|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Operating activities: |
|
|
| Net income (loss) |
$ 477,216 |
$ (7,022,845) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
3,055,182 |
7,321,679 |
| Deferred income taxes |
(310,097) |
(444,000) |
| Amortization of financing fees |
33,333 |
98,223 |
| Adjustment of European liabilities related to discontinued operations |
(459,473) |
(160,000) |
| (Recovery) Provision for doubtful accounts |
(137,362) |
299,565 |
| Stock based compensation |
686,745 |
842,752 |
| Warrant issuance to Bridge Bank |
0 |
45,000 |
| Change in operating assets and liabilities, net of acquisition: |
|
|
| Accounts receivable and unbilled revenue |
1,961,574 |
1,811,832 |
| Prepaid expenses and other assets |
36,587 |
592,143 |
| Accounts payable |
(3,501,924) |
244,396 |
| Accrued expenses and other liabilities |
(22,481) |
(2,638,071) |
| Other |
(9,677) |
0 |
| Net cash provided by operating activities |
1,809,623 |
990,674 |
| Investing activities: |
|
|
| Purchases of equipment and capitalized development costs |
(677,526) |
(894,415) |
| Acquisition of Vertro, Inc., net of stock issuance costs |
0 |
2,432,642 |
| Purchase of names database and bundled downloads |
0 |
(3,065,569) |
| Net cash used in investing activities |
(677,526) |
(1,527,342) |
| Financing activities: |
|
|
| Proceeds from term note |
0 |
5,000,000 |
| Return (Deposit) to collateralize letter of credit |
(301,158) |
300,572 |
| Proceeds from revolving line of credit |
7,225,000 |
5,308,742 |
| Refund of (Prepaid) financing fees |
35,500 |
(100,000) |
| Exercise of stock options |
2,100 |
0 |
| Payments on revolving line of credit |
(7,570,255) |
(5,140,045) |
| Payments on term note payable and capital leases |
(1,369,047) |
(855,270) |
| Net cash (used in) provided by financing activities |
(1,375,544) |
3,912,855 |
| Effect of exchange rate changes |
(418) |
418 |
| Net change – cash |
(243,865) |
3,376,605 |
| Cash, beginning of year |
3,381,018 |
4,413 |
| Cash, end of year |
3,137,153 |
3,381,018 |
| Supplemental information: |
|
|
| Interest paid |
327,379 |
312,247 |
| Income taxes refunded |
(3,548) |
0 |
| Non-cash investing activities: |
|
|
| Issuance of stock as settlement of deferred compensation |
0 |
915,750 |
| Restricted advances on term note payable |
0 |
475,000 |
| Purchase of property and equipment under capital lease |
47,482 |
94,915 |
| Retirement of treasury stock |
$ 0 |
$ 73,045 |