NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – continued
Software Development Costs
- We account for software development costs, including costs to develop software products or the software component of products to be marketed to external users, as well as software programs to be used solely to meet our internal needs in accordance with ASC Topic 985 Software and ASC Topic 350 Intangibles – Goodwill and Other. We have determined that technological feasibility for our products to be marketed to external users was reached shortly before the release of those products. As a result, the development costs incurred after the establishment of technological feasibility and before the release of those products were not material, and accordingly, were expensed as incurred. In addition, costs incurred during the application development stage for software programs to be used solely to meet our internal needs were not material.
Goodwill
–
Goodwill is evaluated for impairment annually in the fourth quarter of the Company’s fiscal year, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate that could affect the value of goodwill or a significant decrease in expected cash flows. Management noted no triggering events during the period ended March 31, 2017.
Advertising Costs
– Advertising costs are expensed as incurred and amounted to $8,867 and $4,522 for the three months ending March 31, 2017 and 2016, respectively.
Fair Value of Financial Instruments
– The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
•
Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;
•
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
•
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, and accounts payable and accrued expenses approximates their recorded values due to their short-term maturities.
Revenue Recognition
- Revenue is recognized when earned. The Company's revenue recognition policies are in compliance with FASB ASC Topic 985-605, Software — Revenue Recognition. The Company's revenue recognition policies are also in compliance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101 and 104.
We evaluate whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when we are primarily obligated in a transaction, are subject to inventory risk, have latitude in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross sale price. We generally record the net amounts as commissions earned if we are not primarily obligated and do not have latitude in establishing prices. Such amounts earned are determined using a fixed percentage, a fixed-payment schedule, or a combination of the two.
7
LIBERATED SYNDICATION INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – continued
Publishing services are billed on a month to month basis. The Company recognizes revenue from providing digital media publishing services when the services are provided and when collection is probable. The Company recognizes revenue from the insertion of advertisements in digital media, as the digital media with the advertisement is downloaded and collection is probable. The Company recognizes revenue from the sale of apps and premium subscriptions when sold and collection is probable.
The Company facilitates the sale of producers’ premium content through the sale of subscriptions. The amount earned per transaction is fixed and the producers’ determine the price for the sale of the subscription, and the Company earns a percentage of what the customer pays. Accordingly, the Company reports premium subscription revenue at net.
Leases
–
The Company accounts for leases in accordance with Accounting Standards Codification (“ASC”) Topic 840. Leases that meet one or more of the capital lease criteria of standard are recorded as a capital lease, all other leases are operating leases.
Research and Development -
Research and development costs are expensed as incurred and record in cost of revenue. Research and development costs totaling, $143,042 and 119,862, for the three months ended March 31, 2017 and 2016, respectively where included in cost of revenue.
Earnings Per Share
– The Company computes earnings per share in accordance with FASB ASC Topic 260 Earnings Per Share, which requires the Company to present basic earnings per share and diluted earnings per share when the effect is dilutive (see Note 7). The basic and diluted earnings per share and weighted average basic and diluted common shares outstanding gives effect to the 20,804,860 additional common shares issued for the spin-off of the Company from FAB accounted for as a reverse spin-off.
Income Taxes
– The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This topic requires an asset and liability approach for accounting for income taxes (See Note 6).
Recently Enacted Accounting Standards -
In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9 2015, the FASB agreed to delay the effective date by one year; accordingly, the new standard is effective for us beginning in the first quarter of 2018 and we expect to adopt it at that time. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method, nor have we determined the impact of the new standard on our consolidated financial statements.
In February 2016, the FASB issued changes to the accounting for leases that primarily affect presentation and disclosure requirements. The new standard will require the recognition of a right to use asset and underlying lease liability for operating leases with an initial life in excess of one year. This standard is effective for us beginning in the first quarter of 2019. We have not yet determined the impact of the new standard on our consolidated financial statements.
R
ecent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements.
8
LIBERATED SYNDICATION INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 - PROPERTY & EQUIPMENT
The following is a summary of property and equipment at:
|
|
|
|
|
| |
|
|
Life
|
|
March 31,
2017
|
|
December 31,
2016
|
|
|
|
|
|
|
|
|
Furniture, fixtures and equipment
|
2-10 yrs
|
$
|
145,553
|
$
|
145,553
|
|
|
|
|
145,553
|
|
145,553
|
|
Less: Accumulated depreciation
|
|
|
(115,875)
|
|
(111,571)
|
|
Property & equipment, net
|
|
$
|
29,678
|
$
|
33,982
|
Depreciation expense for the three months ended March 31, 2017 and 2016 was $4,304 and $5,578, respectively.
NOTE 3 - GOODWILL
Impairment - During the fourth quarter of 2016, Libsyn management performed its annual test of impairment of goodwill by comparing the net carrying value of the intangible asset with the fair value of the reporting units. Based upon the results of this analysis, it was determined that the goodwill was not impaired.
Goodwill
- The following is a summary of goodwill:
|
|
|
|
| |
|
|
|
For the Periods Ended
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
|
|
|
|
|
|
|
Goodwill at beginning of period
|
$
|
11,484,251
|
$
|
11,484,251
|
|
Impairment
|
|
-
|
|
-
|
|
Goodwill at end of period
|
$
|
11,484,251
|
$
|
11,484,251
|
NOTE 4 - CAPITAL STOCK
Common Stock
- The Company has authorized 200,000,000 shares of common stock, $0.001 par value. As of March 31, 2017, 24,455,860 shares were issued and outstanding.
During the first quarter, the Company issued 3,650,000 shares of common stock valued at $1,752,000 to officers and directors.
Reverse Spin-Off —
The common shares outstanding, common stock and additional paid in capital have been restated in the December 31, 2016 financial statements to reflect the 20,805,860 common shares issued by Liberated Syndication Inc. to shareholders of record of FAB Universal on July 20, 2016 to effectively spin-off the operations.
NOTE 5 - INCOME TAXES
The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carryforwards. At March 31, 2017 and 2016, the total of all deferred tax assets was $3,876,789 and $4,459,356, respectively, and the total of the deferred tax assets related to goodwill was $2,214,117 and $1,703,009, respectively. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which cannot be determined. Because of the uncertainty surrounding the realization of the deferred tax assets the Company established a valuation allowance equal to the deferred tax asset. The change in the valuation allowance for the three months ended March 31, 2017 and 2016 was $(127,777) and $241,394, respectively.
9
LIBERATED SYNDICATION INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 - INCOME TAXES – continued
The components of income tax expense (benefit) from continuing operations for the three months ended March 31, 2017 and 2016 consist of the following:
|
|
|
|
| |
|
|
|
For the Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
Current tax expense:
|
|
|
|
|
|
Federal
|
$
|
-
|
$
|
-
|
|
State
|
|
-
|
|
-
|
|
Current tax expense
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Deferred tax expense (benefit):
|
|
|
|
|
|
Goodwill
|
|
127,777
|
|
127,777
|
|
Valuation Allowance
|
|
(127,777)
|
|
(241,394)
|
|
Net operating loss carryforward
|
|
(307,256)
|
|
113,617
|
|
Subtotal deferred tax expense/(benefit)
|
|
(307,256)
|
|
-
|
|
Income tax expense/(benefit)
|
$
|
(307,256)
|
$
|
-
|
Deferred income tax expense/(benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income.
A reconciliation of income tax expense as the federal statutory rate to income tax expense at the Company’s effective rate is as follows:
|
|
|
|
| |
|
|
|
For the Three Months Ended March 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
Computed tax at the expected statutory rate
|
$
|
(257,854)
|
$
|
202,060
|
|
State and local income taxes, net of federal
|
|
(49,906)
|
|
39,208
|
|
Other non-deductible expenses
|
|
504
|
|
126
|
|
Valuation Allowance
|
|
-
|
|
(241,394)
|
|
Income tax expense/(benefit)
|
$
|
(307,256)
|
$
|
-
|
The temporary differences, tax credits and carryforwards gave rise to the following deferred tax asset at March 31, 2017 and 2016:
|
|
|
|
| |
|
|
|
March 31,
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
Net deferred tax assets (liabilities):
|
|
|
|
|
|
Goodwill - impaired
|
|
2,903,618
|
|
2,903,618
|
|
Goodwill – tax amortization
|
|
(5,117,735)
|
|
(4,606,627)
|
|
Net operating loss carryforward
|
|
6,090,906
|
|
6,162,365
|
|
Valuation allowance
|
|
(3,569,533)
|
|
(4,459,356)
|
|
Net term deferred tax assets (liabilities)
|
$
|
307,256
|
$
|
-
|
NOTE 6 - LEASES
Operating Lease
- The Company leases office space in Pittsburgh, Pennsylvania for $4,737 on a month through April 2022. The Company is responsible for the financial obligation for the office space in Los Angeles, California. The lease arrangement is for $28,033 a month though February 2017, $28,871 a month through February 2018, $28,892 a month through February 2019, and $30,744 a month through June 2019.
10
LIBERATED SYNDICATION INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2017 are as follows:
|
|
|
| |
|
Year ending March 31:
|
|
|
Lease Payments
|
|
2018
|
|
|
379,450
|
|
2019
|
|
|
283,415
|
|
2020
|
|
|
70,327
|
|
2021
|
|
|
56,844
|
|
Thereafter
|
|
|
61,581
|
|
Total Minimum Lease Payment
|
|
$
|
851,617
|
Lease expense charged to operations was $74,399 and $51,321 for the three months ended March 31, 2017 and 2016, respectively.
NOTE 7 –EARNINGS PER SHARE
The following data shows the amounts used in computing earnings per share and the weighted average number of shares of common stock outstanding for the periods presented for the periods ended:
|
|
|
|
| |
|
|
|
For the Three Months Ended March 31,
|
|
|
|
2017
|
|
2016
|
|
Income (loss) from operations available to common stockholders (numerator)
|
$
|
(451,138)
|
$
|
594,293
|
|
Net income (loss) available to common stockholders (numerator)
|
|
(451,138)
|
|
594,293
|
|
Weighted average number of common shares outstanding during the period used in earnings per share (denominator)
|
|
23,725,860
|
|
20,805,860
|
NOTE 8 – COMMITMENTS AND CONTINGENCIES
Although Libsyn does not expect to be liable for any obligations not expressly assumed by Libsyn from the Spin-Off, it is possible that Libsyn could be required to assume responsibility for certain obligations retained by FAB should FAB fail to pay or perform its retained obligations. After the Spin-Off, FAB may have obligations that at the present time are unknown or unforeseen. As the nature of such obligations are unknown, we are unable to provide an estimate of the potential obligation. However, should FAB incur such obligations, Libsyn may be financially obligated to pay any losses incurred.
The Company has a 401 (k) plan and Profit sharing plan for the benefit of the employees of the Company. Employees are eligible to participate in the plan the first of the month following their hire date and attaining the age of 21. Profit sharing contributions are made at the discretion of the Board of Directors and vest 100% after the second year of service. The Company made a $100,000 profit sharing contribution to the plan in 2016.
NOTE 9 - SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date of the filing of this report.
11
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
.
Safe Harbor Statement
.
Statements made in this Form 10-Q which are not purely historical are forward-looking statements with respect to the goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and business of the Company, including, without limitation, (i) our ability to gain a larger share of the home healthcare industry, our ability to continue to develop services acceptable to our industry, our ability to retain our business relationships, and our ability to raise capital and the growth of the home healthcare industry, and (ii) statements preceded by, followed by or that include the words "may", "would", "could", "should", "expects", "projects", "anticipates", "believes", "estimates", "plans", "intends", "targets", "tend" or similar expressions.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, in addition to those contained in the Company's reports on file with the Securities and Exchange Commission: general economic or industry conditions, nationally and/or in the communities in which the Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, changes in the home healthcare industry, the development of services that may be superior to the services offered by the Company, competition, changes in the quality or composition of the Company's services, our ability to develop new services, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting the Company’s operations, services and prices.
Accordingly, results actually achieved may differ materially from expected results in these statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
Company Overview
Below is an update of our media business of podcast services, apps, advertising, and premium subscriptions. Expansion of the number of podcast shows on the Libsyn network, along with increases in requests for podcast episodes demonstrates the evolution of the industry and opportunities for revenue generation. Management believes that opportunity remains for podcasting growth and revenue generation.
Podcast Hosting and Distribution
Libsyn is a Podcast Service Provider offering hosting and distribution tools which include storage, bandwidth, RSS creation, distribution and statistics tracking. Podcast producers can chose from a variety of hosting plan levels based on the requirements for their podcast. Podcast producers sign-up online at
www.libsyn.com
, using their credit card to subscribe to a monthly plan. Libsyn offers a basic, getting started plan for $5 per month and more advanced plans that include more storage, advanced stats and podcast apps. Plans are designed to provide full-featured podcast tools with generous storage and bandwidth transfer. LibsynPro service is an enterprise solution for professional media producers and corporate customers that require media network features and dedicated support.
The Libsyn4 product offering is a podcast hosting and distribution service which includes storage, bandwidth, RSS creation, distribution and statistics tracking. Podcast producers can choose from a variety of hosting plan levels based on the requirements for their podcast. Podcast producers’ sign-up online at www.libsyn.com, using their credit card to subscribe to a monthly plan. Libsyn’s standard plans range for $5 to $75 per month. LibsynPRO service is an enterprise solution for professional media producers and corporate customers that require media network features and dedicated support. LibsynPro revenue consists primarily of monthly hosting fees and bandwidth usage charges. Other professional level add-ons, such as set-up fees and custom features, represent a small portion of LibsynPro revenue.
During the first three months of 2017, Libsyn generated 62% of its revenue from Podcast hosting fees paid by Libsyn4 Producers. LibsynPro revenue is 16% of overall revenues, and Advertising revenue makes up 19% revenues. App
12
subscriptions make up 3% of total Libsyn revenues. During the first the months of 2016, those revenues contributions were 59% for Libsyn4, 16%, for LibsynPro, 20% for Advertising and 5% for App subscriptions.
Trends in the number of podcast shows on the Libsyn network and podcast consumption affect our revenue and financial results as they are directly related to cash flow and cost of revenue. Management believes that over the next 3 months, growth in the podcasting industry and Libsyn’s market leadership will continue to fuel expansion of the Libsyn network and revenue. The Company expects to see year-over-year bandwidth usage continue to grow in 2017.
Results of Operations
Three Months Ended March 31, 2017 and 2016.
During the three months ended March 31, 2017, Libsyn recorded revenues of $2,494,111, a 21% increase over revenues of $2,065,277 for the same period in 2016. The increase for 2017 reflects an increase in Libsyn4 hosting revenue as well as LibsynPro, Premium Subscription and Advertising revenue. Libsyn4 hosting revenue increased due to the 26% growth in the number of podcasts on the network when comparing the first quarter of 2017 versus 2016. LibsynPro revenue increased as a result of additional LibsynPro networks using our platform in 2017 with increased bandwidth usage fees for delivery of podcasts contributing to the majority of the revenue gain. Advertising revenue increased 12% in the first quarter of 2017 versus 2016. The increase resulted from an uptick in the campaign budgets from existing advertisers, show sponsorships from new and existing advertisers and the addition of new advertising campaigns. Premium subscription revenue increased $12,290.
During the three months ended March 31, 2017, cost of revenue totaled $764,400, a 17% increase as compared to $655,196 for the same period in 2016. This is a reflection of the increase in bandwidth usage during 2017 due to the growth in the number of podcasts and increased podcast consumption on the Libsyn Platform and increase costs associated with Advertising Sharing with producers. Cost of revenue is made up of bandwidth transfer charges from Libsyn’s CDNs, server collocation fees, and wages for the Research and Development team. Libsyn posted gross profit of $1,729,711 during the three months ended March 31, 2017, versus gross profit of $1,410,081 for the same period in 2016, an increase of 23%.
Libsyn recorded total operating expenses of $2,488,105 during the three months ended March 31, 2017, a 205% increase as compared to operating expenses of $815,788 in the same period of 2016. The increase is principally due to stock issued to officers and directors during the first quarter of 2017. General and administrative expenses totaled $2,412,067 in 2017 versus $745,382 in 2016, an increase of 224%. Selling expenses in 2017 were $76,038 versus $70,406 in 2016.
Libsyn’s net loss was $451,138 for the three months ended March 31, 2017. This represents a $1,045,431 decrease from our net income of $594,293 for the three months ended March 31, 2016.
Liquidity and Capital Resources
.
Cash on hand was $5,322,933 at March 31, 2017, an increase of $447,475 over the $4,875,458 on hand at December 31, 2016. Cash provided by operations for the three months ended March 31, 2017, was $447,475, an increase of $30,940 over the $416,535 cash provided by operations for the three months ended March 31, 2016. This decrease was from our operating results driven by an increase in revenue offset by the cost of revenue and increase wages paid during the first three months of 2017.
Cash used in financing activities was $0 for the three months ended March 31, 2017 and $27,415 in 2016.
Off-balance sheet arrangements
The Company leases office space in Pittsburgh, Pennsylvania for $4,737 on a month to month basis. The Company may further be obligated for a lease for space in Los Angeles, California for $28,871 a month through February 2018, $28,892 a month through February 2019 and $30,744 a month through June 2019.
The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2017 are as follows:
13
|
|
|
| |
|
Year ending March 31:
|
|
|
Lease Payments
|
|
2018
|
|
|
379,450
|
|
2019
|
|
|
283,415
|
|
2020
|
|
|
70,327
|
|
20221
|
|
|
56,844
|
|
Thereafter
|
|
|
61,581
|
|
Total Minimum Lease Payment
|
|
$
|
851,617
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
.
Not required for smaller reporting companies.
Item 4. Controls and Procedures
.
(a) Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")), which we refer to as disclosure controls, are controls and procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this report, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any control system. A control system, no matter how well conceived and operated, can provide only reasonable assurance that its objectives are met. No evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.
As of March 31, 2017, an evaluation was carried out under the supervision and with the participation of our management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that, as of such date, the design and operation of these disclosure controls were effective to accomplish their objectives at the reasonable assurance level.
(b) Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act), occurred during the fiscal quarter ended March 31, 2017 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
.
Liberated Syndication Inc. is involved in routine legal and administrative proceedings and claims of various types. We have no material pending legal or administrative proceedings, other than ordinary routine litigation incidental to our business, to which we or any of our subsidiaries are a party or of which any property is the subject.
14
Item 1A. Risk Factors
.
Not required for smaller reporting companies.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
.
None; not applicable.
Item 3. Defaults Upon Senior Securities
.
None; not applicable.
Item 4. Mine Safety Disclosures
.
None; not applicable.
Item 5. Other Information
.
None; not applicable.
(a)
During the quarterly period ended March 31, 2017, there were no changes to the procedures by which shareholders’ may recommend nominees to the Company’s board of directors.
Item 6. Exhibits
.
(ii)
Exhibit No.
Description
31.1
302 Certification of Christopher J. Spencer
31.2
302 Certification of John Busshaus
32
906 Certification
101.1
The following materials from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Cash Flows, and (iv) Notes to Condensed Consolidated Financial Statements.
15
SIGNATURES
Pursuant to the requirements 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.
|
|
|
|
| |
|
Date:
|
5/12/17
|
|
By:
|
/s/ Christopher J. Spencer
|
|
|
|
|
|
Christopher J. Spencer
|
|
|
|
|
|
Chief Executive Officer and President
|
|
|
|
|
| |
|
Date:
|
5/12/17
|
|
|
/s/ John Busshaus
|
|
|
|
|
|
John Busshaus
|
|
|
|
|
|
Chief Financial Officer
|
16