0000839087-17-000010.txt : 20171114 0000839087-17-000010.hdr.sgml : 20171114 20171114160327 ACCESSION NUMBER: 0000839087-17-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171114 DATE AS OF CHANGE: 20171114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VASO Corp CENTRAL INDEX KEY: 0000839087 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 112871434 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-18105 FILM NUMBER: 171201385 BUSINESS ADDRESS: STREET 1: 137 COMMERCIAL STREET, STE. 200 CITY: PLAINVIEW STATE: NY ZIP: 11803 BUSINESS PHONE: 516-997-4600 MAIL ADDRESS: STREET 1: 137 COMMERCIAL STREET, STE. 200 CITY: PLAINVIEW STATE: NY ZIP: 11803 FORMER COMPANY: FORMER CONFORMED NAME: VASOMEDICAL, INC DATE OF NAME CHANGE: 20120606 FORMER COMPANY: FORMER CONFORMED NAME: VASOMEDICAL INC DATE OF NAME CHANGE: 19950517 FORMER COMPANY: FORMER CONFORMED NAME: FUTURE MEDICAL PRODUCTS INC /DE/ DATE OF NAME CHANGE: 19920703 10-Q 1 vaso10q-sept2017.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM 10-Q
 
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2017

[   ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _______________ to ______________

Commission File Number: 0-18105

VASO CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
11-2871434
(State or other jurisdiction of
(IRS Employer Identification Number)
incorporation or organization)
  

137 Commercial Street, Suite 200, Plainview, New York  11803
(Address of principal executive offices)

Registrant’s Telephone Number
(516) 997-4600


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ☒  No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒      No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. 
 
     Large Accelerated Filer ☐
Accelerated Filer ☐
Non-Accelerated Filer ☐
Smaller Reporting Company ☒
  Emerging Growth Company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐   No ☒
 
Number of Shares Outstanding of Common Stock, $.001 Par Value, at November 9, 2017 – 175,390,196

Page 1
Vaso Corporation and Subsidiaries

INDEX
 
   
   
   
   
   
   
   
   
   
   
ITEM 6 - EXHIBITS  27
 
 
Page 2
 
 
 
 
PART I – FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
Vaso Corporation and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
 
   
September 30, 2017
    
December 31, 2016
  
   
(unaudited)
        
ASSETS
            
CURRENT ASSETS
            
Cash and cash equivalents
  
$
5,522
    
$
7,087
  
Accounts and other receivables, net of an allowance for doubtful
                
accounts and commission adjustments of $4,710 at September 30,
                
2017 and $4,159 at December 31, 2016
    
10,944
      
12,741
  
Receivables due from related parties
    
19
      
18
  
Inventories, net
    
2,658
      
2,395
  
Deferred commission expense
    
2,899
      
1,917
  
Prepaid expenses and other current assets
    
1,138
      
925
  
 Total current assets
    
23,180
      
25,083
  
                 
PROPERTY AND EQUIPMENT, net of accumulated depreciation of
                
$4,723 at September 30, 2017 and $3,835 at December 31, 2016
    
4,777
      
4,021
  
GOODWILL
    
17,407
      
17,280
  
INTANGIBLES, net
    
5,452
      
5,996
  
OTHER ASSETS, net
    
3,898
      
5,001
  
   
$
54,714
    
$
57,381
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
CURRENT LIABILITIES
                
Accounts payable
  
$
5,074
    
$
5,219
  
Accrued commissions
    
1,399
      
2,139
  
Accrued expenses and other liabilities
    
4,617
      
5,275
  
Sales tax payable
    
773
      
718
  
Income taxes payable
    
42
      
30
  
Deferred revenue - current portion
    
12,651
      
7,628
  
Notes payable and capital lease obligations - current portion
    
4,142
      
4,245
  
Notes payable - related parties - current portion
    
127
      
-
  
Due to related party
    
311
      
396
  
Total current liabilities
    
29,136
      
25,650
  
                 
LONG-TERM LIABILITIES
                
Notes payable and capital lease obligations
    
4,858
      
4,935
  
Notes payable - related parties
    
380
      
648
  
Deferred revenue
    
9,427
      
11,776
  
Deferred tax liability
    
292
      
112
  
Other long-term liabilities
    
1,114
      
1,349
  
Total long-term liabilities
    
16,071
      
18,820
  
                 
COMMITMENTS AND CONTINGENCIES (NOTE M)
                
                 
STOCKHOLDERS' EQUITY
                
Preferred stock, $.01 par value; 1,000,000 shares authorized; nil shares
                
 issued and outstanding at September 30, 2017 and December 31, 2016
    
-
      
-
  
Common stock, $.001 par value; 250,000,000 shares authorized;
                
175,387,306 and 173,811,533 shares issued at September 30, 2017 and
                
December 31, 2016, respectively; 165,079,219 and 163,503,446 shares
                
outstanding at September 30, 2017 and December 31, 2016, respectively
    
175
      
174
  
Additional paid-in capital
    
63,269
      
62,856
  
Accumulated deficit
    
(51,724
)
    
(47,790
)
Accumulated other comprehensive loss
    
(213
)
    
(329
)
Treasury stock, at cost, 10,308,087 shares at September 30, 2017 and December 31, 2016
    
(2,000
)
    
(2,000
)
Total stockholders' equity
    
9,507
      
12,911
  
   
$
54,714
    
$
57,381
  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Page 3
Vaso Corporation and Subsidiaries

      CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME 
(Unaudited)
(in thousands, except per share data)

   
Three months ended
    
Nine months ended
  
   
September 30,
    
September 30,
  
   
2017
    
2016
    
2017
    
2016
  
Revenues
                        
Managed IT systems and services
  
$
10,827
    
$
9,679
    
$
31,438
    
$
29,530
  
Professional sales services
    
6,305
      
6,583
      
18,181
      
20,289
  
Equipment sales and services
    
909
      
1,282
      
2,649
      
3,481
  
Total revenues
    
18,041
      
17,544
      
52,268
      
53,300
  
                                 
Cost of revenues
                                
Cost of managed IT systems and services
    
6,311
      
5,550
      
18,526
      
17,436
  
Cost of professional sales services
    
1,386
      
1,325
      
3,946
      
4,318
  
Cost of equipment sales and services
    
316
      
519
      
900
      
1,271
  
Total cost of revenues
    
8,013
      
7,394
      
23,372
      
23,025
  
Gross profit
    
10,028
      
10,150
      
28,896
      
30,275
  
                                 
Operating expenses
                                
Selling, general and administrative
    
10,412
      
9,531
      
31,349
      
28,981
  
Research and development
    
235
      
117
      
716
      
369
  
Total operating expenses
    
10,647
      
9,648
      
32,065
      
29,350
  
Operating (loss) income
    
(619
)
    
502
      
(3,169
)
    
925
  
                                 
Other income (expense)
                                
Interest and financing costs
    
(166
)
    
(162
)
    
(506
)
    
(474
)
Interest and other income, net
    
63
      
91
      
55
      
140
  
Total other expense, net
    
(103
)
    
(71
)
    
(451
)
    
(334
)
                                 
(Loss) income before income taxes
    
(722
)
    
431
      
(3,620
)
    
591
  
Income tax expense
    
(94
)
    
(103
)
    
(314
)
    
(154
)
Net (loss) income
    
(816
)
    
328
      
(3,934
)
    
437
  
                                 
Other comprehensive (loss) income
                                
Foreign currency translation gain (loss)
    
25
      
34
      
116
      
(58
)
Comprehensive (loss) income
  
$
(791
)
  
$
362
    
$
(3,818
)
  
$
379
  
                                 
(Loss) income per common share
                                
- basic and diluted
  
$
(0.00
)
  
$
0.00
    
$
(0.02
)
  
$
0.00
  
                                 
Weighted average common shares outstanding
                                
- basic
    
163,307
      
160,268
      
161,817
      
158,730
  
- diluted
    
163,307
      
161,675
      
161,817
      
159,479
  

 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Page 4
Vaso Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)

 
                                       
Accumulated
        
                             Additional          
Other
    
Total
  
   
Common Stock
    
Treasury Stock
    
Paid-in-
    
Accumulated
    
Comprehensive
    
Stockholders'
  
   
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Deficit
    
Income (Loss)
    
Equity
  
Balance at December 31, 2015
    
168,750
    
$
168
      
(10,308
)
  
$
(2,000
)
  
$
62,263
    
$
(48,610
)
  
$
(80
)
  
$
11,741
  
Share-based compensation
    
3,949
      
4
      
-
      
-
      
424
      
-
      
-
      
428
  
Shares issued to settle liability
    
1,113
      
2
      
-
      
-
      
176
      
-
      
-
      
178
  
Shares not issued for employee
tax liability
    
-
      
-
      
-
      
-
      
(7
)
    
-
      
-
      
(7
)
Foreign currency translation
loss
    
-
      
-
      
-
      
-
      
-
      
-
      
(249
)
    
(249
)
Net income
    
-
      
-
      
-
      
-
      
-
      
820
      
-
      
820
  
Balance at December 31, 2016
    
173,812
    
$
174
      
(10,308
)
  
$
(2,000
)
  
$
62,856
    
$
(47,790
)
  
$
(329
)
  
$
12,911
  
Share-based compensation
    
1,576
      
1
      
-
      
-
      
416
      
-
      
-
      
417
  
Shares not issued for employee
tax liability
    
-
      
-
      
-
      
-
      
(3
)
    
-
      
-
      
(3
)
Foreign currency translation
gain
    
-
      
-
      
-
      
-
      
-
      
-
      
116
      
116
  
Net loss
    
-
      
-
      
-
      
-
      
-
      
(3,934
)
    
-
      
(3,934
)
Balance at September 30, 2017 (unaudited)
    
175,388
    
$
175
      
(10,308
)
  
$
(2,000
)
  
$
63,269
    
$
(51,724
)
  
$
(213
)
  
$
9,507
  
                                                             
.
  
































The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
Page 5


Vaso Corporation and Subsidiaries

 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
(in thousands)
   
Nine months ended
  
   
September 30,
  
   
2017
    
2016
  
Cash flows from operating activities
            
Net (loss) income
  
$
(3,934
)
  
$
437
  
Adjustments to reconcile net (loss) income to
                
  net cash provided by operating activities
                
Depreciation and amortization
    
1,781
      
1,584
  
Deferred income taxes
    
287
      
135
  
Loss from interest in joint venture
    
30
      
29
  
Provision for doubtful accounts and commission adjustments
    
145
      
96
  
Amortization of debt issue costs
    
24
      
24
  
Share-based compensation
    
417
      
342
  
Provision for allowance for loss on loan receivable
    
-
      
412
  
Changes in operating assets and liabilities:
                
Accounts and other receivables
    
1,671
      
2,214
  
Receivables due from related parties
    
(96
)
    
396
  
Inventories, net
    
(235
)
    
(374
)
Deferred commission expense
    
(982
)
    
448
  
Prepaid expenses and other current assets
    
(211
)
    
(422
)
Other assets, net
    
861
      
(285
)
Accounts payable
    
(153
)
    
74
  
Accrued commissions
    
(763
)
    
(613
)
Accrued expenses and other liabilities
    
(658
)
    
(488
)
Sales tax payable
    
52
      
(27
)
Income taxes payable
    
11
      
(164
)
Deferred revenue
    
2,674
      
(100
)
Deferred tax liability
    
180
      
-
  
Other long-term liabilities
    
(235
)
    
38
  
Net cash provided by operating activities
    
866
      
3,756
  
                 
Cash flows from investing activities
                
Purchases of equipment and software
    
(1,981
)
    
(1,412
)
Redemption of short-term investments
    
-
      
38
  
Investment in VSK
    
-
      
(422
)
Net cash used in investing activities
    
(1,981
)
    
(1,796
)
                 
Cash flows from financing activities
                
Net borrowings on revolving line of credit
    
78
      
2,124
  
Debt issuance costs
    
-
      
(130
)
Payroll taxes paid by withholding shares
    
(3
)
    
(6
)
Repayment of notes payable and capital lease obligations
    
(288
)
    
(211
)
Proceeds from note payable - related party
    
-
      
300
  
Payments on notes payable - related parties
    
(170
)
    
(566
)
Net cash (used in) provided by financing activities
    
(383
)
    
1,511
  
Effect of exchange rate differences on cash and cash equivalents
    
(67
)
    
64
  
                 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
    
(1,565
)
    
3,535
  
Cash and cash equivalents - beginning of period
    
7,087
      
2,160
  
Cash and cash equivalents - end of period
  
$
5,522
    
$
5,695
  
                 
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
                
Interest paid
  
$
483
    
$
589
  
Income taxes paid
  
$
35
    
$
474
  
                 
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
                
Inventories transferred to property and equipment, net
  
$
-
    
$
149
  
Equipment acquired through capital lease
  
$
-
    
$
387
  
Liability settled through issuance of common stock
  
$
-
    
$
178
  


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Page 6
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
 
NOTE A - ORGANIZATION AND PLAN OF OPERATIONS

Vaso Corporation was incorporated in Delaware in July 1987.  Unless the context requires otherwise, all references to "we", "our", "us", "Company", "registrant", "Vaso" or "management" refer to Vaso Corporation and its subsidiaries.  The Company changed its name from Vasomedical, Inc. to Vaso Corporation in November 2016 at its annual shareholders meeting.  The name was changed because the Company in the several years prior to the name change had substantially diversified its business and the original name, Vasomedical, Inc., no longer portrayed the nature of its overall business.  In addition, the Company retained the name of VasoMedical, Inc. and now uses it exclusively for its proprietary medical device business, as the name originally represented.

Overview

Vaso Corporation principally operates in three distinct business segments in the healthcare and information technology ("IT") industries.  We manage and evaluate our operations, and report our financial results, through these three business segments.

•
IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;

•
Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for General Electric Healthcare ("GEHC") into the healthcare provider middle market; and

•
Equipment segment, operating through a wholly-owned subsidiary VasoMedical, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.

VasoTechnology

VasoTechnology, Inc. was formed in May 2015, at the time the Company acquired all of the assets of NetWolves, LLC and its affiliates, including the membership interests in NetWolves Network Services, LLC (collectively, "NetWolves").  It currently consists of a managed network and security service division and a healthcare IT application VAR (value added reseller) division.  Its current offerings include:

•
Managed diagnostic imaging applications (national channel partner of GEHC IT).
•
Managed network infrastructure (routers, switches and other core equipment).
•
Managed network transport (FCC licensed carrier reselling 175+ facility partners).
•
Managed security services.

VasoTechnology uses a combination of proprietary technology, methodology and third-party applications to deliver its value proposition.

VasoHealthcare

VasoHealthcare commenced operations in 2010, in conjunction with the Company's execution of its exclusive sales representation agreement ("GEHC Agreement") with GEHC, which is the healthcare business division of the General Electric Company, to further the sale of certain healthcare capital equipment in the healthcare provider middle market.  Sales of GEHC equipment by the Company have grown significantly since then.

VasoHealthcare's current offerings consist of:

•
GEHC diagnostic imaging capital equipment.
•
GEHC service agreements.
•
GEHC and third party financial services.
 

 
Page 7
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
VasoMedical

VasoMedical is the Company's business division for its proprietary medical device operations, including the design, development, manufacturing, sales and service of various medical devices in the domestic and international markets and includes the Vasomedical Global and Vasomedical Solutions business units.  These devices are primarily for cardiovascular monitoring, diagnostic and therapeutic systems.  Its current offerings consist of:

•
Biox™ series Holter monitors and ambulatory blood pressure recorders.
•
ARCS® series analysis, reporting and communication software for physiological signals such as ECG and blood pressure.
•
MobiCare™ multi-parameter wireless vital-sign monitoring system.
•
EECP® therapy system for non-invasive, outpatient treatment of ischemic heart disease.

This segment uses its extensive cardiovascular device knowledge coupled with its significant engineering resources to cost-effectively create and market its proprietary technology. It works with a global distribution network of channel partners, as well as a global joint venture arrangement, to sell its products.  It also provides engineering and OEM services to other medical device companies.

NOTE B - BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES

Basis of Presentation and Use of Estimates

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in connection with the audited consolidated financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on March 30, 2017.

These unaudited condensed consolidated financial statements include the accounts of the companies over which we exercise control. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of interim results for the Company. The results of operations for any interim period are not necessarily indicative of results to be expected for any other interim period or the full year.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, the disclosure of contingent assets and liabilities in the unaudited condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenues, expenses and cash flows during the periods presented. Actual amounts and results could differ from those estimates. The estimates and assumptions the Company makes are based on historical factors, current circumstances and the experience and judgment of the Company's management. The Company evaluates its estimates and assumptions on an ongoing basis.

 
 
Page 8
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
Significant Accounting Policies and Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09 "Revenue from Contracts with Customers", a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard allows for either full retrospective or modified retrospective adoption. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period.  In 2016, the FASB issued additional ASUs that clarify the implementation guidance on principal versus agent considerations (ASU 2016-08), on identifying performance obligations and licensing (ASU 2016-10), on narrow-scope improvements and practical expedients (ASU 2016-12), and on the revenue recognition criteria and other technical corrections (ASU 2016-20).  The Company plans to adopt the ASU using the modified retrospective method.  Such method provides that the cumulative effect from prior periods upon applying the new guidance is recognized in our consolidated balance sheets as of the date of adoption, including an adjustment to retained earnings.  Prior periods will not be retrospectively adjusted.  We have determined the only significant incremental costs incurred to obtain contracts with customers within the scope of ASC 606 are certain sales commissions paid to associates. Under current U.S. GAAP, we recognize sales commissions as incurred.  Under the new guidance, we expect to record sales commissions as an asset, and amortize to expense over the related contract performance period. At the date of adoption of this new guidance, we expect to record an asset in our consolidated balance sheets for the amount of unamortized sales commissions for prior periods, as calculated under the new guidance. Such amount will subsequently be amortized to expense over the remaining performance periods of the related contracts with remaining performance obligations. Our analysis and evaluation of the new standard will continue through the effective date on January 1, 2018.
 
In February 2016, The FASB issued ASU 2016-02 (Topic 842), "Leases". ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This new standard would be effective for the Company beginning January 1, 2019 with early adoption permitted.  The Company does not expect the adoption of this standard to have a material effect on its Consolidated Financial Statements.

In January 2017, the FASB issued ASU 2017-04, which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. The standard is effective for fiscal periods beginning after December 15, 2019. Early adoption is permitted for interim and annual goodwill impairment testing dates after January 1, 2017.  The Company does not expect the adoption of this standard to have a material effect on its Consolidated Financial Statements.

Variable Interest Entities

The Company follows the guidance of accounting for variable interest entities, which requires certain variable interest entities to be consolidated by the primary beneficiary of the entities.  Biox is a Variable Interest Entity ("VIE").

Liabilities recognized as a result of consolidating this VIE do not represent additional claims on the Company's general assets. The financial information of Biox, which is included in the accompanying condensed consolidated financial statements, is presented as follows:



Page 9
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)



                                                                                  
         (in thousands)     
 
  
As of
September 30, 2017
    
As of
December 31, 2016
  
   
(unaudited)
        
Cash and cash equivalents
  
$
35
    
$
13
  
Total assets
  
$
1,443
    
$
1,451
  
Total liabilities
  
$
1,700
    
$
1,133
  

 
        (in thousands)  
 
  
Three months ended September 30,
    
Nine months ended September 30,
  
   
2017
    
2016
    
2017
    
2016
  
   
(unaudited)
    
(unaudited)
    
(unaudited)
    
(unaudited)
  
Total net revenue
  
$
318
    
$
399
    
$
1,049
    
$
1,314
  
                                 
Net (loss) income
  
$
(90
)
  
$
84
    
$
(626
)
  
$
244
  
                                 

 
Reclassifications
Certain reclassifications have been made to prior period amounts to conform with the current period presentation.

NOTE C – SEGMENT REPORTING AND CONCENTRATIONS

Vaso Corporation principally operates in three distinct business segments in the healthcare and information technology industries.  We manage and evaluate our operations, and report our financial results, through these three reportable segments.

•
IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;

•
Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for GEHC into the healthcare provider middle market; and

•
Equipment segment, operating through a wholly-owned subsidiary VasoMedical, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.

The chief operating decision maker is the Company's Chief Executive Officer, who, in conjunction with upper management, evaluates segment performance based on operating income and adjusted EBITDA (net income (loss), plus interest expense (income), net; tax expense; depreciation and amortization; and non-cash stock-based compensation).  Administrative functions such as finance, human resources, and information technology are centralized and related expenses allocated to each segment.  Other costs not directly attributable to operating segments, such as audit, legal, director fees, investor relations, and others, as well as certain assets – primarily cash balances – are reported in the Corporate entity below.  There are no intersegment revenues.  Summary financial information for the segments is set forth below:

Page 10
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
                     
 
        (in thousands)  
   
Three months ended
    
Nine months ended
  
   
September 30,
    
September 30,
  
   
2017
    
2016
    
2017
    
2016
  
   
(unaudited)
    
(unaudited)
    
(unaudited)
    
(unaudited)
  
Revenues from external customers
                        
IT
  
$
10,827
    
$
9,679
    
$
31,438
    
$
29,530
  
Professional sales service
    
6,305
      
6,583
      
18,181
      
20,289
  
Equipment
    
909
      
1,282
      
2,649
      
3,481
  
Total revenues
  
$
18,041
    
$
17,544
    
$
52,268
    
$
53,300
  
                                 
Gross Profit
                                
IT
  
$
4,516
    
$
4,129
    
$
12,912
    
$
12,094
  
Professional sales service
    
4,919
      
5,258
      
14,235
      
15,971
  
Equipment
    
593
      
763
      
1,749
      
2,210
  
Total gross profit
  
$
10,028
    
$
10,150
    
$
28,896
    
$
30,275
  
                                 
Operating (loss) income
                                
IT
  
$
(555
)
  
$
(785
)
  
$
(2,186
)
  
$
(2,379
)
Professional sales service
    
488
      
1,606
      
806
      
5,015
  
Equipment
    
(273
)
    
10
      
(805
)
    
(700
)
Corporate
    
(279
)
    
(329
)
    
(984
)
    
(1,011
)
Total operating (loss) income
  
$
(619
)
  
$
502
    
$
(3,169
)
  
$
925
  
                                 
Capital expenditures
                                
IT
  
$
641
    
$
446
    
$
1,830
    
$
1,187
  
Professional sales service
    
3
      
57
      
117
      
168
  
Equipment
    
-
      
2
      
21
      
57
  
Corporate
    
13
      
-
      
13
      
-
  
Total cash capital expenditures
  
$
657
    
$
505
    
$
1,981
    
$
1,412
  
 
 
                                               
 
             (in thousands)  
   
September 30, 2017
    
December 31, 2016
  
   
(unaudited)
        
Identifiable Assets
            
IT
   $
28,512
    
$
27,724
  
Professional sales service
    
12,572
      
14,611
  
Equipment
    
7,728
      
7,446
  
Corporate
    
5,902
      
7,600
  
Total assets
   $
54,714
    
$
57,381
  

 
In the fourth quarter of 2016, the Company revised its method for allocating certain corporate expenses to its reportable segments resulting in lower amounts allocated to the IT segment and higher amounts allocated to the professional sales service and equipment segments.  Consequently, due primarily to the change in allocation method, as well as to a $102,000 decrease in total corporate costs allocated, the IT segment received $177,000 lower allocations, and the professional sales service segment received $75,000 higher allocations, respectively, for the three months ended September 30, 2017 as compared to the corresponding period of the prior year.  Similarly, for the nine months ended September 30, 2017, total corporate costs allocated decreased $85,000, the IT segment received $430,000 lower allocations, and the professional sales service segment and equipment segment received $334,000 and $11,000 higher allocations, respectively, as compared to the corresponding period of the prior year.
 
 
Page 11
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
GE Healthcare accounted for 35% and 38% of revenue for both the three months ended September 30, 2017 and 2016, respectively, and the nine months ended September 30, 2017 and 2016, respectively.  GE Healthcare also accounted for $6.4 million or 59%, and $7.9 million or 62%, of accounts and other receivables at September 30, 2017 and December 31, 2016, respectively.

NOTE D – (LOSS) EARNINGS PER COMMON SHARE

Basic (loss) earnings per common share is computed as (loss) earnings applicable to common stockholders divided by the weighted-average number of common shares outstanding for the period.  Diluted (loss) earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted to common stock.

Diluted (loss) earnings per common share were computed based on the weighted average shares outstanding plus all potentially dilutive common shares.  A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:                                                                                                     
 
     (in thousands)     
   
For the three months ended
    
For the nine months ended
  
   
September 30, 2017
    
September 30, 2016
    
September 30, 2017
    
September 30, 2016
  
   
(unaudited)
    
(unaudited)
    
(unaudited)
    
(unaudited)
  
Basic weighted average shares outstanding
    
163,307
      
160,268
      
161,817
      
158,730
  
Dilutive effect of options and unvested restricted shares
    
-
      
1,407
      
-
      
749
  
Diluted weighted average shares outstanding
    
163,307
      
161,675
      
161,817
      
159,479
  
                                 

 
 
 
The following table represents common stock equivalents that were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2017 and 2016, because the effect of their inclusion would be anti-dilutive.

                                                      
     (in thousands)     
   
For the three months ended
    
For the nine months ended
  
   
September 30, 2017
    
September 30, 2016
    
September 30, 2017
    
September 30, 2016
  
   
(unaudited)
    
(unaudited)
    
(unaudited)
    
(unaudited)
  
Restricted common stock grants
    
4,613
      
2,246
      
4,613
      
500
  

 
Page 12
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 

NOTE E – ACCOUNTS AND OTHER RECEIVABLES, NET

The following table presents information regarding the Company's accounts and other receivables as of September 30, 2017 and December 31, 2016:

 
 
     (in thousands)     
   
September 30, 2017
    
December 31, 2016
  
   
(unaudited)
        
Trade receivables
  
$
15,549
    
$
16,470
  
Due from employees
    
105
      
430
  
Allowance for doubtful accounts and
                
commission adjustments
    
(4,710
)
    
(4,159
)
Accounts and other receivables, net
  
$
10,944
    
$
12,741
  

 
Trade receivables include amounts due for shipped products and services rendered.  Amounts currently due under the GEHC Agreement are subject to adjustment in subsequent periods should the underlying sales order amount, upon which the receivable is based, change.

Allowance for doubtful accounts and commission adjustments include estimated losses resulting from the inability of our customers to make required payments, and adjustments arising from subsequent changes in sales order amounts that may reduce the amount the Company will ultimately receive under the GEHC Agreement.  Due from employees is primarily commission advances made to sales personnel.

NOTE F – INVENTORIES, NET

Inventories, net of reserves, consist of the following:                           
 
     (in thousands)     
   
September 30, 2017
    
December 31, 2016
  
   
(unaudited)
        
Raw materials
  
$
553
    
$
501
  
Work in process
    
536
      
727
  
Finished goods
    
1,569
      
1,167
  
   
$
2,658
    
$
2,395
  
                 

 
At September 30, 2017 and December 31, 2016, the Company maintained reserves for slow moving inventories of $810,000 and $827,000, respectively.

NOTE G – GOODWILL AND OTHER INTANGIBLES

Goodwill aggregating $17,407,000 and $17,280,000 was recorded on the Company's condensed consolidated balance sheets at September 30, 2017 and December 31, 2016, respectively, of which $14,375,000, allocated to the IT segment, resulted from the acquisition of NetWolves in May 2015.  The remaining $3,032,000 of goodwill is allocated to the Company's equipment segment.  The components of the change in goodwill are as follows:


Page 13
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)


                     
     (in thousands)  
   
Carrying Amount
  
       
Balance at December 31, 2016
  
$
17,280
  
Foreign currency translation adjustment
    
127
  
Balance at September 30, 2017 (unaudited)
  
$
17,407
  
         


The Company's other intangible assets consist of capitalized customer-related intangibles, patent and technology costs, and software costs, as set forth in the following:
 
 
     (in thousands)     
 
  
September 30, 2017
    
December 31, 2016
  
   
(unaudited)
        
Customer-related
            
Costs
  
$
5,831
    
$
5,831
  
Accumulated amortization
    
(2,318
)
    
(1,768
)
     
3,513
      
4,063
  
 
                
Patents and Technology
                
Costs
    
2,363
      
2,363
  
Accumulated amortization
    
(1,238
)
    
(1,061
)
     
1,125
      
1,302
  
                 
Software
                
Costs
    
1,720
      
1,394
  
Accumulated amortization
    
(906
)
    
(763
)
     
814
      
631
  
 
                
   
$
5,452
    
$
5,996
  
 
                


 

Patents and technology are amortized on a straight-line basis over their estimated useful lives of ten and eight years, respectively.  The cost of significant customer-related intangibles is amortized in proportion to estimated total related revenue; cost of other customer-related intangible assets is amortized on a straight-line basis over the asset's estimated economic life of seven years. Software costs are amortized on a straight-line basis over its expected useful life of five years.

Amortization expense amounted to $279,000 and $284,000 for the three months ended September 30, 2017 and 2016, respectively, and $870,000 and $847,000 for the nine months ended September 30, 2017 and 2016, respectively.

Amortization of intangibles for the next five years is:

                                                                                                
 
       (in thousands)  
Years ending December 31,
  
(unaudited)
  
Remainder of 2017
  
$
292
  
2018
    
1,015
  
2019
    
893
  
2020
    
809
  
2021
    
737
  
Total
  
$
3,746
  

Page 14
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 



NOTE H – OTHER ASSETS, NET

Other assets, net consist of the following at September 30, 2017 and December 31, 2016:
 
              (in thousands)     
   
September 30, 2017
    
December 31, 2016
  
   
(unaudited)
        
Deferred commission expense - noncurrent
  
$
2,118
    
$
2,967
  
Trade receivables - noncurrent
    
900
      
1,064
  
Other, net of allowance for loss on loan receivable of
                
  $412 at September 30, 2017 and December 31, 2016
    
880
      
970
  
   
$
3,898
    
$
5,001
  

 
NOTE I – ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following at September 30, 2017 and December 31, 2016:

       
     (in thousands)     
   
September 30, 2017
    
December 31, 2016
  
   
(unaudited)
        
Accrued compensation
  
$
840
    
$
1,133
  
Accrued expenses - other
    
1,234
      
1,140
  
Other liabilities
    
2,543
      
3,002
  
   
$
4,617
    
$
5,275
  
                 


 
Page 15
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
NOTE J - DEFERRED REVENUE

The changes in the Company's deferred revenues are as follows:

          
 
      (in thousands)     
   
For the three months ended
    
For the nine months ended
  
   
September 30, 2017
    
September 30, 2016
    
September 30, 2017
    
September 30, 2016
  
   
(unaudited)
    
(unaudited)
    
(unaudited)
    
(unaudited)
  
Deferred revenue at beginning of period
  
$
20,692
    
$
17,783
    
$
19,404
    
$
18,516
  
Additions:
                                
Deferred extended service contracts
    
118
      
159
      
553
      
488
  
Deferred in-service and training
    
5
      
10
      
13
      
18
  
Deferred service arrangements
    
8
      
20
      
28
      
40
  
Deferred commission revenues
    
4,036
      
3,411
      
10,286
      
8,492
  
Recognized as revenue:
                                
Deferred extended service contracts
    
(159
)
    
(186
)
    
(501
)
    
(584
)
Deferred in-service and training
    
(3
)
    
(3
)
    
(13
)
    
(15
)
Deferred service arrangements
    
(11
)
    
(13
)
    
(34
)
    
(33
)
Deferred commission revenues
    
(2,608
)
    
(2,765
)
    
(7,658
)
    
(8,506
)
Deferred revenue at end of period
    
22,078
      
18,416
      
22,078
      
18,416
  
Less: current portion
    
12,651
      
7,830
      
12,651
      
7,830
  
Long-term deferred revenue at end of period
  
$
9,427
    
$
10,586
    
$
9,427
    
$
10,586
  

 
 
NOTE K – LINE OF CREDIT

In August 2016, NetWolves' lending institution extended its $3.0 million line of credit and, in September 2016, increased the maximum borrowings to $4.0 million.  Advances under the line, which expired on August 26, 2017 and was extended through March 31, 2018, bear interest at a rate of LIBOR plus 2.25% and are secured by substantially all of the assets of NetWolves Network Services, LLC and guaranteed by Vaso Corporation.  At September 30, 2017, the Company had drawn approximately $3.9 million against the line. The draw is included in notes payable and capital lease obligations – current portion in the Company's condensed consolidated balance sheet.

In August 2016, the Company executed a $2.0 million line of credit agreement with a lending institution.  Advances under the line, which expired on August 23, 2017 and was extended through March 31, 2018, bear interest at a rate of LIBOR plus 2.25% and are secured by substantially all of the assets of the Company.  No advances under the line had been drawn as of September 30, 2017.  The line of credit agreement includes certain financial covenants.  At September 30, 2017, the Company was not in compliance with one of the covenants.

NOTE L – RELATED-PARTY TRANSACTIONS

On May 29, 2015, the Company entered into a Note Purchase Agreement with MedTechnology Investments, LLC ("MedTech") pursuant to which it issued MedTech a secured subordinated promissory note ("Note") for $3,800,000 for the purchase of NetWolves. MedTech was formed to acquire the Note, and $1,950,000 of the aggregate funds used to acquire the Note was provided by six of our directors.  In September 2015, a second Note for $750,000 was issued to MedTech for working capital purposes, of which $250,000 was provided by a director and a director's relative.  In July 2015, an additional $250,000 was borrowed under the Note Purchase Agreement.  The Notes bear interest, payable quarterly, at an annual rate of 9%, mature on May 29, 2019, may be prepaid without penalty, and are subordinated to any current or future Senior Debt as defined in the Subordinated Security Agreement. The Subordinated Security Agreement secures payment and performance of the Company's obligations under the Notes and as a result, MedTech was granted a subordinated security interest in the Company's assets.
 

 
Page 16
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
David Lieberman, the Vice Chairman of the Company's Board of Directors, is a practicing attorney in the State of New York and a senior partner at the law firm of Beckman, Lieberman & Barandes, LLP, which performs certain legal services for the Company.  Fees of approximately $85,000 were billed by the firm for each of the three month periods ended September 30, 2017 and 2016, and fees of approximately $255,000 were billed for each of the nine month periods ended September 30, 2017 and 2016, at which dates no amounts were outstanding.

In July, 2017, the Company made partial principal payments aggregating Chinese yuan RMB1,125,000 (approximately $170,000), plus accrued interest, on notes payable to the president of Life Enhancement Technology Ltd. and the president of Biox Instruments Company Ltd.  The notes were issued in conjunction with the acquisition of Genwell Instruments Company Ltd in August 2014.  The note balance of RMB3,375,000 (approximately $507,000) matures August 26, 2019.

At September 30, 2017, the Company had contributed $522,000 to the VSK joint venture, and $296,000, net, was due to VSK.  The Company's pro-rata share in VSK's income (loss) from operations approximated $29,000 and $48,000 for the three months ended September 30, 2017 and 2016, respectively, and $(30,000) and $(29,000) for the nine months ended September 30, 2017 and 2016, respectively, and is included in interest and other income, net in the accompanying unaudited condensed consolidated statements of operations and comprehensive (loss) income.

NOTE M – COMMITMENTS AND CONTINGENCIES

Litigation

The Company is currently, and has been in the past, a party to various legal proceedings, primarily employee related matters, incident to its business. The Company believes that the outcome of all pending legal proceedings in the aggregate is unlikely to have a material adverse effect on the business or consolidated financial condition of the Company.

Sales representation agreement

In September 2012, the Company concluded an amendment of the GEHC Agreement with GEHC, originally signed on May 19, 2010.  The amendment, effective July 1, 2012, extended the initial term of three years commencing July 1, 2010 to five years through September 30, 2015.  In December 2014, the Company concluded an additional amendment, effective January 1, 2015, extending the term through December 31, 2018, subject to earlier termination under certain circumstances and termination without cause on six months written notice.  These circumstances include not materially achieving certain sales goals, not maintaining a minimum number of sales representatives, and various legal and GEHC policy requirements. 


Page 17
Vaso Corporation and Subsidiaries
 
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Except for historical information contained in this report, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as "anticipates", "believes", "could", "estimates", "expects", "may", "plans", "potential" and "intends" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the effect of the dramatic changes taking place in the healthcare environment; the impact of competitive procedures and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in the conduct of clinical trials and other product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; continuation of the GEHC agreements and the risk factors reported from time to time in the Company's SEC reports, including its recent report on Form 10-K.  The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.

Unless the context requires otherwise, all references to "we", "our", "us", "Company", "registrant", "Vaso" or "management" refer to Vaso Corporation and its subsidiaries

General Overview

Vaso Corporation ("Vaso") was incorporated in Delaware in July 1987.  We principally operate in three distinct business segments in the healthcare and information technology industries.  We manage and evaluate our operations, and report our financial results, through these three business segments.

•
IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;

•
Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for GEHC into the healthcare provider middle market; and

•
Equipment segment, operating through a wholly-owned subsidiary VasoMedical, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon the accompanying unaudited condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Although these estimates are based on our knowledge of current events, our actual amounts and results could differ from those estimates. The estimates made are based on historical factors, current circumstances, and the experience and judgment of our management, who continually evaluate the judgments, estimates and assumptions and may employ outside experts to assist in the evaluations.

Certain of our accounting policies are deemed "critical", as they are both most important to the financial statement presentation and require management's most difficult, subjective or complex judgments as a result of the need to make estimates about the effect of matters that are inherently uncertain. For a discussion of our critical accounting policies, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the SEC on March 30, 2017.

Page 18
Vaso Corporation and Subsidiaries
Results of Operations – For the Three Months Ended September 30, 2017 and 2016

Revenues

Total revenue for the three months ended September 30, 2017 and 2016 was $18,041,000 and $17,544,000, respectively, representing an increase of $497,000, or 3% year-over-year.  On a segment basis, revenue in the IT segment increased $1,148,000, while revenue in the professional sales service and equipment segments decreased $278,000 and $373,000, respectively.

Revenue in the IT segment for the three months ended September 30, 2017 was $10,827,000 compared to $9,679,000 for the three months ended September 30, 2016, an increase of $1,148,000, of which $252,000 resulted from growth in the operations of NetWolves, and $896,000 from the growth in the healthcare IT VAR business, due to more healthcare IT solutions installations in the third quarter of 2017.  Our monthly recurring revenue in the managed network services operations continues to grow month over month as we add new customers and expand our services to existing customers; at the same time, the backlog of orders in our healthcare IT operations increased to $10.4 million at September 30, 2017 from $7.4 million at December 31, 2016 and $6.3 million at September 30, 2016, due to growth in orders and clients.  We anticipate that as our healthcare IT operations become more developed and the service delivery process accelerated, the backlog will convert to revenue in a more timely fashion and, coupled with continued growth in order volume, profitability will improve in this segment.

Commission revenues in the professional sales services segment were $6,305,000 in the third quarter of 2017, a decrease of 4%, as compared to $6,583,000 in the same quarter of 2016.  The decrease in commission revenues was due primarily to a decrease in the volume of equipment delivered by GEHC during the period.  The Company recognizes commission revenue when the underlying equipment has been accepted at the customer site in accordance with the specific terms of the sales agreement.  Consequently, amounts billable under the agreement with GE Healthcare prior to customer acceptance of the equipment are recorded as deferred revenue in the condensed consolidated balance sheet.  As of September 30, 2017, $21,132,000 in deferred commission revenue was recorded in the Company's condensed consolidated balance sheet, of which $9,013,000 was long-term.  At September 30, 2016, $17,355,000 in deferred commission revenue was recorded in the Company's condensed consolidated balance sheet, of which $10,115,000 was long-term. The increase in deferred revenue is principally due to an increase in orders booked and the decrease in deliveries by GEHC.
 
Revenue in the equipment segment decreased by $373,000, or 29%, to $909,000 for the three-month period ended September 30, 2017 from $1,282,000 for the same period of the prior year.  The decrease was principally due to lower EECP® deliveries.

Gross Profit

Gross profit for the three months ended September 30, 2017 and 2016 was $10,028,000, or 56% of revenue, and $10,150,000, or 58% of revenue, respectively, representing a decrease of $122,000, or 1% year-over-year.  On a segment basis, gross profit in the IT segment increased $387,000, while gross profit in the professional sales services segment and equipment segment decreased $339,000 and $170,000, respectively.

IT segment gross profit for the three months ended September 30, 2017 was $4,516,000, or 42% of the segment revenue, compared to $4,129,000, or 43% of the segment revenue for the three months ended September 30, 2016, with the increase primarily resulting from higher sales.

Professional sales services segment gross profit was $4,919,000, or 78% of segment revenue, for the three months ended September 30, 2017 as compared to $5,258,000, or 80% of the segment revenue, for the three months ended September 30, 2016, reflecting a decrease of $339,000, or 6%.  The decrease in absolute dollars was primarily due to lower commission revenue as a result of lower volume of GEHC equipment delivered during the third quarter of 2017 than in the same period last year.

Cost of commissions in the professional sales service segment of $1,386,000 and $1,325,000, for the three months ended September 30, 2017 and 2016, respectively, reflected commission expense associated with recognized commission revenues.  Commission expense associated with deferred revenue is recorded as deferred commission expense until the related commission revenue is recognized.
 

 
Page 19
Vaso Corporation and Subsidiaries
Equipment segment gross profit decreased to $593,000, or 65% of segment revenues, for the third quarter of 2017 compared to $763,000, or 60% of segment revenues, for the same quarter of 2016.  Gross profit decreased due to lower sales volume and gross profit margin increased due mainly to a higher proportion of higher margin products in the sales mix in 2017, compared to the third quarter 2016.

Operating Income (Loss)

Operating (loss) income for the three months ended September 30, 2017 and 2016 was $(619,000) and $502,000, respectively, representing a decrease of $1,121,000, primarily due to higher operating costs and lower gross profit.  On a segment basis, operating loss in the IT segment decreased $230,000, while operating income in the professional sales service segment decreased $1,118,000. Operating loss in the equipment segment was $(273,000) for the third quarter of 2017 as compared to operating income of $10,000 in the same quarter of 2016.  In addition, corporate expenses decreased $50,000.

Operating loss in the IT segment decreased in the three-month period ended September 30, 2017 as compared to the same period of 2016 due to higher gross profit, partially offset by higher research and development costs.  Operating income in the professional sales service segment decreased in the three-month period ended September 30, 2017 as compared to operating income in the same period of 2016 due to lower gross profit combined with higher selling, general, and administrative ("SG&A") costs.  The change from equipment segment operating income in the third quarter of 2016 to operating loss in the third quarter of 2017 was due to lower gross profit and higher SG&A costs.

SG&A costs for the three months ended September 30, 2017 and 2016 were $10,412,000 and $9,531,000, respectively, representing an increase of $881,000, or 9% year-over-year.  On a segment basis, SG&A costs in the professional sales service segment increased $778,000 due to increased headcount and other personnel-related costs, and SG&A costs in the equipment segment increased $127,000 due mainly to higher travel and exhibition costs. SG&A costs in the IT segment increased by $29,000 to $4,941,000 in the third quarter of 2017 from $4,912,000 in the same quarter of the prior year due to increased personnel costs in the IT VAR business.  Corporate costs not allocated to segments decreased by $50,000 from $329,000 for the three months ended September 30, 2016 to $279,000 for the three months ended September 30, 2017, due primarily to lower director fees.

Research and development ("R&D") expenses were $235,000, or 1% of revenues, for the third quarter of 2017, an increase of $118,000, or 101%, from $117,000, or 1% of revenues, for the third quarter of 2016. The increase is primarily attributable to higher software development expenses in the IT segment.

Adjusted EBITDA

We define Adjusted EBITDA (earnings (loss) before interest, taxes, depreciation and amortization), which is a non-GAAP financial measure, as net income (loss), plus interest expense (income), net; tax expense; depreciation and amortization; and non-cash expenses for share-based compensation.  Adjusted EBITDA is a metric that is used by the investment community for comparative and valuation purposes.  We disclose this metric in order to support and facilitate the dialogue with research analysts and investors.

Adjusted EBITDA is not a measure of financial performance under U.S. GAAP and should not be considered a substitute for operating income, which we consider to be the most directly comparable U.S. GAAP measure. Adjusted EBITDA has limitations as an analytical tool, and when assessing our operating performance, you should not consider Adjusted EBITDA in isolation, or as a substitute for net income or other consolidated income statement data prepared in accordance with U.S. GAAP. Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

A reconciliation of net income to Adjusted EBITDA is set forth below:
Page 20
Vaso Corporation and Subsidiaries
                             
 
      (in thousands)  
   
Three months ended September 30,
  
   
2017
    
2016
  
   
(unaudited)
    
(unaudited)
  
Net (loss) income
  
$
(816
)
  
$
328
  
Interest expense (income), net
    
163
      
166
  
Income tax expense (benefit)
    
94
      
103
  
Depreciation and amortization
    
611
      
549
  
Share-based compensation
    
100
      
275
  
Adjusted EBITDA
  
$
152
    
$
1,421
  
                 

 
Adjusted EBITDA decreased by $1,269,000, to $152,000 in the quarter ended September 30, 2017 from $1,421,000 in the quarter ended September 30, 2016.  The decrease was primarily attributable to the lower net income and share-based compensation, partially offset by higher fixed asset depreciation in the IT segment.

Interest and Other Income (Expense)

Interest and other income (expense) for the three months ended September 30, 2017 was $(103,000) as compared to $(71,000) for the corresponding period of 2016. The expense increase was due primarily to lower other income for the three months ended September 30, 2017.

Income Tax Expense

For the three months ended September 30, 2017, we recorded income tax expense of $94,000 as compared to $103,000 for the corresponding period of 2016.  The decrease arose mainly from lower state income taxes.

Net (Loss) Income

Net loss for the three months ended September 30, 2017 was $816,000 as compared to net income of $328,000 for the three months ended September 30, 2016, representing a decrease of $1,144,000.  Our net loss per share was $0.00 in the three-month period ended September 30, 2017, as compared to net income of $0.00 per share in the three-month period ended September 30, 2016.  The principal cause of the decrease in net income is the decrease in revenue and gross profit in the professional sales service segment resulting from lower deliveries, combined with the increase in SG&A costs.

Results of Operations – For the Nine Months Ended September 30, 2017 and 2016

Revenues

Total revenue for the nine months ended September 30, 2017 and 2016 was $52,268,000 and $53,300,000, respectively, representing a decrease of $1,032,000, or 2% year-over-year.  On a segment basis, revenue in the IT segment increased $1,908,000, while revenue in the professional sales service and equipment segments decreased $2,108,000 and $832,000, respectively.

Revenue in the IT segment for the nine months ended September 30, 2017 was $31,438,000 compared to $29,530,000 for the nine months ended September 30, 2016, an increase of $1,908,000, of which $1,136,000 resulted from growth in the operations of NetWolves, and $772,000 from growth in the healthcare IT business due to an increase in new installations in the first nine months of 2017, partially offset by lower average revenue per installation.  Our monthly recurring revenue in the managed network services operations continues to grow month over month as we add new customers and expand our services to existing customers; at the same time, the backlog of orders in our healthcare IT operations increased to $10.4 million at September 30, 2017 from $7.4 million at December 31, 2016 and $6.3 million at September 30, 2016, due to growth in orders and clients.  We anticipate that as our healthcare IT operations become more developed and the service delivery process accelerated, the backlog will convert to revenue in a more timely fashion and, coupled with continued growth in order volume, profitability will improve in this segment.
 

 
Page 21
Vaso Corporation and Subsidiaries
Commission revenues in the professional sales services segment were $18,181,000 in the first nine months of 2017, a decrease of 10%, as compared to $20,289,000 in the same period of 2016.  The decrease in commission revenues was due primarily to a decrease in the volume of equipment delivered by GEHC during the period.  The Company recognizes commission revenue when the underlying equipment has been accepted at the customer site in accordance with the specific terms of the sales agreement.  Consequently, amounts billable under the agreement with GE Healthcare prior to customer acceptance of the equipment are recorded as deferred revenue in the condensed consolidated balance sheet.  As of September 30, 2017, $21,132,000 in deferred commission revenue was recorded in the Company's condensed consolidated balance sheet, of which $9,013,000 was long-term.  At September 30, 2016, $17,355,000 in deferred commission revenue was recorded in the Company's condensed consolidated balance sheet, of which $10,115,000 was long-term.

Revenue in the equipment segment decreased by $832,000, or 24%, to $2,649,000 for the nine-month period ended September 30, 2017 from $3,481,000 for the same period of the prior year.  The decrease was principally due to a decrease in EECP® and Biox ambulatory monitor revenues as a result of lower sales volume, as well as lower EECP® service contract and accessory revenues.
 
Gross Profit

Gross profit for the nine months ended September 30, 2017 and 2016 was $28,896,000, or 55% of revenue, and $30,275,000, or 57% of revenue, respectively, representing a decrease of $1,379,000, or 5% year-over-year.  On a segment basis, gross profit in the IT segment increased $818,000, while gross profit in the professional sales services segment and equipment segment decreased $1,736,000 and $461,000, respectively.

IT segment gross profit for the nine months ended September 30, 2017 was $12,912,000, or 41% of the segment revenue, compared to $12,094,000, or 41% of the segment revenue for the nine months ended September 30, 2016, with the $411,000 of the increase attributable to growth in both revenue and gross margin in the healthcare IT business and $407,000 of the increase resulting from higher sales at NetWolves.

Professional sales services segment gross profit was $14,235,000, or 78% of segment revenue, for the nine months ended September 30, 2017 as compared to $15,971,000, or 79% of the segment revenue, for the nine months ended September 30, 2016, reflecting a decrease of $1,736,000, or 11%.  The decrease in absolute dollars was due to lower commission revenue as a result of lower volume of GEHC equipment delivered during the first three quarters of 2017 than in the same period last year, partially offset by lower commission expense in the first three quarters of 2017 compared to the same period of 2016.

Cost of commissions in the professional sales service segment of $3,946,000 and $4,318,000, for the nine months ended September 30, 2017 and 2016, respectively, reflected commission expense associated with recognized commission revenues. The decrease is due to the lower commission revenue. Commission expense associated with deferred revenue is recorded as deferred commission expense until the related commission revenue is recognized.

Equipment segment gross profit decreased to $1,749,000, or 66% of segment revenues, for the first three quarters of 2017 compared to $2,210,000, or 63% of segment revenues, for the same period of 2016, due to lower sales volume in the first three quarters of 2017, compared to the first three quarters of 2016.

Operating (Loss) Income

Operating (loss) income for the nine months ended September 30, 2017 and 2016 was $(3,169,000) and $925,000, respectively, representing a decrease of $4,094,000, primarily due to higher operating costs and lower gross profit.  On a segment basis, operating loss decreased $193,000 in the IT segment and operating income in the professional sales service segment decreased $4,209,000, while operating loss in the equipment segment increased $105,000. In addition, corporate expenses decreased $27,000.

Operating loss in the IT segment decreased in the nine-month period ended September 30, 2017 as compared to the same period of 2016 due to higher gross profit, partially offset by higher research and development and SG&A costs.  Operating income in the professional sales service segment decreased in the nine-month period ended September 30, 2017 as compared to the same period of 2016 due to lower gross profit combined with higher SG&A costs.  Operating loss in the equipment segment increased in the nine-month period ended September 30, 2017 as compared to the same period of 2016 due to lower gross profit, partially offset by lower SG&A costs.
 

 
Page 22
Vaso Corporation and Subsidiaries
SG&A costs for the nine months ended September 30, 2017 and 2016 were $31,349,000 and $28,981,000, respectively, representing an increase of $2,368,000, or 8% year-over-year.  On a segment basis, SG&A costs in the equipment segment decreased $317,000 due mainly to a provision for loan loss made in the first three quarters of 2016, while SG&A costs in the professional sales service segment increased $2,473,000 due to increased headcount and other personnel-related costs. SG&A costs in the IT segment increased by $240,000 to $14,713,000 in the first three quarters of 2017 from $14,473,000 in the same period of the prior year due to increased personnel costs in the healthcare IT business.  Corporate costs not allocated to segments decreased by $27,000 from $1,011,000 for the nine months ended September 30, 2016 to $984,000 for the nine months ended September 30, 2017, due primarily to lower legal and director fees.

Research and development ("R&D") expenses were $716,000, or 1% of revenues, for the first three quarters of 2017, an increase of $347,000, or 94%, from $369,000, or 1% of revenues, for the first three quarters of 2016. The increase is primarily attributable to higher software development expenses in the IT segment.

Adjusted EBITDA

We define Adjusted EBITDA (earnings (loss) before interest, taxes, depreciation and amortization), which is a non-GAAP financial measure, as net income (loss), plus interest expense (income), net; tax expense; depreciation and amortization; and non-cash expenses for share-based compensation.  Adjusted EBITDA is a metric that is used by the investment community for comparative and valuation purposes.  We disclose this metric in order to support and facilitate the dialogue with research analysts and investors.

Adjusted EBITDA is not a measure of financial performance under U.S. GAAP and should not be considered a substitute for operating income, which we consider to be the most directly comparable U.S. GAAP measure. Adjusted EBITDA has limitations as an analytical tool, and when assessing our operating performance, you should not consider Adjusted EBITDA in isolation, or as a substitute for net income or other consolidated income statement data prepared in accordance with U.S. GAAP. Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

A reconciliation of net income to Adjusted EBITDA is set forth below:
Page 23
Vaso Corporation and Subsidiaries

                           
 
         (in thousands)  
 
  
Nine months ended September 30,
  
   
2017
    
2016
  
 
  
(unaudited)
    
(unaudited)
  
Net (loss) income
  
$
(3,934
)
  
$
437
  
Interest expense (income), net
    
494
      
478
  
Income tax expense
    
314
      
154
  
Depreciation and amortization
    
1,781
      
1,608
  
Share-based compensation
    
417
      
342
  
Adjusted EBITDA
  
$
(928
)
  
$
3,019
  


Adjusted EBITDA decreased by $3,947,000, to $(928,000) in the nine months ended September 30, 2017 from $3,019,000 in the nine months ended September 30, 2016.  The decrease was primarily attributable to the change from income generated in the nine month period ended September 30, 2016 to net loss incurred in the nine month period ended September 30, 2017, partially offset by higher fixed asset depreciation in the IT segment and income tax expense.

Interest and Other Income (Expense)

Interest and other income (expense) for the nine months ended September 30, 2017 was $(451,000) as compared to $(334,000) for the corresponding period of 2016. The increase was due primarily to higher interest expense due to additional equipment financing and lower other income in 2017.

Income Tax Expense

For the nine months ended September 30, 2017, we recorded income tax expense of $314,000 as compared to income tax expense of $154,000 for the corresponding period of 2016.  The increase arose mainly from application of alternative minimum tax credits in the prior year period.

Net (Loss) Income

Net loss for the nine months ended September 30, 2017 was $3,934,000 compared to net income of $437,000 for the nine months ended September 30, 2016, representing a decrease of $4,371,000.  Our net loss per share was $0.02 in the nine month period ended September 30, 2017, as compared to net income of $0.00 per share in the nine month period ended September 30, 2016.  The principal cause of the decrease in net income is the decrease in revenue and gross profit in the professional sales service segment resulting from lower deliveries, combined with the increase in SG&A costs.

Liquidity and Capital Resources

Cash and Cash Flow

We have financed our operations from working capital.  At September 30, 2017, we had cash and cash equivalents of $5,522,000 and negative working capital of $5,956,000 compared to cash and cash equivalents of $7,087,000 and negative working capital of $567,000 at December 31, 2016.  $9,752,000 in negative working capital at September 30, 2017 is attributable to the net balance of deferred commission expense and deferred revenue.  These are non-cash expense and revenue items and have no impact on future cash flows.

Cash provided by operating activities was $866,000, which consisted of net loss after adjustments to reconcile net loss to net cash of $1,250,000 and cash provided by operating assets and liabilities of $2,116,000, during the nine months ended September 30, 2017, compared to cash provided by operating activities of $3,756,000 for the same period in 2016. The changes in the account balances primarily reflect a decrease in accounts and other receivables of $1,671,000 and increase in deferred revenue of $2,674,000, partially offset by decreases in accrued expenses and other liabilities of $658,000 and accrued commissions of $763,000.

 
Page 24
Vaso Corporation and Subsidiaries
Cash used in investing activities during the nine-month period ended September 30, 2017 was $1,981,000 for the purchase of equipment and software.

Cash used in financing activities during the nine-month period ended September 30, 2017 was $383,000 primarily as a result of $288,000 in payments of notes and capital leases issued for equipment purchases and $170,000 in repayments of notes payable to related parties.

Liquidity

The Company expects to maintain sufficient liquidity through its cash on hand, availability of funds under its lines of credit, and internally generated funds to meet its obligations as they come due.  The Company's profitability for the year will be largely dependent on deliveries of product by GEHC in our professional sales service segment since the Company does not recognize revenue in this segment until the equipment is delivered.  
 
 
 
Page 25
Vaso Corporation and Subsidiaries
ITEM 4 - CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures reporting as promulgated under the Exchange Act is defined as controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms.  Disclosure controls and procedures include without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Our CEO and our CFO have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2017 and have concluded that the Company's disclosure controls and procedures were effective as of September 30, 2017.

Changes in Internal Control Over Financial Reporting

There was no change in the Company's internal control over financial reporting during the Company's fiscal quarter ended September 30, 2017 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.



Page 26
Vaso Corporation and Subsidiaries

PART II - OTHER INFORMATION



ITEM 6 – EXHIBITS

Exhibits

31
Certifications of the Chief Executive Officer and the Chief Financial Officer pursuant to Rules 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32
Certifications of the Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


 


Page 27
Vaso Corporation and Subsidiaries
In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 
VASO CORPORATION
   
 
By:  /s/ Jun Ma
 
Jun Ma
 
President and Chief Executive Officer
 
(Principal Executive Officer)
   
 
/s/  Michael J. Beecher
 
Michael J. Beecher
 
Chief Financial Officer and Principal Accounting Officer


Date:  November 14, 2017
 



Page 28
 
EX-31 2 vaso10q-sept2017ex31.htm
EXHIBIT 31.1
CERTIFICATION PURSUANT TO RULE 13a/15d OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jun Ma, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of Vaso Corporation and subsidiaries (the "registrant");

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
/s/ Jun Ma                         .
Jun Ma
President and Chief Executive Officer

Date: November 14, 2017

EXHIBIT 31.2
CERTIFICATION PURSUANT TO RULE 13a/15d OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael J. Beecher, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of Vaso Corporation and subsidiaries (the "registrant");

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
/s/ Michael J. Beecher           .
Michael J. Beecher
Chief Financial Officer

Date: November 14, 2017

 EX-32 3 vaso10q-sept2017ex32.htm
EXHIBIT 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Vaso Corporation and subsidiaries (the "Company") on Form 10-Q for the period ending September 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jun Ma, as President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Jun Ma                          .
Jun Ma
President and Chief Executive Officer

Dated: November 14, 2017


































EXHIBIT 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Vaso Corporation and subsidiaries (the "Company") on Form 10-Q for the period ending September 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael J. Beecher, as Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Michael J. Beecher             .
Michael J. Beecher
Chief Financial Officer
Dated: November 14, 2017

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Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in connection with the audited consolidated financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on March 30, 2017.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">These unaudited condensed consolidated financial statements include the accounts of the companies over which we exercise control. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of interim results for the Company. 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The Company evaluates its estimates and assumptions on an ongoing basis.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Significant Accounting Policies and Recent Accounting Pronouncements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued <font style="font-size: 10pt; font-family: 'Times New Roman';">Accounting Standards Update (&#8220;ASU&#8221;)</font> 2014-09 &#8220;Revenue from Contracts with Customers&#8221;, a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. 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text-indent: 36pt;">Certain reclassifications have been made to prior period amounts to conform with the current period presentation.</div></div> 0 387000 5522000 7087000 2160000 5695000 35000 13000 -1565000 3535000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">NOTE&#160;M &#8211; COMMITMENTS AND CONTINGENCIES</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; text-align: justify;">Litigation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">The Company is currently, and has been in the past, a party to various legal proceedings, primarily employee related matters, incident to its business. 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">8</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">20</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">28</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">40</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 52%; 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vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,411</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">10,286</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 63pt; text-indent: -54pt;">Deferred extended service contracts</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; 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font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">Allowance for doubtful accounts and commission adjustments include estimated losses resulting from the inability of our customers to make required payments, and adjustments arising from subsequent changes in sales order amounts that may reduce the amount the Company will ultimately receive under the GEHC Agreement.&#160; Due from employees is primarily commission advances made to sales personnel.</div></div> 4142000 4245000 250000 3800000 750000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">NOTE A - ORGANIZATION AND PLAN OF OPERATIONS</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">Vaso Corporation was incorporated in Delaware in July 1987.&#160; Unless the context requires otherwise, all references to &#8220;we&#8221;, &#8220;our&#8221;, &#8220;us&#8221;, &#8220;Company&#8221;, &#8220;registrant&#8221;, &#8220;Vaso&#8221; or &#8220;management&#8221; refer to Vaso Corporation and its subsidiaries.&#160; The Company changed its name from Vasomedical, Inc. to Vaso Corporation in November 2016 at its annual shareholders meeting.&#160; The name was changed because the Company in the several years prior to the name change had substantially diversified its business and the original name, Vasomedical, Inc., no longer portrayed the nature of its overall business.&#160; In addition, the Company retained the name of VasoMedical, Inc. and now uses it exclusively for its proprietary medical device business, as the name originally represented. </div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Overview</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">Vaso Corporation principally operates in three distinct business segments in the healthcare and information technology (&#8220;IT&#8221;) industries.&#160; We manage and evaluate our operations, and report our financial results, through these three business segments.</div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr style="vertical-align: top;"><td style="width: 36pt;">&#160;</td><td style="width: 27pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: Symbol, serif; text-align: left;">&#183;</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;</div></td></tr></table></div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr style="vertical-align: top;"><td style="width: 36pt;"></td><td style="width: 27pt; 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font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">VasoMedical is the Company&#8217;s business division for its proprietary medical device operations, including the design, development, manufacturing, sales and service of various medical devices in the domestic and international markets and includes the Vasomedical Global and Vasomedical Solutions business units.&#160; These devices are primarily for cardiovascular monitoring, diagnostic and therapeutic systems.&#160; Its current offerings consist of:</div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr style="vertical-align: top;"><td style="width: 36pt;">&#160;</td><td style="width: 18pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: Symbol, serif; text-align: left;">&#183;</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Biox&#8482; series Holter monitors and ambulatory blood pressure recorders.</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr style="vertical-align: top;"><td style="width: 36pt;"></td><td style="width: 18pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: Symbol, serif; text-align: left;">&#183;</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">ARCS<sup style="font-size: smaller; vertical-align: text-top; line-height: 1;">&#174;</sup> series analysis, reporting and communication software for physiological signals such as ECG and blood pressure.</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr style="vertical-align: top;"><td style="width: 36pt;"></td><td style="width: 18pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: Symbol, serif; text-align: left;">&#183;</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">MobiCare&#8482; multi-parameter wireless vital-sign monitoring system.</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr style="vertical-align: top;"><td style="width: 36pt;"></td><td style="width: 18pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: Symbol, serif; text-align: left;">&#183;</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">EECP<sup style="font-size: smaller; vertical-align: text-top; line-height: 1;">&#174;</sup> therapy system for non-invasive, outpatient treatment of ischemic heart disease.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">This segment uses its extensive cardiovascular device knowledge coupled with its significant engineering resources to cost-effectively create and market its proprietary technology. It works with a global distribution network of channel partners, as well as a global joint venture arrangement, to sell its products.&#160; It also provides engineering and OEM services to other medical device companies.</div></div> 1511000 -383000 -1981000 -1796000 866000 3756000 -3934000 437000 328000 -816000 0 820000 0 0 0 0 0 0 820000 -3934000 0 -90000 84000 244000 -626000 -103000 -71000 -334000 -451000 0 127000 3375000 507000 648000 380000 3 -3169000 502000 -619000 925000 -279000 -2186000 -555000 -2379000 -984000 488000 10000 -1011000 -785000 -700000 -329000 1606000 5015000 -805000 -273000 806000 9648000 29350000 32065000 10647000 116000 -58000 25000 34000 0 0 -249000 0 0 0 0 116000 0 -249000 0 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">NOTE H &#8211; OTHER ASSETS, NET</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; text-indent: 36pt;">Other assets, net consist of the following at September 30, 2017 and December 31, 2016:</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; text-indent: 324pt;">&#160;</div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-top: medium none; font-family: 'Times New Roman'; border-right: medium none; width: 100%; border-bottom: medium none; border-left: medium none;"><tr><td valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; padding-bottom: 2px; border-left: medium none;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; padding-bottom: 2px; border-left: medium none;">&#160;</td><td colspan="6" nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: middle; border-left: medium none;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; text-align: center;">(in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; padding-bottom: 2px; text-align: left; border-left: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; padding-bottom: 2px; border-left: medium none;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; padding-bottom: 2px; border-left: medium none;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: middle; border-bottom: #000000 2px solid; border-left: medium none;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">September 30, 2017</div></td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; padding-bottom: 2px; text-align: left; border-left: medium none;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; padding-bottom: 2px; border-left: medium none;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: middle; border-bottom: #000000 2px solid; border-left: medium none;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">December 31, 2016</div></td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; padding-bottom: 2px; text-align: left; border-left: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; border-left: medium none;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; border-left: medium none;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; border-left: medium none;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(unaudited)</div></td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; text-align: left; border-left: medium none;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; border-left: medium none;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; vertical-align: bottom; border-bottom: medium none; border-left: medium none;">&#160;</td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; 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background-color: #ffffff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 9%; vertical-align: bottom; border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">900</div></td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; border-bottom: medium none; border-left: medium none; background-color: #ffffff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 9%; vertical-align: bottom; border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,064</div></td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 76%; vertical-align: bottom; border-bottom: medium none; border-left: medium none; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 9pt; text-indent: -9pt;">Other, net of allowance for loss on loan receivable of $412 at September 30, 2017 and December 31, 2016</div></td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; padding-bottom: 2px; border-left: medium none; background-color: #cceeff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">880</div></td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; border-left: medium none; background-color: #cceeff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; padding-bottom: 2px; border-left: medium none; background-color: #cceeff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">970</div></td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; border-left: medium none; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 76%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 4px; border-left: medium none; background-color: #ffffff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; padding-bottom: 4px; border-left: medium none; background-color: #ffffff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; border-left: medium none; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; border-left: medium none; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,898</div></td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; border-left: medium none; background-color: #ffffff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; padding-bottom: 4px; border-left: medium none; background-color: #ffffff;">&#160;</td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; border-left: medium none; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="border-top: medium none; border-right: medium none; width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; border-left: medium none; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">5,001</div></td><td nowrap="nowrap" valign="bottom" style="border-top: medium none; border-right: medium none; width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; border-left: medium none; background-color: #ffffff;">&#160;</td></tr></table></div> 3898000 5001000 1114000 1349000 3002000 2543000 1140000 1234000 0 130000 0 422000 1412000 1981000 505000 0 117000 2000 1187000 57000 0 57000 13000 21000 13000 0 3000 641000 168000 657000 1830000 446000 0.01 0.01 0 0 0 0 0 0 1000000 1000000 1138000 925000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; text-align: justify;">Reclassifications</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">Certain reclassifications have been made to prior period amounts to conform with the current period presentation.</div></div> 78000 2124000 1950000 250000 300000 0 0 3900000 38000 0 4777000 4021000 412000 0 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-right: 41.4pt;">NOTE&#160;L &#8211; RELATED-PARTY TRANSACTIONS</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">On May 29, 2015, the Company entered into a Note Purchase Agreement with MedTechnology Investments, LLC (&#8220;MedTech&#8221;) pursuant to which it issued MedTech a secured subordinated promissory note (&#8220;Note&#8221;) for $3,800,000 for the purchase of NetWolves. MedTech was formed to acquire the Note, and $1,950,000 of the aggregate funds used to acquire the Note was provided by six of our directors.&#160; In September 2015, a second Note for $750,000 was issued to MedTech for working capital purposes, of which $250,000 was provided by a director and a director&#8217;s relative.&#160; In July 2015, an additional $250,000 was borrowed under the Note Purchase Agreement.&#160; The Notes bear interest, payable quarterly, at an annual rate of 9%, mature on May 29, 2019, may be prepaid without penalty, and are subordinated to any current or future Senior Debt as defined in the Subordinated Security Agreement. 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font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">In July, 2017, the Company made partial principal payments aggregating Chinese yuan RMB1,125,000 (approximately $170,000), plus accrued interest, on notes payable to the president of Life Enhancement Technology Ltd. and the president of Biox Instruments Company Ltd.&#160; The notes were issued in conjunction with the acquisition of Genwell Instruments Company Ltd in August 2014.&#160; The note balance of RMB3,375,000 (approximately $507,000) matures August 26, 2019.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">At September 30, 2017, the Company had contributed $522,000 to the VSK joint venture, and $296,000, net, was due to VSK.&#160; The Company&#8217;s pro-rata share in VSK&#8217;s income (loss) from operations approximated $29,000 and $48,000 for the three months ended September 30, 2017 and 2016, respectively, and $(30,000) and $(29,000) for the nine months ended September 30, 2017 and 2016, respectively, and is included in interest and other income, net in the accompanying unaudited condensed consolidated statements of operations and comprehensive (loss) income.</div></div> 170000 566000 170000 1125000 288000 211000 117000 369000 235000 716000 -47790000 -51724000 <div style="font-family: 'Times New Roman'; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Operating (loss) income</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(785</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(2,186</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">10</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(805</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 52%; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 16.2pt; text-indent: -7.2pt;">IT</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; 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Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in connection with the audited consolidated financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on March 30, 2017.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">These unaudited condensed consolidated financial statements include the accounts of the companies over which we exercise control. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of interim results for the Company. The results of operations for any interim period are not necessarily indicative of results to be expected for any other interim period or the full year.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, the disclosure of contingent assets and liabilities in the unaudited condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenues, expenses and cash flows during the periods presented. Actual amounts and results could differ from those estimates. The estimates and assumptions the Company makes are based on historical factors, current circumstances and the experience and judgment of the Company's management. The Company evaluates its estimates and assumptions on an ongoing basis.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Significant Accounting Policies and Recent Accounting Pronouncements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued <font style="font-size: 10pt; font-family: 'Times New Roman';">Accounting Standards Update (&#8220;ASU&#8221;)</font> 2014-09 &#8220;Revenue from Contracts with Customers&#8221;, a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard allows for either full retrospective or modified retrospective adoption. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period.&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">In 2016, the FASB issued additional ASUs that clarify the implementation guidance on principal versus agent considerations (ASU 2016-08), on identifying performance obligations and licensing (ASU 2016-10), on narrow-scope improvements and practical expedients (ASU 2016-12), and on the revenue recognition criteria and other technical corrections (ASU 2016-20).&#160; </font>The Company plans to adopt the ASU using the modified retrospective method.&#160; Such method provides that the cumulative effect from prior periods upon applying the new guidance is recognized in our consolidated balance sheets as of the date of adoption, including an adjustment to retained earnings.&#160; Prior periods will not be retrospectively adjusted.&#160; We have determined the only significant incremental costs incurred to obtain contracts with customers within the scope of ASC 606 are certain sales commissions paid to associates. Under current U.S. GAAP, we recognize sales commissions as incurred.&#160; Under the new guidance, we expect to record sales commissions as an asset, and amortize to expense over the related contract performance period. At the date of adoption of this new guidance, we expect to record an asset in our consolidated balance sheets for the amount of unamortized sales commissions for prior periods, as calculated under the new guidance. Such amount will subsequently be amortized to expense over the remaining performance periods of the related contracts with remaining performance obligations.<font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font>Our analysis and evaluation of the new standard will continue through the effective date on January 1, 2018.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;">In February 2016, The FASB issued ASU 2016-02 (Topic 842), &#8220;Leases&#8221;. ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This new standard would be effective for the Company beginning January 1, 2019 with early adoption permitted.&#160; The Company does not expect the adoption of this standard to have a material effect on its Consolidated Financial Statements.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In January 2017, the FASB issued ASU 2017-04, which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit&#8217;s carrying amount over its fair value. The standard is effective for fiscal periods beginning after December 15, 2019. 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Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2017
Nov. 09, 2017
Document and Entity Information [Abstract]    
Entity Registrant Name VASO Corp  
Entity Central Index Key 0000839087  
Current Fiscal Year End Date --12-31  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   175,390,196
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q3  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2017  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 5,522 $ 7,087
Accounts and other receivables, net of an allowance for doubtful accounts and commission adjustments of $4,710 at September 30, 2017 and $4,159 at December 31, 2016 10,944 12,741
Receivables due from related parties 19 18
Inventories, net 2,658 2,395
Deferred commission expense 2,899 1,917
Prepaid expenses and other current assets 1,138 925
Total current assets 23,180 25,083
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $4,723 at September 30, 2017 and $3,835 at December 31, 2016 4,777 4,021
GOODWILL 17,407 17,280
INTANGIBLES, net 5,452 5,996
OTHER ASSETS, net 3,898 5,001
Total Assets 54,714 57,381
CURRENT LIABILITIES    
Accounts payable 5,074 5,219
Accrued commissions 1,399 2,139
Accrued expenses and other liabilities 4,617 5,275
Sales tax payable 773 718
Income taxes payable 42 30
Deferred revenue - current portion 12,651 7,628
Notes payable and capital lease obligations - current portion 4,142 4,245
Notes payable - related parties - current portion 127 0
Due to related party 311 396
Total current liabilities 29,136 25,650
LONG-TERM LIABILITIES    
Notes payable and capital lease obligations 4,858 4,935
Notes payable - related parties 380 648
Deferred revenue 9,427 11,776
Deferred tax liability 292 112
Other long-term liabilities 1,114 1,349
Total long-term liabilities 16,071 18,820
COMMITMENTS AND CONTINGENCIES (NOTE M)
STOCKHOLDERS' EQUITY    
Preferred stock, $.01 par value; 1,000,000 shares authorized; nil shares issued and outstanding at September 30, 2017 and December 31, 2016 0 0
Common stock, $.001 par value; 250,000,000 shares authorized; 175,387,306 and 173,811,533 shares issued at September 30, 2017 and December 31, 2016, respectively; 165,079,219 and 163,503,446 shares outstanding at September 30, 2017 and December 31, 2016, respectively 175 174
Additional paid-in capital 63,269 62,856
Accumulated deficit (51,724) (47,790)
Accumulated other comprehensive loss (213) (329)
Treasury stock, at cost, 10,308,087 shares at September 30, 2017 and December 31, 2016 (2,000) (2,000)
Total stockholders' equity 9,507 12,911
Total liabilities and stockholders' equity $ 54,714 $ 57,381
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS    
Accounts and other receivables, allowance for doubtful accounts and commission adjustments $ 4,710 $ 4,159
PROPERTY AND EQUIPMENT, accumulated depreciation $ 4,723 $ 3,835
STOCKHOLDERS' EQUITY    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 250,000,000 250,000,000
Common stock, shares issued (in shares) 175,387,306 173,811,533
Common stock, shares outstanding (in shares) 165,079,219 163,503,446
Treasury stock, at cost (in shares) 10,308,087 10,308,087
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Managed IT systems and services $ 10,827 $ 9,679 $ 31,438 $ 29,530
Professional sales services 6,305 6,583 18,181 20,289
Equipment sales and services 909 1,282 2,649 3,481
Total revenues 18,041 17,544 52,268 53,300
Cost of revenues        
Cost of managed IT systems and services 6,311 5,550 18,526 17,436
Cost of professional sales services 1,386 1,325 3,946 4,318
Cost of equipment sales and services 316 519 900 1,271
Total cost of revenues 8,013 7,394 23,372 23,025
Gross profit 10,028 10,150 28,896 30,275
Operating expenses        
Selling, general and administrative 10,412 9,531 31,349 28,981
Research and development 235 117 716 369
Total operating expenses 10,647 9,648 32,065 29,350
Operating (loss) income (619) 502 (3,169) 925
Other income (expense)        
Interest and financing costs (166) (162) (506) (474)
Interest and other income, net 63 91 55 140
Total other expense, net (103) (71) (451) (334)
(Loss) income before income taxes (722) 431 (3,620) 591
Income tax (expense) benefit (94) (103) (314) (154)
Net (loss) income (816) 328 (3,934) 437
Other comprehensive (loss) income        
Foreign currency translation gain (loss) 25 34 116 (58)
Comprehensive (loss) income $ (791) $ 362 $ (3,818) $ 379
(Loss) income per common share        
- basic and diluted (in dollars per share) $ 0 $ 0 $ (0.02) $ 0
Weighted average common shares outstanding        
- basic (in shares) 163,307 160,268 161,817 158,730
- diluted (in shares) 163,307 161,675 161,817 159,479
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Common Stock [Member]
Treasury Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Total
Balance at Dec. 31, 2015 $ 168 $ (2,000) $ 62,263 $ (48,610) $ (80) $ 11,741
Balance (in shares) at Dec. 31, 2015 168,750 (10,308)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation $ 4 $ 0 424 0 0 428
Share-based compensation (in shares) 3,949          
Shares issued to settle liability $ 2 0 176 0 0 178
Shares issued to settle liability (in shares) 1,113          
Shares not issued for employee tax liability $ 0 0 (7) 0 0 (7)
Foreign currency translation gain (loss) 0 0 0 0 (249) (249)
Net income (loss) 0 0 0 820 0 820
Balance at Dec. 31, 2016 $ 174 $ (2,000) 62,856 (47,790) (329) 12,911
Balance (in shares) at Dec. 31, 2016 173,812 (10,308)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation $ 1 $ 0 416 0 0 417
Share-based compensation (in shares) 1,576          
Shares issued to settle liability           0
Shares not issued for employee tax liability $ 0 0 (3) 0 0 (3)
Foreign currency translation gain (loss) 0 0 0 0 116 116
Net income (loss) 0 0 0 (3,934) 0 (3,934)
Balance at Sep. 30, 2017 $ 175 $ (2,000) $ 63,269 $ (51,724) $ (213) $ 9,507
Balance (in shares) at Sep. 30, 2017 175,388 (10,308)        
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net (loss) income $ (3,934) $ 437
Adjustments to reconcile net (loss) income to net cash provided by operating activities    
Depreciation and amortization 1,781 1,584
Deferred income taxes 287 135
Loss from interest in joint venture 30 29
Provision for doubtful accounts and commission adjustments 145 96
Amortization of debt issue costs 24 24
Share-based compensation 417 342
Provision for allowance for loss on loan receivable 0 412
Changes in operating assets and liabilities:    
Accounts and other receivables 1,671 2,214
Receivables due from related parties (96) 396
Inventories, net (235) (374)
Deferred commission expense (982) 448
Prepaid expenses and other current assets (211) (422)
Other assets, net 861 (285)
Accounts payable (153) 74
Accrued commissions (763) (613)
Accrued expenses and other liabilities (658) (488)
Sales tax payable 52 (27)
Income taxes payable 11 (164)
Deferred revenue 2,674 (100)
Deferred tax liability 180 0
Other long-term liabilities (235) 38
Net cash provided by operating activities 866 3,756
Cash flows from investing activities    
Purchases of equipment and software (1,981) (1,412)
Redemption of short-term investments 0 38
Investment in VSK 0 (422)
Net cash used in investing activities (1,981) (1,796)
Cash flows from financing activities    
Net borrowings on revolving line of credit 78 2,124
Debt issuance costs 0 (130)
Payroll taxes paid by withholding shares (3) (6)
Repayment of notes payable and capital lease obligations (288) (211)
Proceeds from note payable - related party 0 300
Payments on notes payable - related parties (170) (566)
Net cash (used in) provided by financing activities (383) 1,511
Effect of exchange rate differences on cash and cash equivalents (67) 64
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,565) 3,535
Cash and cash equivalents - beginning of period 7,087 2,160
Cash and cash equivalents - end of period 5,522 5,695
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION    
Interest paid 483 589
Income taxes paid 35 474
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Inventories transferred to property and equipment, net 0 149
Equipment acquired through capital lease 0 387
Liability settled through issuance of common stock $ 0 $ 178
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
ORGANIZATION AND PLAN OF OPERATIONS
 9 Months Ended
Sep. 30, 2017
ORGANIZATION AND PLAN OF OPERATIONS [Abstract]  
ORGANIZATION AND PLAN OF OPERATIONS
NOTE A - ORGANIZATION AND PLAN OF OPERATIONS
 
Vaso Corporation was incorporated in Delaware in July 1987.  Unless the context requires otherwise, all references to “we”, “our”, “us”, “Company”, “registrant”, “Vaso” or “management” refer to Vaso Corporation and its subsidiaries.  The Company changed its name from Vasomedical, Inc. to Vaso Corporation in November 2016 at its annual shareholders meeting.  The name was changed because the Company in the several years prior to the name change had substantially diversified its business and the original name, Vasomedical, Inc., no longer portrayed the nature of its overall business.  In addition, the Company retained the name of VasoMedical, Inc. and now uses it exclusively for its proprietary medical device business, as the name originally represented.

Overview

Vaso Corporation principally operates in three distinct business segments in the healthcare and information technology (“IT”) industries.  We manage and evaluate our operations, and report our financial results, through these three business segments.

 
·
IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;

·
Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for General Electric Healthcare (“GEHC”) into the healthcare provider middle market; and

·
Equipment segment, operating through a wholly-owned subsidiary VasoMedical, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.

VasoTechnology

VasoTechnology, Inc. was formed in May 2015, at the time the Company acquired all of the assets of NetWolves, LLC and its affiliates, including the membership interests in NetWolves Network Services, LLC (collectively, “NetWolves”).  It currently consists of a managed network and security service division and a healthcare IT application VAR (value added reseller) division.  Its current offerings include:

 
·
Managed diagnostic imaging applications (national channel partner of GEHC IT).
·
Managed network infrastructure (routers, switches and other core equipment).
·
Managed network transport (FCC licensed carrier reselling 175+ facility partners).
·
Managed security services.

VasoTechnology uses a combination of proprietary technology, methodology and third-party applications to deliver its value proposition.

VasoHealthcare

VasoHealthcare commenced operations in 2010, in conjunction with the Company’s execution of its exclusive sales representation agreement (“GEHC Agreement”) with GEHC, which is the healthcare business division of the General Electric Company, to further the sale of certain healthcare capital equipment in the healthcare provider middle market.  Sales of GEHC equipment by the Company have grown significantly since then.

VasoHealthcare’s current offerings consist of:

 
·
GEHC diagnostic imaging capital equipment.
·
GEHC service agreements.
·
GEHC and third party financial services.

VasoMedical

VasoMedical is the Company’s business division for its proprietary medical device operations, including the design, development, manufacturing, sales and service of various medical devices in the domestic and international markets and includes the Vasomedical Global and Vasomedical Solutions business units.  These devices are primarily for cardiovascular monitoring, diagnostic and therapeutic systems.  Its current offerings consist of:

 
·
Biox™ series Holter monitors and ambulatory blood pressure recorders.
·
ARCS® series analysis, reporting and communication software for physiological signals such as ECG and blood pressure.
·
MobiCare™ multi-parameter wireless vital-sign monitoring system.
·
EECP® therapy system for non-invasive, outpatient treatment of ischemic heart disease.

This segment uses its extensive cardiovascular device knowledge coupled with its significant engineering resources to cost-effectively create and market its proprietary technology. It works with a global distribution network of channel partners, as well as a global joint venture arrangement, to sell its products.  It also provides engineering and OEM services to other medical device companies.
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2017
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES [Abstract]  
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES
NOTE B - BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES

Basis of Presentation and Use of Estimates

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the nited States of America ("U.S. GAAP") and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in connection with the audited consolidated financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on March 30, 2017.

These unaudited condensed consolidated financial statements include the accounts of the companies over which we exercise control. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of interim results for the Company. The results of operations for any interim period are not necessarily indicative of results to be expected for any other interim period or the full year.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, the disclosure of contingent assets and liabilities in the unaudited condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenues, expenses and cash flows during the periods presented. Actual amounts and results could differ from those estimates. The estimates and assumptions the Company makes are based on historical factors, current circumstances and the experience and judgment of the Company's management. The Company evaluates its estimates and assumptions on an ongoing basis.

Significant Accounting Policies and Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers”, a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard allows for either full retrospective or modified retrospective adoption. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. In 2016, the FASB issued additional ASUs that clarify the implementation guidance on principal versus agent considerations (ASU 2016-08), on identifying performance obligations and licensing (ASU 2016-10), on narrow-scope improvements and practical expedients (ASU 2016-12), and on the revenue recognition criteria and other technical corrections (ASU 2016-20).  The Company plans to adopt the ASU using the modified retrospective method.  Such method provides that the cumulative effect from prior periods upon applying the new guidance is recognized in our consolidated balance sheets as of the date of adoption, including an adjustment to retained earnings.  Prior periods will not be retrospectively adjusted.  We have determined the only significant incremental costs incurred to obtain contracts with customers within the scope of ASC 606 are certain sales commissions paid to associates. Under current U.S. GAAP, we recognize sales commissions as incurred.  Under the new guidance, we expect to record sales commissions as an asset, and amortize to expense over the related contract performance period. At the date of adoption of this new guidance, we expect to record an asset in our consolidated balance sheets for the amount of unamortized sales commissions for prior periods, as calculated under the new guidance. Such amount will subsequently be amortized to expense over the remaining performance periods of the related contracts with remaining performance obligations. Our analysis and evaluation of the new standard will continue through the effective date on January 1, 2018.
 
In February 2016, The FASB issued ASU 2016-02 (Topic 842), “Leases”. ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This new standard would be effective for the Company beginning January 1, 2019 with early adoption permitted.  The Company does not expect the adoption of this standard to have a material effect on its Consolidated Financial Statements.

In January 2017, the FASB issued ASU 2017-04, which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The standard is effective for fiscal periods beginning after December 15, 2019. Early adoption is permitted for interim and annual goodwill impairment testing dates after January 1, 2017.  The Company does not expect the adoption of this standard to have a material effect on its Consolidated Financial Statements.

Variable Interest Entities

The Company follows the guidance of accounting for variable interest entities, which requires certain variable interest entities to be consolidated by the primary beneficiary of the entities.  Biox is a Variable Interest Entity (“VIE”).

Liabilities recognized as a result of consolidating this VIE do not represent additional claims on the Company’s general assets. The financial information of Biox, which is included in the accompanying condensed consolidated financial statements, is presented as follows:
 
  
As of September
30, 2017
  
As of December
31, 2016
 
  
(unaudited)
    
Cash and cash equivalents
 
$
35
  
$
13
 
Total assets
 
$
1,443
  
$
1,451
 
Total liabilities
 
$
1,700
  
$
1,133
 
 
  (in thousands)    
  Three months ended September 30,   Nine months ended September 30, 
  
2017
  
2016
  
2017
  
2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Total net revenue
 
$
318
  
$
399
  
$
1,049
  
$
1,314
 
                 
Net (loss) income
 
$
(90
)
 
$
84
  
$
(626
)
 
$
244
 
 
Reclassifications

Certain reclassifications have been made to prior period amounts to conform with the current period presentation.
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT REPORTING AND CONCENTRATIONS
 9 Months Ended
Sep. 30, 2017
SEGMENT REPORTING AND CONCENTRATIONS [Abstract]  
SEGMENT REPORTING AND CONCENTRATIONS
NOTE C – SEGMENT REPORTING AND CONCENTRATIONS

Vaso Corporation principally operates in three distinct business segments in the healthcare and information technology industries.  We manage and evaluate our operations, and report our financial results, through these three reportable segments.

·
IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;

·
Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for GEHC into the healthcare provider middle market; and

·
Equipment segment, operating through a wholly-owned subsidiary VasoMedical, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.

The chief operating decision maker is the Company’s Chief Executive Officer, who, in conjunction with upper management, evaluates segment performance based on operating income and adjusted EBITDA (net income (loss), plus interest expense (income), net; tax expense; depreciation and amortization; and non-cash stock-based compensation).  Administrative functions such as finance, human resources, and information technology are centralized and related expenses allocated to each segment.  Other costs not directly attributable to operating segments, such as audit, legal, director fees, investor relations, and others, as well as certain assets – primarily cash balances – are reported in the Corporate entity below.  There are no intersegment revenues.  Summary financial information for the segments is set forth below:
 
  
(in thousands)
  
Three months ended
September 30,
  
 Nine months ended
September 30,
  
2017
  
2016
  
2017
  
2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Revenues from external customers
            
IT
 
$
10,827
  
$
9,679
  
$
31,438
  
$
29,530
 
Professional sales service
  
6,305
   
6,583
   
18,181
   
20,289
 
Equipment
  
909
   
1,282
   
2,649
   
3,481
 
Total revenues
 
$
18,041
  
$
17,544
  
$
52,268
  
$
53,300
 
                 
Gross Profit
                
IT
 
$
4,516
  
$
4,129
  
$
12,912
  
$
12,094
 
Professional sales service
  
4,919
   
5,258
   
14,235
   
15,971
 
Equipment
  
593
   
763
   
1,749
   
2,210
 
Total gross profit
 
$
10,028
  
$
10,150
  
$
28,896
  
$
30,275
 
                 
Operating (loss) income
                
IT
 
$
(555
)
 
$
(785
)
 
$
(2,186
)
 
$
(2,379
)
Professional sales service
  
488
   
1,606
   
806
   
5,015
 
Equipment
  
(273
)
  
10
   
(805
)
  
(700
)
Corporate
  
(279
)
  
(329
)
  
(984
)
  
(1,011
)
Total operating (loss) income
 
$
(619
)
 
$
502
  
$
(3,169
)
 
$
925
 
                 
Capital expenditures
                
IT
 
$
641
  
$
446
  
$
1,830
  
$
1,187
 
Professional sales service
  
3
   
57
   
117
   
168
 
Equipment
  
-
   
2
   
21
   
57
 
Corporate
  
13
   
-
   
13
   
-
 
Total cash capital expenditures
 
$
657
  
$
505
  
$
1,981
  
$
1,412
 
 
  (in thousands)    
  
September 30, 2017
  
December 31, 2016
 
  
(unaudited)
    
Identifiable Assets
      
IT
  
28,512
  
$
27,724
 
Professional sales service
  
12,572
   
14,611
 
Equipment
  
7,728
   
7,446
 
Corporate
  
5,902
   
7,600
 
Total assets
  
54,714
  
$
57,381
 
 
In the fourth quarter of 2016, the Company revised its method for allocating certain corporate expenses to its reportable segments resulting in lower amounts allocated to the IT segment and higher amounts allocated to the professional sales service and equipment segments.  Consequently, due primarily to the change in allocation method, as well as to a $102,000 decrease in total corporate costs allocated, the IT segment received$177,000 lower allocations, and the professional sales service segment received $75,000 higher allocations, respectively, for the three months ended September 30, 2017 as compared to the corresponding period of the prior year.  Similarly, for the nine months ended September 30, 2017, total corporate costs allocated decreased $85,000, the IT segment received $430,000 lower allocations, and the professional sales service segment and equipment segment received $334,000 and $11,000 higher allocations, respectively, as compared to the corresponding period of the prior year.

GE Healthcare accounted for 35% and 38% of revenue for both the three months ended September 30, 2017 and 2016, respectively, and the nine months ended September 30, 2017 and 2016, respectively.  GE Healthcare also accounted for $6.4 million or 59%, and $7.9 million or 62%, of accounts and other receivables at September 30, 2017 and December 31, 2016, respectively.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
(LOSS) EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2017
(LOSS) EARNINGS PER COMMON SHARE [Abstract]  
(LOSS) EARNINGS PER COMMON SHARE
NOTE D – (LOSS) EARNINGS PER COMMON SHARE

Basic (loss) earnings per common share is computed as (loss) earnings applicable to common stockholders divided by the weighted-average number of common shares outstanding for the period.  Diluted (loss) earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted to common stock.

Diluted (loss) earnings per common share were computed based on the weighted average shares outstanding plus all potentially dilutive common shares.  A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
 
    (in thousands)    
  
For the three months ended
  
For the nine months ended
 
  
September 30, 2017
  
September 30, 2016
  
September 30, 2017
  
September 30, 2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Basic weighted average shares outstanding
  
163,307
   
160,268
   
161,817
   
158,730
 
Dilutive effect of options and unvested restricted shares
  
-
   
1,407
   
-
   
749
 
Diluted weighted average shares outstanding
  
163,307
   
161,675
   
161,817
   
159,479
 
 
The following table represents common stock equivalents that were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2017 and 2016, because the effect of their inclusion would be anti-dilutive.
 
  (in thousands)     
  For the three months ended  For the nine months ended 
  
September 30, 2017
  
September 30, 2016
  
September 30, 2017
  
September 30, 2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Restricted common stock grants
  
4,613
   
2,246
   
4,613
   
500
 
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTS AND OTHER RECEIVABLES, NET
 9 Months Ended
Sep. 30, 2017
ACCOUNTS AND OTHER RECEIVABLES, NET [Abstract]  
ACCOUNTS AND OTHER RECEIVABLES, NET
NOTE E – ACCOUNTS AND OTHER RECEIVABLES, NET

The following table presents information regarding the Company’s accounts and other receivables as of September 30, 2017 and December 31, 2016:
 
  (in thousands)    
  
September 30, 2017
  
December 31, 2016
 
  
(unaudited)
    
Trade receivables
 
$
15,549
  
$
16,470
 
Due from employees
  
105
   
430
 
Allowance for doubtful accounts and commission adjustments
  
(4,710
)
  
(4,159
)
Accounts and other receivables, net
 
$
10,944
  
$
12,741
 
 
Trade receivables include amounts due for shipped products and services rendered.  Amounts currently due under the GEHC Agreement are subject to adjustment in subsequent periods should the underlying sales order amount, upon which the receivable is based, change.

Allowance for doubtful accounts and commission adjustments include estimated losses resulting from the inability of our customers to make required payments, and adjustments arising from subsequent changes in sales order amounts that may reduce the amount the Company will ultimately receive under the GEHC Agreement.  Due from employees is primarily commission advances made to sales personnel.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
INVENTORIES, NET
 9 Months Ended
Sep. 30, 2017
INVENTORIES, NET [Abstract]  
INVENTORIES, NET
NOTE F – INVENTORIES, NET

Inventories, net of reserves, consist of the following:  
 
  (in thousands)    
  
September 30, 2017
  
December 31, 2016
 
  
(unaudited)
    
Raw materials
 
$
553
  
$
501
 
Work in process
  
536
   
727
 
Finished goods
  
1,569
   
1,167
 
  
$
2,658
  
$
2,395
 

At September 30, 2017 and December 31, 2016, the Company maintained reserves for slow moving inventories of $810,000 and $827,000, respectively.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLES
 9 Months Ended
Sep. 30, 2017
GOODWILL AND OTHER INTANGIBLES [Abstract]  
GOODWILL AND OTHER INTANGIBLES
NOTE G – GOODWILL AND OTHER INTANGIBLES

Goodwill aggregating $17,407,000 and $17,280,000 was recorded on the Company’s condensed consolidated balance sheets at September 30, 2017 and December 31, 2016, respectively, of which $14,375,000, allocated to the IT segment, resulted from the acquisition of NetWolves in May 2015.  The remaining $3,032,000 of goodwill is allocated to the Company’s equipment segment.  The components of the change in goodwill are as follows:
 
 (in thousands) 
  
Carrying Amount
 
    
Balance at December 31, 2016
 
$
17,280
 
Foreign currency translation adjustment
  
127
 
Balance at September 30, 2017 (unaudited)
 
$
17,407
 
 
The Company’s other intangible assets consist of capitalized customer-related intangibles, patent and technology costs, and software costs, as set forth in the following:
 
  (in thousands) 
  September 30, 2017  December 31, 2016 
  
(unaudited)
    
 
  
Customer-related
      
Costs
 
$
5,831
  
$
5,831
 
Accumulated amortization
  
(2,318
)
  
(1,768
)
   
3,513
   
4,063
 
         
Patents and Technology
        
Costs
  
2,363
   
2,363
 
Accumulated amortization
  
(1,238
)
  
(1,061
)
   
1,125
   
1,302
 
         
Software
        
Costs
  
1,720
   
1,394
 
Accumulated amortization
  
(906
)
  
(763
)
   
814
   
631
 
         
  
$
5,452
  
$
5,996
 

Patents and technology are amortized on a straight-line basis over their estimated useful lives of ten and eight years, respectively.  The cost of significant customer-related intangibles is amortized in proportion to estimated total related revenue; cost of other customer-related intangible assets is amortized on a straight-line basis over the asset's estimated economic life of seven years. Software costs are amortized on a straight-line basis over its expected useful life of five years.

Amortization expense amounted to $279,000 and $284,000 for the three months ended September 30, 2017 and 2016, respectively, and $870,000 and $847,000 for the nine months ended September 30, 2017 and 2016, respectively.

Amortization of intangibles for the next five years is:
 
 
(in thousands)
 
Years ending December 31,
 
(unaudited)
 
Remainder of 2017
 
$
292
 
2018
  
1,015
 
2019
  
893
 
2020
  
809
 
2021
  
737
 
Total
 
$
3,746
 
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
OTHER ASSETS, NET
 9 Months Ended
Sep. 30, 2017
OTHER ASSETS, NET [Abstract]  
OTHER ASSETS, NET
NOTE H – OTHER ASSETS, NET

Other assets, net consist of the following at September 30, 2017 and December 31, 2016:
 
  
(in thousands)
 
  
September 30, 2017
  
December 31, 2016
 
  
(unaudited)
    
Deferred commission expense - noncurrent
 
$
2,118
  
$
2,967
 
Trade receivables - noncurrent
  
900
   
1,064
 
Other, net of allowance for loss on loan receivable of $412 at September 30, 2017 and December 31, 2016
  
880
   
970
 
  
$
3,898
  
$
5,001
 
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES
 9 Months Ended
Sep. 30, 2017
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]  
ACCRUED EXPENSES AND OTHER LIABILITIES
NOTE I – ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following at September 30, 2017 and December 31, 2016:
  
(in thousands)
 
  
September 30, 2017
  
December 31, 2016
 
  
(unaudited)
    
Accrued compensation
 
$
840
  
$
1,133
 
Accrued expenses - other
  
1,234
   
1,140
 
Other liabilities
  
2,543
   
3,002
 
  
$
4,617
  
$
5,275
 
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEFERRED REVENUE
 9 Months Ended
Sep. 30, 2017
DEFERRED REVENUE [Abstract]  
DEFERRED REVENUE
NOTE J - DEFERRED REVENUE

The changes in the Company’s deferred revenues are as follows:
 
  (in thousands) 
  For the three months ended  For the nine months ended 
  
September 30, 2017
  
September 30, 2016
  
September 30, 2017
  
September 30, 2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Deferred revenue at beginning of period
 
$
20,692
  
$
17,783
  
$
19,404
  
$
18,516
 
Additions:
                
Deferred extended service contracts
  
118
   
159
   
553
   
488
 
Deferred in-service and training
  
5
   
10
   
13
   
18
 
Deferred service arrangements
  
8
   
20
   
28
   
40
 
Deferred commission revenues
  
4,036
   
3,411
   
10,286
   
8,492
 
Recognized as revenue:
                
Deferred extended service contracts
  
(159
)
  
(186
)
  
(501
)
  
(584
)
Deferred in-service and training
  
(3
)
  
(3
)
  
(13
)
  
(15
)
Deferred service arrangements
  
(11
)
  
(13
)
  
(34
)
  
(33
)
Deferred commission revenues
  
(2,608
)
  
(2,765
)
  
(7,658
)
  
(8,506
)
Deferred revenue at end of period
  
22,078
   
18,416
   
22,078
   
18,416
 
Less: current portion
  
12,651
   
7,830
   
12,651
   
7,830
 
Long-term deferred revenue at end of period
 
$
9,427
  
$
10,586
  
$
9,427
  
$
10,586
 
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
LINE OF CREDIT
 9 Months Ended
Sep. 30, 2017
LINE OF CREDIT [Abstract]  
LINE OF CREDIT
NOTE K – LINE OF CREDIT

In August 2016, NetWolves' lending institution extended its $3.0 million line of credit and, in September 2016, increased the maximum borrowings to $4.0 million. Advances under the line, which expired on August 26, 2017 and was extended through March 31, 2018, bear interest at a rate of LIBOR plus 2.25% and are secured by substantially all of the assets of NetWolves Network Services, LLC and guaranteed by Vaso Corporation. At September 30, 2017, the Company had drawn approximately $3.9 million against the line. The draw is included in notes payable and capital lease obligations - current portion in the Company's condensed consolidated balance sheet.

In August 2016, the Company executed a $2.0 million line of credit agreement with a lending institution. Advances under the line, which expired on August 23, 2017 and was extended through March 31, 2018, bear interest at a rate of LIBOR plus 2.25% and are secured by substantially all of the assets of the Company. No advances under the line had been drawn as of September 30, 2017. The line of credit agreement includes certain financial covenants. At September 30, 2017, the Company was not in compliance with one of the covenants.

 
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED-PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2017
RELATED-PARTY TRANSACTIONS [Abstract]  
RELATED-PARTY TRANSACTIONS
NOTE L – RELATED-PARTY TRANSACTIONS

On May 29, 2015, the Company entered into a Note Purchase Agreement with MedTechnology Investments, LLC (“MedTech”) pursuant to which it issued MedTech a secured subordinated promissory note (“Note”) for $3,800,000 for the purchase of NetWolves. MedTech was formed to acquire the Note, and $1,950,000 of the aggregate funds used to acquire the Note was provided by six of our directors.  In September 2015, a second Note for $750,000 was issued to MedTech for working capital purposes, of which $250,000 was provided by a director and a director’s relative.  In July 2015, an additional $250,000 was borrowed under the Note Purchase Agreement.  The Notes bear interest, payable quarterly, at an annual rate of 9%, mature on May 29, 2019, may be prepaid without penalty, and are subordinated to any current or future Senior Debt as defined in the Subordinated Security Agreement. The Subordinated Security Agreement secures payment and performance of the Company’s obligations under the Notes and as a result, MedTech was granted a subordinated security interest in the Company’s assets.

David Lieberman, the Vice Chairman of the Company’s Board of Directors, is a practicing attorney in the State of New York and a senior partner at the law firm of Beckman, Lieberman & Barandes, LLP, which performs certain legal services for the Company.  Fees of approximately $85,000 were billed by the firm for each of the three month periods ended September 30, 2017 and 2016, and fees of approximately $255,000 were billed for each of the nine month periods ended September 30, 2017 and 2016, at which dates no amounts were outstanding.

In July, 2017, the Company made partial principal payments aggregating Chinese yuan RMB1,125,000 (approximately $170,000), plus accrued interest, on notes payable to the president of Life Enhancement Technology Ltd. and the president of Biox Instruments Company Ltd.  The notes were issued in conjunction with the acquisition of Genwell Instruments Company Ltd in August 2014.  The note balance of RMB3,375,000 (approximately $507,000) matures August 26, 2019.

At September 30, 2017, the Company had contributed $522,000 to the VSK joint venture, and $296,000, net, was due to VSK.  The Company’s pro-rata share in VSK’s income (loss) from operations approximated $29,000 and $48,000 for the three months ended September 30, 2017 and 2016, respectively, and $(30,000) and $(29,000) for the nine months ended September 30, 2017 and 2016, respectively, and is included in interest and other income, net in the accompanying unaudited condensed consolidated statements of operations and comprehensive (loss) income.
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE M – COMMITMENTS AND CONTINGENCIES

Litigation

The Company is currently, and has been in the past, a party to various legal proceedings, primarily employee related matters, incident to its business. The Company believes that the outcome of all pending legal proceedings in the aggregate is unlikely to have a material adverse effect on the business or consolidated financial condition of the Company.

Sales representation agreement

In September 2012, the Company concluded an amendment of the GEHC Agreement with GEHC, originally signed on May 19, 2010.  The amendment, effective July 1, 2012, extended the initial term of three years commencing July 1, 2010 to five years through September 30, 2015.  In December 2014, the Company concluded an additional amendment, effective January 1, 2015, extending the term through December 31, 2018, subject to earlier termination under certain circumstances and termination without cause on six months written notice.  These circumstances include not materially achieving certain sales goals, not maintaining a minimum number of sales representatives, and various legal and GEHC policy requirements.  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2017
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES [Abstract]  
Basis of Presentation and Use of Estimates
Basis of Presentation and Use of Estimates

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the nited States of America ("U.S. GAAP") and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in connection with the audited consolidated financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on March 30, 2017.

These unaudited condensed consolidated financial statements include the accounts of the companies over which we exercise control. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of interim results for the Company. The results of operations for any interim period are not necessarily indicative of results to be expected for any other interim period or the full year.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, the disclosure of contingent assets and liabilities in the unaudited condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenues, expenses and cash flows during the periods presented. Actual amounts and results could differ from those estimates. The estimates and assumptions the Company makes are based on historical factors, current circumstances and the experience and judgment of the Company's management. The Company evaluates its estimates and assumptions on an ongoing basis.
Significant Accounting Policies and Recent Accounting Pronouncements
Significant Accounting Policies and Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers”, a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard allows for either full retrospective or modified retrospective adoption. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. In 2016, the FASB issued additional ASUs that clarify the implementation guidance on principal versus agent considerations (ASU 2016-08), on identifying performance obligations and licensing (ASU 2016-10), on narrow-scope improvements and practical expedients (ASU 2016-12), and on the revenue recognition criteria and other technical corrections (ASU 2016-20).  The Company plans to adopt the ASU using the modified retrospective method.  Such method provides that the cumulative effect from prior periods upon applying the new guidance is recognized in our consolidated balance sheets as of the date of adoption, including an adjustment to retained earnings.  Prior periods will not be retrospectively adjusted.  We have determined the only significant incremental costs incurred to obtain contracts with customers within the scope of ASC 606 are certain sales commissions paid to associates. Under current U.S. GAAP, we recognize sales commissions as incurred.  Under the new guidance, we expect to record sales commissions as an asset, and amortize to expense over the related contract performance period. At the date of adoption of this new guidance, we expect to record an asset in our consolidated balance sheets for the amount of unamortized sales commissions for prior periods, as calculated under the new guidance. Such amount will subsequently be amortized to expense over the remaining performance periods of the related contracts with remaining performance obligations. Our analysis and evaluation of the new standard will continue through the effective date on January 1, 2018.
 
In February 2016, The FASB issued ASU 2016-02 (Topic 842), “Leases”. ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This new standard would be effective for the Company beginning January 1, 2019 with early adoption permitted.  The Company does not expect the adoption of this standard to have a material effect on its Consolidated Financial Statements.

In January 2017, the FASB issued ASU 2017-04, which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The standard is effective for fiscal periods beginning after December 15, 2019. Early adoption is permitted for interim and annual goodwill impairment testing dates after January 1, 2017.  The Company does not expect the adoption of this standard to have a material effect on its Consolidated Financial Statements.
Variable Interest Entities
Variable Interest Entities

The Company follows the guidance of accounting for variable interest entities, which requires certain variable interest entities to be consolidated by the primary beneficiary of the entities.  Biox is a Variable Interest Entity (“VIE”).

Liabilities recognized as a result of consolidating this VIE do not represent additional claims on the Company’s general assets. The financial information of Biox, which is included in the accompanying condensed consolidated financial statements, is presented as follows:
 
  
As of September
30, 2017
  
As of December
31, 2016
 
  
(unaudited)
    
Cash and cash equivalents
 
$
35
  
$
13
 
Total assets
 
$
1,443
  
$
1,451
 
Total liabilities
 
$
1,700
  
$
1,133
 
 
  (in thousands)    
  Three months ended September 30,   Nine months ended September 30, 
  
2017
  
2016
  
2017
  
2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Total net revenue
 
$
318
  
$
399
  
$
1,049
  
$
1,314
 
                 
Net (loss) income
 
$
(90
)
 
$
84
  
$
(626
)
 
$
244
 
Reclassifications
Reclassifications

Certain reclassifications have been made to prior period amounts to conform with the current period presentation.
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2017
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES [Abstract]  
Schedule of Variable Interest Entities
The financial information of Biox, which is included in the accompanying condensed consolidated financial statements, is presented as follows:
 
  
As of September
30, 2017
  
As of December
31, 2016
 
  
(unaudited)
    
Cash and cash equivalents
 
$
35
  
$
13
 
Total assets
 
$
1,443
  
$
1,451
 
Total liabilities
 
$
1,700
  
$
1,133
 
 
  (in thousands)    
  Three months ended September 30,   Nine months ended September 30, 
  
2017
  
2016
  
2017
  
2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Total net revenue
 
$
318
  
$
399
  
$
1,049
  
$
1,314
 
                 
Net (loss) income
 
$
(90
)
 
$
84
  
$
(626
)
 
$
244
 
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT REPORTING AND CONCENTRATIONS (Tables)
 9 Months Ended
Sep. 30, 2017
SEGMENT REPORTING AND CONCENTRATIONS [Abstract]  
Summary Financial Information for Segments
Summary financial information for the segments is set forth below:
 
  
(in thousands)
  
Three months ended
September 30,
  
 Nine months ended
September 30,
  
2017
  
2016
  
2017
  
2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Revenues from external customers
            
IT
 
$
10,827
  
$
9,679
  
$
31,438
  
$
29,530
 
Professional sales service
  
6,305
   
6,583
   
18,181
   
20,289
 
Equipment
  
909
   
1,282
   
2,649
   
3,481
 
Total revenues
 
$
18,041
  
$
17,544
  
$
52,268
  
$
53,300
 
                 
Gross Profit
                
IT
 
$
4,516
  
$
4,129
  
$
12,912
  
$
12,094
 
Professional sales service
  
4,919
   
5,258
   
14,235
   
15,971
 
Equipment
  
593
   
763
   
1,749
   
2,210
 
Total gross profit
 
$
10,028
  
$
10,150
  
$
28,896
  
$
30,275
 
                 
Operating (loss) income
                
IT
 
$
(555
)
 
$
(785
)
 
$
(2,186
)
 
$
(2,379
)
Professional sales service
  
488
   
1,606
   
806
   
5,015
 
Equipment
  
(273
)
  
10
   
(805
)
  
(700
)
Corporate
  
(279
)
  
(329
)
  
(984
)
  
(1,011
)
Total operating (loss) income
 
$
(619
)
 
$
502
  
$
(3,169
)
 
$
925
 
                 
Capital expenditures
                
IT
 
$
641
  
$
446
  
$
1,830
  
$
1,187
 
Professional sales service
  
3
   
57
   
117
   
168
 
Equipment
  
-
   
2
   
21
   
57
 
Corporate
  
13
   
-
   
13
   
-
 
Total cash capital expenditures
 
$
657
  
$
505
  
$
1,981
  
$
1,412
 
 
  (in thousands)    
  
September 30, 2017
  
December 31, 2016
 
  
(unaudited)
    
Identifiable Assets
      
IT
  
28,512
  
$
27,724
 
Professional sales service
  
12,572
   
14,611
 
Equipment
  
7,728
   
7,446
 
Corporate
  
5,902
   
7,600
 
Total assets
  
54,714
  
$
57,381
 
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
(LOSS) EARNINGS PER COMMON SHARE (Tables)
 9 Months Ended
Sep. 30, 2017
(LOSS) EARNINGS PER COMMON SHARE [Abstract]  
Reconciliation of Basic to Diluted Shares Used in the Earnings Per Share Calculation
A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
 
    (in thousands)    
  
For the three months ended
  
For the nine months ended
 
  
September 30, 2017
  
September 30, 2016
  
September 30, 2017
  
September 30, 2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Basic weighted average shares outstanding
  
163,307
   
160,268
   
161,817
   
158,730
 
Dilutive effect of options and unvested restricted shares
  
-
   
1,407
   
-
   
749
 
Diluted weighted average shares outstanding
  
163,307
   
161,675
   
161,817
   
159,479
 
Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share
The following table represents common stock equivalents that were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2017 and 2016, because the effect of their inclusion would be anti-dilutive.
 
  (in thousands)     
  For the three months ended  For the nine months ended 
  
September 30, 2017
  
September 30, 2016
  
September 30, 2017
  
September 30, 2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Restricted common stock grants
  
4,613
   
2,246
   
4,613
   
500
 
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTS AND OTHER RECEIVABLES, NET (Tables)
 9 Months Ended
Sep. 30, 2017
ACCOUNTS AND OTHER RECEIVABLES, NET [Abstract]  
Accounts and Other Receivables
The following table presents information regarding the Company’s accounts and other receivables as of September 30, 2017 and December 31, 2016:
 
  (in thousands)    
  
September 30, 2017
  
December 31, 2016
 
  
(unaudited)
    
Trade receivables
 
$
15,549
  
$
16,470
 
Due from employees
  
105
   
430
 
Allowance for doubtful accounts and commission adjustments
  
(4,710
)
  
(4,159
)
Accounts and other receivables, net
 
$
10,944
  
$
12,741
 
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
INVENTORIES, NET (Tables)
 9 Months Ended
Sep. 30, 2017
INVENTORIES, NET [Abstract]  
Inventories, Net of Reserves
Inventories, net of reserves, consist of the following:  
 
  (in thousands)    
  
September 30, 2017
  
December 31, 2016
 
  
(unaudited)
    
Raw materials
 
$
553
  
$
501
 
Work in process
  
536
   
727
 
Finished goods
  
1,569
   
1,167
 
  
$
2,658
  
$
2,395
 
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLES (Tables)
 9 Months Ended
Sep. 30, 2017
GOODWILL AND OTHER INTANGIBLES [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
The components of the change in goodwill are as follows:
 
 (in thousands) 
  
Carrying Amount
 
    
Balance at December 31, 2016
 
$
17,280
 
Foreign currency translation adjustment
  
127
 
Balance at September 30, 2017 (unaudited)
 
$
17,407
 
Schedule of Other Intangible Assets
The Company’s other intangible assets consist of capitalized customer-related intangibles, patent and technology costs, and software costs, as set forth in the following:
 
  (in thousands) 
  September 30, 2017  December 31, 2016 
  
(unaudited)
    
 
  
Customer-related
      
Costs
 
$
5,831
  
$
5,831
 
Accumulated amortization
  
(2,318
)
  
(1,768
)
   
3,513
   
4,063
 
         
Patents and Technology
        
Costs
  
2,363
   
2,363
 
Accumulated amortization
  
(1,238
)
  
(1,061
)
   
1,125
   
1,302
 
         
Software
        
Costs
  
1,720
   
1,394
 
Accumulated amortization
  
(906
)
  
(763
)
   
814
   
631
 
         
  
$
5,452
  
$
5,996
 
Amortization of Intangibles
Amortization of intangibles for the next five years is:
 
 
(in thousands)
 
Years ending December 31,
 
(unaudited)
 
Remainder of 2017
 
$
292
 
2018
  
1,015
 
2019
  
893
 
2020
  
809
 
2021
  
737
 
Total
 
$
3,746
 
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
OTHER ASSETS, NET (Tables)
 9 Months Ended
Sep. 30, 2017
OTHER ASSETS, NET [Abstract]  
Schedule of Other Assets, Net
Other assets, net consist of the following at September 30, 2017 and December 31, 2016:
 
  
(in thousands)
 
  
September 30, 2017
  
December 31, 2016
 
  
(unaudited)
    
Deferred commission expense - noncurrent
 
$
2,118
  
$
2,967
 
Trade receivables - noncurrent
  
900
   
1,064
 
Other, net of allowance for loss on loan receivable of $412 at September 30, 2017 and December 31, 2016
  
880
   
970
 
  
$
3,898
  
$
5,001
 
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2017
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]  
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following at September 30, 2017 and December 31, 2016:
  
(in thousands)
 
  
September 30, 2017
  
December 31, 2016
 
  
(unaudited)
    
Accrued compensation
 
$
840
  
$
1,133
 
Accrued expenses - other
  
1,234
   
1,140
 
Other liabilities
  
2,543
   
3,002
 
  
$
4,617
  
$
5,275
 
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEFERRED REVENUE (Tables)
 9 Months Ended
Sep. 30, 2017
DEFERRED REVENUE [Abstract]  
Changes in Deferred Revenues
The changes in the Company’s deferred revenues are as follows:
 
  (in thousands) 
  For the three months ended  For the nine months ended 
  
September 30, 2017
  
September 30, 2016
  
September 30, 2017
  
September 30, 2016
 
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Deferred revenue at beginning of period
 
$
20,692
  
$
17,783
  
$
19,404
  
$
18,516
 
Additions:
                
Deferred extended service contracts
  
118
   
159
   
553
   
488
 
Deferred in-service and training
  
5
   
10
   
13
   
18
 
Deferred service arrangements
  
8
   
20
   
28
   
40
 
Deferred commission revenues
  
4,036
   
3,411
   
10,286
   
8,492
 
Recognized as revenue:
                
Deferred extended service contracts
  
(159
)
  
(186
)
  
(501
)
  
(584
)
Deferred in-service and training
  
(3
)
  
(3
)
  
(13
)
  
(15
)
Deferred service arrangements
  
(11
)
  
(13
)
  
(34
)
  
(33
)
Deferred commission revenues
  
(2,608
)
  
(2,765
)
  
(7,658
)
  
(8,506
)
Deferred revenue at end of period
  
22,078
   
18,416
   
22,078
   
18,416
 
Less: current portion
  
12,651
   
7,830
   
12,651
   
7,830
 
Long-term deferred revenue at end of period
 
$
9,427
  
$
10,586
  
$
9,427
  
$
10,586
 
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
ORGANIZATION AND PLAN OF OPERATIONS (Details)
 9 Months Ended
Sep. 30, 2017
Segment
FacilityPartner
Segment Reporting Information [Line Items]  
Number of business segments | Segment 3
Minimum [Member]  
Segment Reporting Information [Line Items]  
Number of facility partners | FacilityPartner 175
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Dec. 31, 2015
Variable Interest Entity [Line Items]            
Cash and cash equivalents $ 5,522 $ 5,695 $ 5,522 $ 5,695 $ 7,087 $ 2,160
Total net revenue 18,041 17,544 52,268 53,300    
Net (loss) income (816) 328 (3,934) 437 820  
Biox [Member]            
Variable Interest Entity [Line Items]            
Cash and cash equivalents 35   35   13  
Total assets 1,443   1,443   1,451  
Total liabilities 1,700   1,700   $ 1,133  
Total net revenue 318 399 1,049 1,314    
Net (loss) income $ (90) $ 84 $ (626) $ 244    
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT REPORTING AND CONCENTRATIONS (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2017
USD ($)
Segment
Sep. 30, 2016
USD ($)
Dec. 31, 2016
USD ($)
SEGMENT REPORTING AND CONCENTRATIONS [Abstract]          
Number of segments | Segment     3    
Segment Reporting Information [Line Items]          
Revenues $ 18,041 $ 17,544 $ 52,268 $ 53,300  
Gross Profit 10,028 10,150 28,896 30,275  
Operating (loss) income (619) 502 (3,169) 925  
Total cash capital expenditures 657 505 1,981 1,412  
Identifiable Assets 54,714   54,714   $ 57,381
IT [Member]          
Segment Reporting Information [Line Items]          
Lower allocation of amount to segment 177   430    
Professional Sales Service [Member]          
Segment Reporting Information [Line Items]          
Higher allocation of amount to segment 75   334    
Equipment [Member]          
Segment Reporting Information [Line Items]          
Higher allocation of amount to segment     11    
Operating Segments [Member] | IT [Member]          
Segment Reporting Information [Line Items]          
Revenues 10,827 9,679 31,438 29,530  
Gross Profit 4,516 4,129 12,912 12,094  
Operating (loss) income (555) (785) (2,186) (2,379)  
Total cash capital expenditures 641 446 1,830 1,187  
Identifiable Assets 28,512   28,512   27,724
Operating Segments [Member] | Professional Sales Service [Member]          
Segment Reporting Information [Line Items]          
Revenues 6,305 6,583 18,181 20,289  
Gross Profit 4,919 5,258 14,235 15,971  
Operating (loss) income 488 1,606 806 5,015  
Total cash capital expenditures 3 57 117 168  
Identifiable Assets 12,572   12,572   14,611
Operating Segments [Member] | Equipment [Member]          
Segment Reporting Information [Line Items]          
Revenues 909 1,282 2,649 3,481  
Gross Profit 593 763 1,749 2,210  
Operating (loss) income (273) 10 (805) (700)  
Total cash capital expenditures 0 2 21 57  
Identifiable Assets 7,728   7,728   7,446
Corporate [Member]          
Segment Reporting Information [Line Items]          
Operating (loss) income (279) (329) (984) (1,011)  
Total cash capital expenditures 13 $ 0 13 $ 0  
Identifiable Assets 5,902   5,902   $ 7,600
Decrease in allocated expenses $ (102)   $ (85)    
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT REPORTING AND CONCENTRATIONS, Concentration Risk (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Concentration Risk [Line Items]          
Accounts and other receivables $ 10,944,000   $ 10,944,000   $ 12,741,000
Sales Revenue [Member] | Credit Concentration Risk [Member] | GE Healthcare [Member]          
Concentration Risk [Line Items]          
Concentration risk percentage 35.00% 38.00% 35.00% 38.00%  
Accounts and Other Receivables [Member] | Credit Concentration Risk [Member] | GE Healthcare [Member]          
Concentration Risk [Line Items]          
Accounts and other receivables $ 6,400   $ 6,400   $ 7,900
Concentration risk percentage     59.00%   62.00%
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
(LOSS) EARNINGS PER COMMON SHARE (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Reconcilliation of Basic to Diluted Shares Used in the Earnings Per Share Calculation [Abstract]        
Basic weighted average shares outstanding (in shares) 163,307 160,268 161,817 158,730
Dilutive effect of options and unvested restricted shares (in shares) 0 1,407 0 749
Diluted weighted average shares outstanding (in shares) 163,307 161,675 161,817 159,479
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Common stock equivalents excluded from computation of diluted earnings per share (in shares) 4,613 2,246 4,613 500
Restricted Common Stock Grants [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Common stock equivalents excluded from computation of diluted earnings per share (in shares) 4,613 2,246 4,613 500
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTS AND OTHER RECEIVABLES, NET (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
ACCOUNTS AND OTHER RECEIVABLES, NET [Abstract]    
Trade receivables $ 15,549 $ 16,470
Due from employees 105 430
Allowance for doubtful accounts and commission adjustments (4,710) (4,159)
Accounts and other receivables, net $ 10,944 $ 12,741
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
INVENTORIES, NET (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
INVENTORIES, NET [Abstract]    
Raw materials $ 553 $ 501
Work in process 536 727
Finished goods 1,569 1,167
Inventories, net 2,658 2,395
Reserve for slow moving inventory $ 810 $ 827
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLES (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Dec. 31, 2016
Change in carrying amount of goodwill [Roll Forward]            
Goodwill, Beginning Balance     $ 17,280      
Foreign currency translation adjustmen     127      
Goodwill, Ending Balance $ 17,407   17,407      
Other intangible assets, net [Abstract]            
Intangible assets, net         $ 5,452 $ 5,996
Goodwill 17,407   17,407   17,407 17,280
Amortization expense 279 $ 284 870 $ 847    
Amortization Expense, Fiscal Year Maturity [Abstract]            
Remainder of 2017         292  
2018         1,015  
2019         893  
2020         809  
2021         737  
Total         3,746  
IT [Member]            
Change in carrying amount of goodwill [Roll Forward]            
Goodwill, Ending Balance 14,375   14,375      
Other intangible assets, net [Abstract]            
Goodwill 14,375   14,375   14,375  
Equipment [Member]            
Change in carrying amount of goodwill [Roll Forward]            
Goodwill, Ending Balance 3,032   3,032      
Other intangible assets, net [Abstract]            
Goodwill $ 3,032   $ 3,032   3,032  
Customer-Related [Member]            
Other intangible assets, net [Abstract]            
Costs         5,831 5,831
Accumulated amortization         (2,318) (1,768)
Intangible assets, net         3,513 4,063
Useful life of patents     7 years      
Patents and Technology [Member]            
Other intangible assets, net [Abstract]            
Costs         2,363 2,363
Accumulated amortization         (1,238) (1,061)
Intangible assets, net         1,125 1,302
Patents [Member]            
Other intangible assets, net [Abstract]            
Useful life of patents     10 years      
Technology [Member]            
Other intangible assets, net [Abstract]            
Useful life of patents     8 years      
Software [Member]            
Other intangible assets, net [Abstract]            
Costs         1,720 1,394
Accumulated amortization         (906) (763)
Intangible assets, net         $ 814 $ 631
Useful life of patents     5 years      
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
OTHER ASSETS, NET (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
OTHER ASSETS, NET [Abstract]    
Deferred commission expense - noncurrent $ 2,118 $ 2,967
Trade receivables - noncurrent 900 1,064
Other, net of allowance for loss on loan receivable of $412 at September 30, 2017 and December 31, 2016 880 970
Total 3,898 5,001
Allowance for loss on loan receivable $ 412 $ 412
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]    
Accrued compensation $ 840 $ 1,133
Accrued expenses - other 1,234 1,140
Other liabilities 2,543 3,002
Accrued expenses and other liabilities $ 4,617 $ 5,275
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEFERRED REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Changes in deferred revenue [Roll Forward]          
Deferred revenue at beginning of period $ 20,692 $ 17,783 $ 19,404 $ 18,516  
Deferred revenue at end of period 22,078 18,416 22,078 18,416  
Less: current portion 12,651 7,830 12,651 7,830 $ 7,628
Long-term deferred revenue at end of period 9,427 10,586 9,427 10,586 $ 11,776
Deferred Extended Service Contracts [Member]          
Changes in deferred revenue [Roll Forward]          
Additions 118 159 553 488  
Recognized as revenue (159) (186) (501) (584)  
Deferred In-Service and Training [Member]          
Changes in deferred revenue [Roll Forward]          
Additions 5 10 13 18  
Recognized as revenue (3) (3) (13) (15)  
Deferred Service Arrangements [Member]          
Changes in deferred revenue [Roll Forward]          
Additions 8 20 28 40  
Recognized as revenue (11) (13) (34) (33)  
Deferred Commission Revenues [Member]          
Changes in deferred revenue [Roll Forward]          
Additions 4,036 3,411 10,286 8,492  
Recognized as revenue $ (2,608) $ (2,765) $ (7,658) $ (8,506)  
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
LINE OF CREDIT (Details) - Line of Credit [Member]
$ in Millions
 9 Months Ended
Sep. 30, 2017
USD ($)
Covenant
Aug. 31, 2016
USD ($)
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity amount   $ 2.0
Amount of line of credit drawn $ 0.0  
Number of covenants not in compliance | Covenant 1  
LIBOR [Member]    
Line of Credit Facility [Line Items]    
Interest rate percentage 2.25%  
NetWolves, LLC [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity amount $ 4.0 $ 3.0
Amount of line of credit drawn $ 3.9  
NetWolves, LLC [Member] | LIBOR [Member]    
Line of Credit Facility [Line Items]    
Interest rate percentage 2.25%  
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED-PARTY TRANSACTIONS (Details)
¥ in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
May 29, 2015
USD ($)
Director
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2017
CNY (¥)
Sep. 30, 2016
USD ($)
Sep. 30, 2017
CNY (¥)
Jul. 31, 2015
USD ($)
Related Party Transaction [Line Items]                  
Related party transaction, principal payment         $ 170   $ 566    
Income (loss) from joint venture         $ (30)   (29)    
Note [Member]                  
Related Party Transaction [Line Items]                  
Notes payable and capital lease obligations   $ 3,800             $ 250
Debt instrument, interest rate     9.00%   9.00%     9.00%  
Note maturity         May 29, 2019 May 29, 2019      
Notes Payable - MedTech [Member]                  
Related Party Transaction [Line Items]                  
Notes payable and capital lease obligations $ 750                
Vice Chairman of Board of Directors - David Lieberman [Member]                  
Related Party Transaction [Line Items]                  
Fees for legal services     $ 85 $ 85 $ 255   255    
Outstanding legal fees amount     0 0 0   0    
Six Directors [Member] | Note [Member]                  
Related Party Transaction [Line Items]                  
Aggregate amount used to acquire note   $ 1,950              
Number of directors | Director   6              
President - (LET) & President of Biox Instruments Company Ltd. [Member]                  
Related Party Transaction [Line Items]                  
Related party transaction, principal payment         $ 170 ¥ 1,125      
President - (LET) & President of Biox Instruments Company Ltd. [Member] | Note [Member]                  
Related Party Transaction [Line Items]                  
Note maturity         Aug. 26, 2019 Aug. 26, 2019      
Related party transaction, note balance     507   $ 507     ¥ 3,375  
Director and Director's Relative [Member] | Notes Payable - MedTech [Member]                  
Related Party Transaction [Line Items]                  
Aggregate amount used to acquire note $ 250                
VSK Medical Limited [Member]                  
Related Party Transaction [Line Items]                  
Contribution to related parties     522   522        
Receivables due from related parties     296   296        
Income (loss) from joint venture     $ 29 $ 48 $ (30)   $ (29)    
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES (Details)
 9 Months Ended
Sep. 30, 2017
Sales Representation Agreement [Abstract]  
Initial term of sales representation agreement 3 years
Amended term of sales representation agreement 5 years
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