers which include destinations, attractions, lodges, restaurants and more.
###
Media Contact
Jason Goss, President
Internet Honey
http://www.honey.travel
jason (at) internethoney (dot) com
1-855-466-3969
About Internet Honey
Internet Honey, a Colorado company, provides marketing technologies and intelligence for the travel and tourism industry. Honeycomb, software developed by Internet Honey, is a closed loop marketing management solution designed for the travel and tourism industry, leveraging best of breed technologies. Internet Honey adheres to best practices for data management and specializes in lead provisioning, streamlining data, providing metrics, social media monitoring, and ultimately, data driven marketing strategy based on measurement. Internet Honey clients are Destination Marketing Organizations (DMOs), Convention and Visitor Bureaus (CVBs), resorts, hospitality companies, attractions and events. http://www.honey.travel
Read the full story at http://www.prweb.com/releases/Internet_Honey/Colorado_Tourism_CRM/prweb8634018.htm
Electronic components distributor Digi-Key Corporation's latest edition of its Lighting Solutions TechZone™ Magazine is now available online on Digi-Key's website.
This LED-driver-themed, online issue features articles regarding ambient-light sensing, transformative LED technologies, and more, penned by top industry professionals and representatives from leading lighting suppliers such as LEDIL, Maxim, Molex, and a contribution from the National Institute of Standards and Technology.
To view the latest issues of TechZone Magazine, visit www.digikey.com/magazine. To gain access to the latest innovations in lighting, microcontroller, power, sensor, and wireless technologies visit Digi-Key's TechZone? technology zones on Digi-Key's website. About Digi-Key Corporation As one of the world's leading totally integrated, Internet-based distributors of electronic components, Digi-Key Corporation has earned its reputation as an industry leader through its total commitment to service and performance. Digi-Key is a full-service provider of both prototype/design and production quantities of electronic components, offering more than two million products from over 470 quality name-brand manufacturers at www.digikey.com. A testament to Digi-Key's unparalleled commitment to service, North American design engineers have ranked Digi-Key #1 for Overall Performance for 19 consecutive years (EE|Times Distribution Study/October 2010). With global sales for 2010 surpassing $1.5 billion, Digi-Key's single location in North America is one of its greatest assets. Additional information and access to Digi-Key's broad product offering is available at www.digikey.com.
Keywords: Digi-Key, Digi-Key Corporation, Electronic Components, Electronics Companies, Industry, Microcontroller, Standards And Technology, Technology Companies.
This article was prepared by Telecommunications Weekly editors from staff and other reports. Copyright 2011, Telecommunications Weekly via VerticalNews.com.
Israel announced on Tuesday it would prevent a
second international freedom flottila from arriving at Gazza on June 20.
But, it claimed that it preferred a diplomatic solution rather than force
to stop the flotilla, said the newspaper Haaretz, commemorating one year since
the first flotilla was attacked by Israeli forces killing nine Turkish
activists.
Underscoring Israeli prime minister Benjamin Natanyahu's statement that the
flotilla should be stopped from reaching the shores of Gaza, the newspaper
attributed to him his willingness to resort to force if circumstances required
it.
Israeli naval forces have been in the past few months rehearsing tactics
they could use to stop a flotilla of at least 15 vessels from heading to the
shores of Gaza.
These forces are likely to use intelligence services and the internet,
among other things, to keep tab on the course of the would-be flottila, said
the paper.
Israeli army sources affirmed that the use of force to prevent the flotilla
will be a last resort.
All KUNA right are reserved 2011.
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- Earnings improve 65%
- Net Loss narrows to $.02 per share vs $.07 per share in 2010
- Gross Margin increases to 35%
ROCHESTER, N.Y., May 12, 2011 /PRNewswire/ -- Document Security Systems, Inc. (NYSE AMEX: DMC), a leader in patented protection against counterfeiting and unauthorized copying, scanning and photo imaging, reported results for the first quarter ended March 31, 2011. Management will host a teleconference and web cast today at 4:15 pm ET to discuss the results with the investment community:
Time: 4:15 p.m. Eastern Time
Date: Thursday, May 12th, 2011
Investor Dial-in (Toll Free): 877-407-9210
Investor Dial-In (International): 201-689-8049
Live Web Cast URL: http://www.investorcalendar.com/IC/CEPage.asp?ID=164471
A replay of the teleconference will be available until May 16th, 2011, which can be accessed by dialing (877) 660-6853 if calling within the U.S. or (201) 612-7415 if calling internationally. Please enter account #286 and conference ID #372657 to access the replay. The webcast will be available for replay within the Investor Relations "Events & Presentations" section of the DSS home page located at www.documentsecurity.com.
First Quarter 2011 Highlights
*** Sales of $2.7 million decreased $89,000 from the first quarter of 2010.
*** Gross profit increased 10% from the first quarter of 2010.
*** Gross margin increased 4 basis points to 35%
*** Operating expenses decreased 16% from the first quarter of 2010.
*** Net loss of ($398,000) was a 65% improvement from the net loss of ($1,121,000) during the first quarter of 2010.
*** Net loss per share of $(0.02) improved 71% from a net loss per share of ($0.07) during the first quarter of 2010.
Robert Fagenson, Chairman of the Board, stated: "Our core business continues to improve and despite the slightly lower sales in this seasonally-weak quarter, our team continues to move our company in the right direction. The true value of DMC remains to be in our portfolio of patented technology and product development staff. Our strategic plan remains sound and the quality and diversity of our customer base reinforces our belief that we are on the right track towards our goals of sustainable growth and profitability for the year."
Document Security System's CEO Patrick White added: "We are very encouraged to see that our net loss decreased 65%. Our first quarter sales were essentially flat due to seasonality and a continued weak commercial print environment; however, we are very pleased with the sales mix during the quarter. We continue to replace unprofitable standard commercial printing by emphasizing security and digital printing. The result of the evolving sales mix change is having the desired results on our margins. Our gross margin reached 35% up from 31% from the first quarter of 2010, and up from 28% in the fourth quarter of 2010. Our gross profit increased 10% and operating expenses decreased 16% from the first quarter of last year, each of which favorably impacted our financial results during the quarter. We continue to be excited by our expanding customer base, both on the licensing and product sides of our business."
About Document Security Systems, Inc
Document Security Systems is a world leader in the development of optical deterrent technologies that help prevent counterfeiting and brand fraud from the use of the most advanced scanners, copiers and imaging systems in the market. The company's patented and patent-pending technologies protect valuable documents and printed products from counterfeiters and identity thieves. Document Security Systems' customers, which include international governments, major corporations and world financial institutions, use its covert and overt technologies to protect a number of applications including, but not limited to, currency, vital records, brand protection, ID Cards, internet commerce, passports and gift certificates. Document Security Systems' strategy is to become the world's leading producer of cutting-edge security technologies for paper, plastic and electronically generated printed assets.
More information about Document Security Systems, Inc. and their wholly-owned subsidiaries can be found by visiting:
Document Security Systems, Inc.: http://www.documentsecurity.com DPI of Rochester: http://www.dpirochester.com Plastic Printing Professional, Inc.: http://www.plasticprintingprofessionals.com Protected Paper: http://www.protectedpaper.com Premier Custom Packaging: www.premiercustompkg.com
For more information, contact: Jody Janson Document Security Systems, Inc. Investor Relations Tel: (585) 232-5440 Email: ir@documentsecurity.com
Safe Harbor Statement
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. These forward-looking statements include, but are not limited to, statements regarding expectations for future financial performance, potential sales from new and existing customers, expected benefits from the Company's cost cutting efforts and/or statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "seeks," or similar expressions, all of which involve uncertainty and risk. Many of these risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 filed with the Securities and Exchange Commission (the "SEC"), and in any subsequent reports filed with the SEC, all of which are available at the SEC's website at www.sec.gov. It is possible the company's future financial performance may differ from expectations due to a variety of factors including, but not limited to, the risks referred to above, and changes in economic and business conditions in the world, increased competitive activity, achieving sales levels to fulfill revenue expectations, consolidation among its competitors and customers, technology advancements, unexpected costs and charges, adequate funding for plans, changes in interest and foreign exchange rates, regulatory and other approvals and failure to implement all plans, for whatever reason. It is not possible to foresee or identify all such factors. Any forward-looking statements in this report are based on current conditions; expected future developments and other factors it believes are appropriate in the circumstances. Prospective investors are cautioned that such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected. The company makes no commitment to update any forward-looking statement included herein, or disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement.
TABLES FOLLOW.
| DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES | ||||||||
| Consolidated Statements of Operations | ||||||||
| For the Three Months Ended March 31, | ||||||||
| (Unaudited) | ||||||||
| 2011 | 2010 | |||||||
| Revenue | ||||||||
| Security and commercial printing | $ | 1,414,743 | $ | 1,858,775 | ||||
| Packaging | 1,036,402 | 740,625 | ||||||
| Technology license royalties and digital solutions | 234,096 | 175,330 | ||||||
| Total Revenue | 2,685,241 | 2,774,730 | ||||||
| Costs of revenue | ||||||||
| Security and commercial printing | 1,032,492 | 1,364,122 | ||||||
| Packaging | 718,287 | 559,109 | ||||||
| Technology license royalties and digital solutions | - | 5,476 | ||||||
| Total costs of revenue | 1,750,779 | 1,928,707 | ||||||
| Gross profit | 934,462 | 846,023 | ||||||
| Operating expenses: | ||||||||
| Selling, general and administrative | 1,515,254 | 1,635,481 | ||||||
| Research and development | 51,293 | 65,667 | ||||||
| Amortization of intangibles | 71,964 | 246,399 | ||||||
| Operating expenses | 1,638,511 | 1,947,547 | ||||||
| Operating loss | (704,049) | (1,101,524) | ||||||
| Other income (expense): | ||||||||
| Loss on equity investment | - | (51,679) | ||||||
| Interest expense | (49,956) | (65,103) | ||||||
| Change in fair value of derivative liability | 360,922 | - | ||||||
| Amortization of note discount | - | (40,732) | ||||||
| Other income | - | 143,063 | ||||||
| 0 | ||||||||
| Loss before income taxes | (393,082) | (1,115,975) | ||||||
| Income tax expense | 4,737 | 4,738 | ||||||
| Net loss | $ | (397,819) | $ | (1,120,713) | ||||
| Other comprehensive income (loss): | ||||||||
| Interest rate swap income (loss) | 3,678 | (16,275) | ||||||
| Comprehensive Loss | $ | (394,141) | $ | (1,136,988) | ||||
| Net loss per share -basic and diluted: | $ | (0.02) | $ | (0.07) | ||||
| Weighted average common shares outstanding, basic and diluted | 19,413,232 | 17,094,916 | ||||||
| DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES | |||||||||
| Consolidated Balance Sheets | |||||||||
| As of | |||||||||
| March 31, 2011 | December 31, 2010 | ||||||||
| ASSETS | (Unaudited) | ||||||||
| Current assets: | |||||||||
| Cash | $ | 2,720,922 | $ | 4,086,574 | |||||
| Accounts receivable, net of allowance | |||||||||
| of $66,000 ($66,000- 2010) | 1,533,951 | 2,227,877 | |||||||
| Inventory | 1,114,096 | 601,359 | |||||||
| Prepaid expenses and other current assets | 280,994 | 231,190 | |||||||
| - | |||||||||
| Total current assets | 5,649,963 | 7,147,000 | |||||||
| Equipment and leasehold improvements, net | 2,439,089 | 2,543,494 | |||||||
| Other assets | 325,953 | 325,953 | |||||||
| Goodwill | 1,943,081 | 1,943,081 | |||||||
| Other intangible assets, net | 1,784,963 | 1,847,859 | |||||||
| Total assets | $ | 12,143,049 | $ | 13,807,387 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 1,325,219 | $ | 1,828,138 | |||||
| Accrued expenses and other current liabilities | 1,053,822 | 1,312,363 | |||||||
| Revolving line of credit | 367,845 | 614,833 | |||||||
| Current portion of long-term debt | 300,000 | 300,000 | |||||||
| Revolving note from related party | 583,000 | - | |||||||
| Current portion of capital lease obligations | 91,650 | 88,776 | |||||||
| Total current liabilities | 3,721,536 | 4,144,110 | |||||||
| Revolving note from related party | - | 583,000 | |||||||
| Long-term debt | 1,503,242 | 1,578,242 | |||||||
| Capital lease obligations | 67,678 | 98,532 | |||||||
| Deferred tax liability | 94,516 | 89,779 | |||||||
| Derivative liabilities | - | 3,866,836 | |||||||
| Commitments and contingencies | |||||||||
| Stockholders' equity | |||||||||
| Common stock, $.02 par value; 200,000,000 shares authorized, 19,423,345 shares issued and outstanding (19,391,319 in 2010) | 388,466 | 387,825 | |||||||
| Additional paid-in capital | 47,881,227 | 44,178,569 | |||||||
| Accumulated other comprehensive loss | (22,156) | (25,834) | |||||||
| Accumulated deficit | (41,491,460) | (41,093,672) | |||||||
| Total stockholders' equity | 6,756,077 | 3,446,888 | |||||||
| Total liabilities and stockholders' equity | $ | 12,143,049 | $ | 13,807,387 | |||||
| DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| For the Three Months Ended March 31, | ||||||||
| (Unaudited) | ||||||||
| 2011 | 2010 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (397,819) | $ | (1,120,713) | ||||
| Adjustments to reconcile net loss to net cash used by operating activities: | ||||||||
| Depreciation and amortization | 180,878 | 331,643 | ||||||
| Stock based compensation | 100,875 | 140,127 | ||||||
| Amortization of note discount | - | 40,732 | ||||||
| Loss on equity investment | - | 51,679 | ||||||
| Change in fair value of derivative liability | (360,922) | |||||||
| (Increase) decrease in assets: | ||||||||
| Accounts receivable | 693,926 | 453,567 | ||||||
| Inventory | (512,737) | 49,491 | ||||||
| Prepaid expenses and other assets | (49,805) | (162,218) | ||||||
| Increase (decrease) in liabilities: | ||||||||
| Accounts payable | (502,887) | (547,230) | ||||||
| Accrued expenses and other current liabilities | (10,127) | 314,333 | ||||||
| Net cash used by operating activities | (858,617) | (448,589) | ||||||
| Cash flows from investing activities: | ||||||||
| Purchase of equipment and leashold improvements | (4,509) | (40,000) | ||||||
| Purchase of other intangible assets | (9,068) | (80,736) | ||||||
| Acquisition of business | - | (2,272,405) | ||||||
| Net cash used by investing activities | (13,577) | (2,393,141) | ||||||
| Cash flows from financing activities: | ||||||||
| Net (payments) borrowings on revolving line of credit | (246,988) | 73,573 | ||||||
| Borrowings on long-term debt | - | 1,500,000 | ||||||
| Payments of long-term debt | (75,000) | (25,000) | ||||||
| Payments of capital lease obligations | (27,980) | (21,760) | ||||||
| Issuance of common stock, net of issuance costs paid | (143,490) | 1,112,310 | ||||||
| Net cash (used) provided by financing activities | (493,458) | 2,639,123 | ||||||
| Net decrease in cash | (1,365,652) | (202,607) | ||||||
| Cash beginning of period | 4,086,574 | 448,895 | ||||||
| Cash end of period | $ | 2,720,922 | $ | 246,288 | ||||
SOURCE Document Security Systems, Inc.
