0001654954-18-009117.txt : 20180814 0001654954-18-009117.hdr.sgml : 20180814 20180814161400 ACCESSION NUMBER: 0001654954-18-009117 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 72 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 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: 181017663 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 vaso_10q.htm QUARTERLY REPORT Untitled Document
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-Q
 
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2018
 
☐ 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 incorporation or organization)
 
 (IRS Employer Identification Number)
 
137 Commercial St., 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. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer
Accelerated filer
Non-accelerated filer
(Do not check if a smaller reporting company)
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 August 10, 2018 – 166,719,647
 

 

 
Vaso Corporation and Subsidiaries
 
INDEX
 
3
 
 
3
 
 
3
 
 
4
 
 
5
 
 
6
 
 
7
 
 
21
 
 
27
 
 
28
 
 
28
 
 
 
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)
 
 
 
June 30,
2018
 
 
December 31,
2017
 
 
 
(unaudited)
 
 
 
 
ASSETS
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
Cash and cash equivalents
 $3,163 
 $5,245 
Accounts and other receivables, net of an allowance for doubtful
    
    
accounts and commission adjustments of $4,359 at June 30,
    
    
2018 and $4,872 at December 31, 2017
  10,938 
  13,225 
Receivables due from related parties
  19 
  20 
Inventories, net
  1,957 
  2,355 
Deferred commission expense
  3,324 
  3,649 
Prepaid expenses and other current assets
  975 
  993 
 Total current assets
  20,376 
  25,487 
 
    
    
PROPERTY AND EQUIPMENT, net of accumulated depreciation of
    
    
$5,637 at June 30, 2018 and $4,980 at December 31, 2017
  4,845 
  4,719 
GOODWILL
  17,423 
  17,471 
INTANGIBLES, net
  4,982 
  5,254 
OTHER ASSETS, net
  2,852 
  3,847 
 
 $50,478 
 $56,778 
 
    
    
LIABILITIES AND STOCKHOLDERS' EQUITY
    
    
CURRENT LIABILITIES
    
    
Accounts payable
 $5,192 
 $5,423 
Accrued commissions
  2,005 
  2,467 
Accrued expenses and other liabilities
  4,379 
  5,337 
Sales tax payable
  912 
  787 
Deferred revenue - current portion
  13,544 
  15,540 
Notes payable and capital lease obligations - current portion (Note N)
 9,347
  3,674 
Notes payable - related parties - current portion
  85 
  86 
Due to related party
  11 
  390 
Total current liabilities
 35,475
  33,704 
 
    
    
LONG-TERM LIABILITIES
    
    
Notes payable and capital lease obligations, net of current portion (Note N)
 11
  4,834 
Notes payable - related parties, net of current portion
  255 
  259 
Deferred revenue, net of current portion
  6,649 
  7,526 
Deferred tax liability
  233 
  220 
Other long-term liabilities
  945 
  1,083 
Total long-term liabilities
 8,093
  13,922 
 
    
    
COMMITMENTS AND CONTINGENCIES (NOTE O)
    
    
 
    
    
STOCKHOLDERS' EQUITY
    
    
Preferred stock, $.01 par value; 1,000,000 shares authorized; nil shares
    
    
 issued and outstanding at June 30, 2018 and December 31, 2017
  - 
  - 
Common stock, $.001 par value; 250,000,000 shares authorized;
    
    
176,919,778 and 175,741,970 shares issued at June 30, 2018
    
    
and December 31, 2017, respectively; 166,611,691 and 165,433,883 shares
    
    
outstanding at June 30, 2018 and December 31, 2017, respectively
  177 
  176 
Additional paid-in capital
  63,583 
  63,363 
Accumulated deficit
  (54,705)
  (52,329)
Accumulated other comprehensive loss
  (145)
  (58)
Treasury stock, at cost, 10,308,087 shares at June 30, 2018 and December 31, 2017
  (2,000)
  (2,000)
Total stockholders’ equity
  6,910 
  9,152 
 
 $50,478 
 $56,778 
 
See Note B, Variable Interest Entities, for additional variable interest entity disclosures
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
3

 
Vaso Corporation and Subsidiaries
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except per share data)
 
 
 
   Three months ended  
 
 
   Six months ended  
 
 
 
  June 30,  
 
 
  June 30,  
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
Managed IT systems and services
 $10,704 
 $10,811 
 $22,117 
 $20,611 
Professional sales services
  6,803 
  6,005 
  12,014 
  11,876 
Equipment sales and services
  911 
  1,037 
  1,824 
  1,740 
Total revenues
  18,418 
  17,853 
  35,955 
  34,227 
 
    
    
    
    
Cost of revenues
    
    
    
    
Cost of managed IT systems and services
  6,229 
  6,437 
  12,728 
  12,215 
Cost of professional sales services
  1,380 
  1,298 
  2,438 
  2,560 
Cost of equipment sales and services
  372 
  320 
  731 
  584 
Total cost of revenues
  7,981 
  8,055 
  15,897 
  15,359 
Gross profit
  10,437 
  9,798 
  20,058 
  18,868 
 
    
    
    
    
Operating expenses
    
    
    
    
Selling, general and administrative
  10,448 
  10,247 
  21,996 
  20,937 
Research and development
  252 
  260 
  438 
  481 
Total operating expenses
  10,700 
  10,507 
  22,434 
  21,418 
Operating loss
  (263)
  (709)
  (2,376)
  (2,550)
 
    
    
    
    
Other income (expense)
    
    
    
    
Interest and financing costs
  (182)
  (171)
  (353)
  (340)
Interest and other income (expense), net
  36 
  4 
  59 
  (8)
Gain on sale of investment in VSK
  - 
  - 
  212 
  - 
Total other income (expense), net
  (146)
  (167)
  (82)
  (348)
 
    
    
    
    
Loss before income taxes
  (409)
  (876)
  (2,458)
  (2,898)
Income tax expense
  (37)
  (111)
  (57)
  (220)
Net loss
  (446)
  (987)
  (2,515)
  (3,118)
 
    
    
    
    
Other comprehensive loss
    
    
    
    
Foreign currency translation (loss) gain
  (271)
  59 
  (87)
  91 
Comprehensive loss
 $(717)
 $(928)
 $(2,602)
 $(3,027)
 
    
    
    
    
Loss per common share
    
    
    
    
- basic and diluted
 $(0.00)
 $(0.01)
 $(0.02)
 $(0.02)
 
    
    
    
    
Weighted average common shares outstanding
    
    
    
    
- basic and diluted
  164,720 
  161,600 
  164,310 
  161,060 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
4

 
Vaso Corporation and Subsidiaries
 
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
Total
 
 
 
  Common Stock  
 
 
  Treasury Stock  
 
 
Additional
 
 
Accumulated
 
 
Comprehensive
 
 
 Stockholders’
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Paid-in-Capital
 
 
Deficit
 
 
 Income (Loss)
 
 
Equity
 
Balance at January 1, 2017
  173,812 
 $174 
  (10,308)
 $(2,000)
 $62,856 
 $(47,790)
 $(329)
 $12,911 
Share-based compensation
  1,930 
  2 
  - 
  - 
  512 
  - 
  - 
  514 
Shares not issued for employee tax liability
  - 
  - 
  - 
  - 
  (5)
  - 
  - 
  (5)
Foreign currency translation gain
  - 
  - 
  - 
  - 
  - 
  - 
  271 
  271 
Net loss
  - 
  - 
  - 
  - 
  - 
  (4,539)
  - 
  (4,539)
Balance at December 31, 2017
  175,742 
 $176 
  (10,308)
 $(2,000)
 $63,363 
 $(52,329)
 $(58)
 $9,152 
Share-based compensation
  1,178 
  1 
  - 
  - 
  221 
  - 
  - 
  222 
Adoption of new accounting standard (*)
  - 
  - 
  - 
  - 
  - 
  139 
  - 
  139 
Shares not issued for employee tax liability
  - 
  - 
  - 
  - 
  (1)
  - 
  - 
  (1)
Foreign currency translation loss
  - 
  - 
  - 
  - 
  - 
  - 
  (87)
  (87)
Net loss
  - 
  - 
  - 
  - 
  - 
  (2,515)
  - 
  (2,515)
Balance at June 30, 2018 (unaudited)
  176,920 
 $177 
  (10,308)
 $(2,000)
 $63,583 
 $(54,705)
 $(145)
 $6,910 
 
 
(*) Accounting Standards Codification Topic 606, Revenue from Contracts with Customers
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
5

 
Vaso Corporation and Subsidiaries
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
 
 
 
   Six months ended  
 
 
 
  June 30,  
 
 
 
2018
 
 
2017
 
Cash flows from operating activities
 
 
 
 
 
 
Net loss
 $(2,515)
 $(3,118)
Adjustments to reconcile net loss to net
    
    
  cash (used in) provided by operating activities
    
    
Depreciation and amortization
  1,202 
  1,170 
Deferred income taxes
  - 
  192 
Loss from interest in joint venture
  9 
  59 
Gain on sale of investment in VSK
  (212)
  - 
Provision for doubtful accounts and commission adjustments
  157 
  65 
Amortization of debt issue costs
  16 
  16 
Share-based compensation
  222 
  317 
Changes in operating assets and liabilities:
    
    
Accounts and other receivables
  2,125 
  3,865 
Receivables due from related parties
  - 
  (116)
Inventories, net
  383 
  (395)
Deferred commission expense
  434 
  (629)
Prepaid expenses and other current assets
  15 
  (36)
Other assets, net
  514 
  621 
Accounts payable
  (230)
  (586)
Accrued commissions
  (671)
  (814)
Accrued expenses and other liabilities
  (733)
  (479)
Sales tax payable
  127 
  (5)
Deferred revenue
  (2,873)
  1,288 
Deferred tax liability
  12 
  84 
Other long-term liabilities
  (138)
  (124)
Net cash (used in) provided by operating activities
  (2,156)
  1,375 
 
    
    
Cash flows from investing activities
    
    
Purchases of equipment and software
  (1,075)
  (1,323)
Proceeds from sale of investment in VSK
  311 
  - 
Net cash used in investing activities
  (764)
  (1,323)
 
    
    
Cash flows from financing activities
    
    
Net borrowings (repayments) on revolving line of credit
  896 
  (426)
Payroll taxes paid by withholding shares
  (1)
  (2)
Repayment of notes payable and capital lease obligations
  (61)
  (202)
Net cash provided by (used in) financing activities
  834 
  (630)
Effect of exchange rate differences on cash and cash equivalents
  4 
  8 
 
    
    
NET DECREASE IN CASH AND CASH EQUIVALENTS
  (2,082)
  (570)
Cash and cash equivalents - beginning of period
  5,245 
  7,087 
Cash and cash equivalents - end of period
 $3,163 
 $6,517 
 
    
    
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
    
    
Interest paid
 $324 
 $319 
Income taxes paid
 $60 
 $30 
 
    
    
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
    
    
Inventories transferred to property and equipment, net
 $- 
 $1 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
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. Meanwhile, 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 the Company's 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 Digital);
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 for the above equipment;
GEHC and third party financial services.
 
 
7
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
VasoHealthcare has built a team of over 80 highly experienced sales professionals who utilize proprietary sales management and analytic tools to manage the complete sales process and to increase market penetration.
 
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 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 to sell its products. It also provides engineering and OEM services to other medical device companies.
 
NOTE B – INTERIM STATEMENT PRESENTATION
 
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, 2017, as filed with the SEC on April 2, 2018.
 
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.
 
Liquidity and Capital Resources
 
At June 30, 2018 the Company had cash and cash equivalents of $3,163,000, and negative working capital, excluding deferred commission expense and deferred revenue which are non-cash items, of $4,879,000. Historically the Company has financed its operations from cash provided from operating activities and borrowings under its lines of credit. For the six months ended June 30, 2018, the Company had a net loss of $2,515,000 and used cash in operations of $2,156,000. At June 30, 2018 the Company had outstanding borrowings under its lines of credit of approximately $4.3 million with availability of approximately $1.7 million. These lines mature on September 30, 2018. It is the management’s intention to renew the lines of credit, and it is currently in negotiation with the lending bank for the renewal. The Company has had a history of renewing these lines of credit upon maturity; therefore, management believes that the lines of credit will be renewed. Additionally, the Company has a conditional commitment to extend $3.6 million of the MedTech Notes for one year through May 29, 2020 (See Note N). 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 through at least one year from the date of filing of this Form 10-Q.
 
 
8
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
Significant Accounting Policies and Recent Accounting Pronouncements
 
Recently Adopted Accounting Pronouncements
 
Effective January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. See Note C for further details.
 
Recently Issued Accounting Pronouncements
 
In February 2016, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). 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. In July 2018, The FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which provides an additional and optional transition approach by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This new standard would be effective for the Company beginning January 1, 2019 with early adoption permitted. The Company is still evaluating the impact adoption of this standard will have on its Consolidated Financial Statements.
 
In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, 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 standard would only impact the Company in the event of a goodwill impairment. Accordingly, 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 Instruments Co., Ltd. (“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:
 
 
   (in thousands)
 
 
As of
June 30,
2018
 
 
As of
December 31,
2017
 
 
 
(unaudited)
 
 
 
 
Cash and cash equivalents
 $39 
 $41 
Total assets
 $1,713 
 $1,599 
Total liabilities
 $1,926 
 $1,745 
 
 
    (in thousands)
 
 
Three months ended June 30,
 
 
Six months ended June 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
Total net revenue
 $513 
 $420 
 $919 
 $731 
 
    
    
    
    
Net loss
 $(69)
 $(501)
 $(68)
 $(536)
 
Reclassifications
 
Certain reclassifications have been made to prior period amounts to conform with the current period presentation.
 
 
9
 
Vaso Corporation and Subsidiaries 
 
Notes to Condensed Consolidated Financial Statements (unaudited) 
 
NOTE C – REVENUE RECOGNITION
 
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. ASU 2014-09 replaced most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under prior U.S. GAAP. Generally, we recognize revenue under Topic 606 for each of our performance obligations either over time (generally, the transfer of a service) or at a point in time (generally, the transfer of a good) as follows:
 
VasoTechnology
 
Recurring managed network and voice services provided by NetWolves are recognized as provided on a monthly basis (“over time”). Non-recurring charges related to the provision of such services are recognized in the period provided (“point in time”). In the IT VAR business, software system installations are recognized upon verification of installation and expiration of an acceptance period (“point in time”). Monthly post-implementation customer support provided under such installations as well as software solutions offered under a monthly Software as a Service (“SaaS”) fee basis are recognized monthly over the contract term (“over time”).
 
VasoHealthcare
 
Commission revenue is recognized when the underlying equipment has been delivered by GEHC and accepted at the customer site in accordance with the terms of the specific sales agreement (“point in time”).
 
VasoMedical
 
In the United States, we recognized revenue from the sale of our medical equipment in the period in which we deliver the product to the customer (“point in time”). Revenue from the sale of our medical equipment to international markets is recognized upon shipment of the product to a common carrier, as are supplies, accessories and spare parts delivered in both domestic and international markets (“point in time”). The Company also recognizes revenue from the maintenance of EECP® systems either on a time and material as-billed basis (“point in time”) or through the sale of a service contract, where revenue is recognized ratably over the contract term (“over time”).
 
 
10
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
Impact of Adoption
 
Effective January 1, 2018, the Company adopted the requirements of Topic 606 using the modified retrospective method, which provided that the cumulative effect from prior periods upon applying the new guidance was recognized in our consolidated balance sheets as of the date of adoption, including an adjustment to retained earnings, and that prior periods are not retrospectively adjusted. The Company elected to apply the modified retrospective method only to contracts that were not completed at January 1, 2018. A summary and discussion of such cumulative effect adjustment and the impact on current period financial statements of adopting Topic 606 is as follows:
 
 
 
   (in thousands)  
 
 
   (in thousands)  
 
 
 
Three months ended June 30, 2018 (unaudited)  
 
 
Six months ended June 30, 2018 (unaudited)  
 
 
 
prior U.S. GAAP
 
 
Topic 606 impact
 
 
as reported
 
 
prior U.S. GAAP
 
 
Topic 606 impact
 
 
as reported
 
STATEMENT OF OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Professional sales services
 $6,698 
 $105 
 $6,803 
 $11,853
 $161 
 $12,014 
Total revenues
  18,313 
  105 
  18,418 
 35,794
  161 
  35,955 
 
    
    
    
    
    
    
Gross Profit
  10,332 
  105 
  10,437 
 19,897
  161 
  20,058 
 
    
    
    
    
    
    
Operating expenses
    
    
    
    
    
    
Selling, general and administrative
  10,477
  (29)
  10,448 
 22,082
  (86)
  21,996 
Operating loss
 $(397)
 $134
 $(263)
 $(2,623)
 $247
 $(2,376)
 
 
 
   (in thousands)  
 
 
 
   As of June 30, 2018 (unaudited)  
 
 
 
prior U.S. GAAP
 
 
Topic 606 impact
 
 
as reported
 
ASSETS
 
 
 
 
 
 
 
 
 
Accounts and other receivables, net
 $10,532 
 $406 
 $10,938 
Deferred commission expense
 $3,251
 $73 
 $3,324 
Other assets, net
 $2,700 
 $152 
 $2,852 
 
    
    
    
 
    
    
    
LIABILITIES AND STOCKHOLDERS' EQUITY
    
    
    
Deferred revenue - current portion
 $13,345 
 $199 
 $13,544 
Deferred revenue - long term
 $6,603
 $46
 $6,649 
Accumulated deficit
 $(55,091)
 $386
 $(54,705)
 
 
11
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
Disaggregation of Revenue
 
The following tables present revenues disaggregated by our business operations and timing of revenue recognition:
 
 
 
(in thousands)
 
 
 
Three Months Ended June 30, 2018 (unaudited)
 
 
Three Months Ended June 30, 2017 (unaudited)
 
 
 
IT segment
 
 
Professional sales service segment
 
 
Equipment segment
 
 
Total
 
 
IT segment
 
 
Professional sales service segment
 
 
Equipment segment
 
 
Total
 
Network services
 $10,061 
  - 
  - 
 $10,061 
 $9,763 
  - 
  - 
 $9,763 
Software sales and support
  643 
  - 
  - 
  643 
  1,048 
  - 
  - 
  1,048 
Commissions
  - 
  6,803 
  - 
  6,803 
  - 
  6,005 
  - 
  6,005 
Medical equipment sales
  - 
  - 
  645 
  645 
  - 
  - 
  766 
  766 
Medical equipment service
  - 
  - 
  266 
  266 
  - 
  - 
  271 
  271 
 
 $10,704 
 $6,803 
 $911 
 $18,418 
 $10,811 
 $6,005 
 $1,037 
 $17,853 
 
 
 
Six Months Ended June 30, 2018 (unaudited)
 
 
Six Months Ended June 30, 2017 (unaudited) 
 
 
 
IT segment
 
 
Professional sales service segment
 
 
Equipment segment
 
 
Total
 
 
IT segment
 
 
Professional sales service segment
 
 
Equipment segment
 
 
Total
 
Network services
 $20,272 
  - 
  - 
 $20,272 
 $19,357 
  - 
  - 
 $19,357 
Software sales and support
  1,845 
  - 
  - 
  1,845 
  1,254 
  - 
  - 
  1,254 
Commissions
  - 
  12,014 
  - 
  12,014 
  - 
  11,876 
  - 
  11,876 
Medical equipment sales
  - 
  - 
  1,276 
  1,276 
  - 
  - 
  1,189 
  1,189 
Medical equipment service
  - 
  - 
  548 
  548 
  - 
  - 
  551 
  551 
 
 $22,117 
 $12,014 
 $1,824 
 $35,955 
 $20,611 
 $11,876 
 $1,740 
 $34,227 
 
 
 
Three Months Ended June 30, 2018 (unaudited)
 
 
Three Months Ended June 30, 2017 (unaudited)
 
 
 
IT segment
 
 
Professional
sales
service
segment
 
 
Equipment segment
 
 
Total
 
 
IT segment
 
 
Professional
sales
service
segment
 
 
Equipment segment
 
 
Total
 
Revenue recognized over time
 $9,665 
 $- 
 $169 
 $9,834 
 $9,353 
 $- 
 $175 
 $9,528 
Revenue recognized at a point in time
  1,039 
  6,803 
  742 
  8,584 
  1,458 
  6,005 
  862 
  8,325 
 
 $10,704 
 $6,803 
 $911 
 $18,418 
 $10,811 
 $6,005 
 $1,037 
 $17,853 
 
 
 
Six Months Ended June 30, 2018 (unaudited)
 
 
Six Months Ended June 30, 2017 (unaudited)
 
 
 
IT segment
 
 
Professional
sales
service
segment
 
 
Equipment segment
 
 
Total
 
 
IT segment
 
 
Professional
sales
service
segment
 
 
Equipment segment
 
 
Total
 
Revenue recognized over time
 $19,755 
 $- 
 $342 
 $20,097 
 $18,522 
 $- 
 $364 
 $18,886 
Revenue recognized at a point in time
  2,362 
  12,014 
  1,482 
  15,858 
  2,089 
  11,876 
  1,376 
  15,341 
 
 $22,117 
 $12,014 
 $1,824 
 $35,955 
 $20,611 
 $11,876 
 $1,740 
 $34,227 
 
 
12
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
Transaction Price Allocated to Remaining Performance Obligations
 
As of June 30, 2018, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) for executed contracts approximates $85.8 million, of which we expect to recognize revenue as follows:
 
 
 
(in thousands)
Fiscal years of revenue recognition 
 
 
 
remainder of 2018
 
 
2019
 
 
2020
 
 
 Thereafter  
 
Unfulfilled performance obligations
 $30,442
 $29,575
 $14,014
 $11,783
 
Contract Liabilities
 
Contract liabilities arise in our IT VAR, VasoHealthcare, and VasoMedical businesses. In our IT VAR business, payment arrangements with clients typically include an initial payment due upon contract signing and milestone-based payments based upon product delivery and go-live, as well as post go-live monthly payments for subscription and support fees. Customer payments received, or receivables recorded, in advance of go-live and customer acceptance, where applicable, are deferred as contract liabilities. Such amounts aggregated approximately $511,000 and $371,000 at June 30, 2018 and December 31, 2017, respectively, and are included in accrued expenses and other liabilities in our condensed consolidated balance sheets.
 
In our VasoHealthcare business, we bill amounts for certain milestones in advance of customer acceptance of the equipment. Such amounts aggregated approximately $19,275,000 and $22,126,000 at June 30, 2018 and December 31, 2017, respectively, and are classified in our condensed consolidated balance sheets into current or long-term deferred revenue. In addition, we record a contract liability for amounts expected to be repaid to GEHC due to customer order reductions. Such amounts aggregated approximately $1,662,000 and $1,143,000 at June 30, 2018 and December 31, 2017, respectively, and are included in accrued expenses and other liabilities in our condensed consolidated balance sheets.
 
In our VasoMedical business, we bill amounts for post-delivery services and varying duration service contracts in advance of performance. Such amounts aggregated approximately $918,000 and $941,000 at June 30, 2018 and December 31, 2017, respectively, and are classified in our condensed consolidated balance sheets as either current or long-term deferred revenue.
 
During the three and six months ended June 30, 2018, we recognized approximately $2.9 million and $4.5 million of revenues that were included in our contract liability balance at the beginning of such periods.
 
Costs to Obtain or Fulfill a Contract
 
Topic 606 requires that incremental costs of obtaining a contract are recognized as an asset and amortized to expense in a pattern that matches the timing of the revenue recognition of the related contract. We have determined the only significant incremental costs incurred to obtain contracts with customers within the scope of Topic 606 are certain sales commissions paid to associates. In addition, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract when incurred for contracts where the amortization period for the asset the Company would otherwise have recognized is one year or less.
 
 
13
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
Under prior U.S. GAAP, we recognized sales commissions in our equipment segment as incurred. Under Topic 606, sales commissions applicable to service contracts exceeding one year have been capitalized and amortized ratably over the term of the contract. In our IT VAR business, all commissions paid in advance of go-live were, under prior U.S. GAAP, capitalized as deferred commission expense and charged to expense at go-live or customer acceptance, as applicable. Under Topic 606, IT VAR commissions allocable to multi-year subscription contracts or multi-year post-contract support performance obligations are amortized to expense ratably over the terms of the multi-year periods. IT VAR commissions allocable to other elements continue to be charged to expense at go-live or customer acceptance, as was previously done. At the date of adoption of Topic 606, we recorded an asset, and related adjustment to retained earnings, of approximately $139,000 in our condensed consolidated balance sheets for the amount of unamortized sales commissions for prior periods, as calculated under the new guidance. The impact to our financial statements of adopting Topic 606, as it relates to costs to obtain contracts, was a reduction in commission expense of approximately $29,000 and $86,000 for the three and six months ended June 30, 2108, respectively, an increase in deferred commission expense of approximately $73,000, and an increase in long term deferred commission expense (recorded in other assets) of approximately $152,000 (inclusive of the beginning balance adjustment of $139,000).
 
In our professional sales services segment, under both prior U.S. GAAP and Topic 606, commissions paid to our sales force are deferred until the underlying equipment is accepted by the customer.
 
At June 30, 2018, our condensed consolidated balance sheet includes approximately $5,012,000 in capitalized sales commissions to be expensed in future periods, of which $3,324,000 is recorded in deferred commission expense and $1,688,000, representing the long term portion, is included in other assets.
 
Significant Judgments when Applying Topic 606
 
Contract transaction price is allocated to performance obligations using estimated stand-alone selling price. Judgment is required in estimating stand-alone selling price for each distinct performance obligation. We determine stand-alone selling price maximizing observable inputs such as stand-alone sales when they exist or substantive renewal price charged to clients. In instances where stand-alone selling price is not observable, we utilize an estimate of stand-alone selling price based on historical pricing and industry practices.
 
Certain revenue we record in our professional sales service segment contains an estimate for variable consideration. Due to the tiered structure of our commission rate, which increases as annual targets are achieved, under Topic 606 we record revenue and deferred revenue at the rate we expect to be achieved by year end. Under prior U.S. GAAP, we recognized revenue at the rate achieved at the applicable reporting date. We base our estimate of variable consideration on historical results of previous years’ achievement under the GEHC agreement. Such estimate will be reviewed each quarter and adjusted as applicable. At June 30, 2018, the Company recorded approximately $406,000 in additional accounts and other receivables, net; $245,000 in additional combined short term and long term deferred revenue; and, for the three and six months ended June 30, 2018, $105,000 and $161,000, respectively, in additional commission revenue resulting from our estimate of variable consideration. For both the three and six months ended June 30, 2018, the Company recognized a $226,000 reduction in revenue associated with revisions to variable consideration for performance obligations completed in the three months ended March 31, 2018.
 
NOTE D – 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:
 
 
14
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
                  
 
 
(in thousands)
 
 
 
 Three months ended
 
 
 Six months ended
 
 
 
June 30,
 
 
June 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
Revenues from external customers
 
 
 
 
 
 
 
 
 
 
 
 
IT
 $10,704 
 $10,811 
 $22,117 
 $20,611 
Professional sales service
  6,803 
  6,005 
  12,014 
  11,876 
Equipment
  911 
  1,037 
  1,824 
  1,740 
Total revenues
 $18,418 
 $17,853 
 $35,955 
 $34,227 
 
    
    
    
    
Gross Profit
    
    
    
    
IT
 $4,475 
 $4,374 
 $9,389 
 $8,396 
Professional sales service
  5,423 
  4,707 
  9,576 
  9,316 
Equipment
  539 
  717 
  1,093 
  1,156 
Total gross profit
 $10,437 
 $9,798 
 $20,058 
 $18,868 
 
    
    
    
    
Operating (loss) income
    
    
    
    
IT
 $(845)
 $(712)
 $(1,280)
 $(1,630)
Professional sales service
  1,164 
  403 
  110 
  318 
Equipment
  (339)
  (127)
  (566)
  (532)
Corporate
  (243)
  (273)
  (640)
  (706)
Total operating loss
 $(263)
 $(709)
 $(2,376)
 $(2,550)
 
    
    
    
    
Capital expenditures
    
    
    
    
IT
 $794 
 $432 
 $1,052 
 $1,188 
Professional sales service
  - 
  36 
  - 
  114 
Equipment
  2 
  16 
  20 
  21 
Corporate
 -
  - 
  3 
  - 
Total cash capital expenditures
 $796 
 $484 
 $1,075 
 $1,323 
 
 
 
(in thousands)
 
 
 
June 30, 2018
 
 
December 31, 2017
 
 
 
(unaudited)
 
 
 
 
Identifiable Assets
 
 
 
 
 
 
IT
 $28,120 
 $28,320 
Professional sales service
  11,956 
  15,658 
Equipment
  7,394 
  7,830 
Corporate
  3,008 
  4,970 
Total assets
 $50,478 
 $56,778 
 
GE Healthcare accounted for 37% and 34% of revenue for the three months ended June 30, 2018 and 2017, respectively, and 33% and 35% of revenue for the six months ended June 30, 2018 and 2017, respectively. GE Healthcare also accounted for $6.5 million or 60%, and $8.9 million or 67%, of accounts and other receivables at June 30, 2018 and December 31, 2017, respectively.
 
 
15
 
  Vaso Corporation and Subsidiaries 
 
Notes to Condensed Consolidated Financial Statements (unaudited) 
 
NOTE E – LOSS PER COMMON SHARE
 
Basic loss per common share is computed as loss applicable to common stockholders divided by the weighted-average number of common shares outstanding for the period. Diluted loss 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.
 
The following table represents common stock equivalents that were excluded from the computation of diluted loss per share for the three and six months ended June 30, 2018 and 2017, because the effect of their inclusion would be anti-dilutive.
 
 
 
(in thousands)
 
 
 
For the three months ended
 
 
For the six months ended
 
 
 
June 30,
2018
 
 
June 30,
2017
 
 
June 30,
2018
 
 
June 30,
2017
 
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
Stock options
  - 
  600 
  - 
  600 
Restricted common stock grants
  3,874 
  5,792 
  3,874 
  5,792 
 
  3,874 
  6,392 
  3,874 
  6,392 
 
NOTE F – ACCOUNTS AND OTHER RECEIVABLES, NET
 
The following table presents information regarding the Company’s accounts and other receivables as of June 30, 2018 and December 31, 2017:
 
 
 
(in thousands)
 
 
 
June 30,
2018
 
 
December 31,
2017
 
 
 
(unaudited)
 
 
 
 
Trade receivables
 $14,807 
 $18,056 
Unbilled receivables
  458 
  - 
Due from employees
  32 
  41 
Allowance for doubtful accounts and
    
    
commission adjustments
  (4,359)
  (4,872)
Accounts and other receivables, net
 $10,938 
 $13,225 
 
Contract receivables under Topic 606 consist of trade receivables and unbilled receivables. Trade receivables include amounts due for shipped products and services rendered. Unbilled receivables represents variable consideration recognized in accordance with Topic 606 but not yet billable. Amounts recorded – billed and unbilled - 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.
 
 
16
 
  Vaso Corporation and Subsidiaries 
 
Notes to Condensed Consolidated Financial Statements (unaudited) 
 
NOTE G – INVENTORIES, NET
 
Inventories, net of reserves, consist of the following:
 
 
 
(in thousands)
 
 
 
June 30,
2018
 
 
December 31,
2017
 
 
 
(unaudited)
 
 
 
 
Raw materials
 $591 
 $530 
Work in process
  344 
  449 
Finished goods
  1,022 
  1,376 
 
 $1,957 
 $2,355 
 
At June 30, 2018 and December 31, 2017, the Company maintained reserves for slow moving inventories of $604,000 and $746,000, respectively.
 
NOTE H – GOODWILL AND OTHER INTANGIBLES
 
Goodwill aggregating $17,423,000 and $17,471,000 was recorded on the Company’s condensed consolidated balance sheets at June 30, 2018 and December 31, 2017, respectively, of which $14,375,000 is allocated to the IT segment and $3,048,000 is allocated to the equipment segment. The components of the change in goodwill are as follows:
 
 
 
 (in thousands)
 
 
 
 Carrying Amount
 
 
 
 
 
Balance at December 31, 2017
 $17,471 
Foreign currency translation adjustment
  (48)
Balance at June 30, 2018 (unaudited)
 $17,423 
 
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)
 
 
 
June 30,
2018
 
 
December 31,
2017
 
 
 
(unaudited)
 
 
 
 
Customer-related
 
 
 
 
 
 
Costs
 $5,831 
 $5,831 
Accumulated amortization
  (2,811)
  (2,501)
 
  3,020 
  3,330 
 
    
    
Patents and Technology
    
    
Costs
  2,305 
  2,331 
Accumulated amortization
  (1,353)
  (1,260)
 
  952 
  1,071 
 
    
    
Software
    
    
Costs
  2,077 
  1,819 
Accumulated amortization
  (1,067)
  (966)
 
  1,010 
  853 
 
    
    
 
 $4,982 
 $5,254 
 
 
17
 
 
Vaso Corporation and Subsidiaries 
 
Notes to Condensed Consolidated Financial Statements (unaudited) 
 
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 $249,000 and $305,000 for the three months ended June 30, 2018 and 2017, respectively, and $505,000 and $591,000 for the six months ended June 30, 2018 and 2017, respectively.
 
Amortization of intangibles for the next five years is:
 
 
 
(in thousands)
 
Years ending December 31,
 
(unaudited)
 
Remainder of 2018
 $500 
2019
  965 
2020
  882 
2021
  806 
2022
  531 
Total
 $3,684 
 
NOTE I – OTHER ASSETS, NET
 
Other assets, net consist of the following at June 30, 2018 and December 31, 2017:
 
 
 
(in thousands)
 
 
 
June 30,
2018
 
 
December 31,
2017
 
 
 
(unaudited)
 
 
 
 
Deferred commission expense - noncurrent
 $1,688 
 $1,867 
Trade receivables - noncurrent
  616 
  968 
Other, net of allowance for loss on loan receivable of
    
    
  $412 at June 30, 2018 and December 31, 2017
  548 
  1,012 
 
 $2,852 
 $3,847 
 
NOTE J – ACCRUED EXPENSES AND OTHER LIABILITIES
 
Accrued expenses and other liabilities consist of the following at June 30, 2018 and December 31, 2017:
 
 
 
(in thousands)
 
 
 
June 30,
2018
 
 
December 31,
2017
 
 
 
(unaudited)
 
 
 
 
Accrued compensation
 $563 
 $1,181 
Accrued expenses - other
  1,279 
  2,207 
Other liabilities
  2,537 
  1,949 
 
 $4,379 
 $5,337 
 
 
18
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
NOTE K - DEFERRED REVENUE
 
The changes in the Company’s deferred revenues are as follows:
 
 
 
(in thousands)
 
 
 
For the three months ended
 
 
For the six months ended
 
 
 
June 30,
2018
 
 
June 30,
2017
 
 
June 30,
2018
 
 
June 30,
2017
 
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
Deferred revenue at beginning of period
 $21,295 
 $19,785 
 $23,066 
 $19,404 
Additions:
    
    
    
    
Deferred extended service contracts
  122 
  248 
  314 
  435 
Deferred in-service and training
  3 
  8 
  3 
  8 
Deferred service arrangements
  5 
  20 
  5 
  20 
Deferred commission revenues
  1,710 
  3,367 
  2,169 
  6,251 
Recognized as revenue:
    
    
    
    
Deferred extended service contracts
  (160)
  (164)
  (321)
  (341)
Deferred in-service and training
  - 
  (8)
  (3)
  (10)
Deferred service arrangements
  (9)
  (11)
  (21)
  (23)
Deferred commission revenues
  (2,773)
  (2,553)
  (5,019)
  (5,052)
Deferred revenue at end of period
  20,193 
  20,692 
  20,193 
  20,692 
Less: current portion
  13,544 
  11,062 
  13,544 
  11,062 
Long-term deferred revenue at end of period
 $6,649 
 $9,630 
 $6,649 
 $9,630 
 
NOTE L – LINE OF CREDIT
 
NetWolves maintains a $4.0 million line of credit with a lending institution. Advances under the line, which expires on September 30, 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 June 30, 2018, the Company had drawn approximately $3.5 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.
 
The Company maintains an additional $2.0 million line of credit with a lending institution. Advances under the line, which expires on September 30, 2018, bear interest at a rate of LIBOR plus 2.25% and are secured by substantially all of the assets of the Company. At June 30, 2018, the Company had drawn approximately $0.8 million against the line. The line of credit agreement includes certain financial covenants. At June 30, 2018, and in certain prior quarters, the Company was not in compliance with such covenants.
 
NOTE M – EQUITY
 
In March 2018, the Company granted 725,000 shares of restricted common stock to officers under the 2016 Stock Plan. The shares vested in April 2018. In May and June 2018, the Company granted a total of 575,000 shares of restricted common stock to employees, vesting over a three year period.
 
NOTE N – RELATED-PARTY TRANSACTIONS
 
The Company made interest payments, aggregating approximately $109,000 in each of the three month periods ended June 30, 2018 and 2017, and approximately $217,000 in each of the six month periods ended June 30, 2018 and 2017, to MedTechnology Investments, LLC (“MedTech”) pursuant to its $4,800,000 promissory notes (“Notes”). 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. The MedTech Notes were used in 2015 to partially fund the purchase of NetWolves. $2,300,000 of the $4,800,000 provided by MedTech was provided by directors of the Company, or by their family members. In August 2018, MedTech committed to extend the maturity date of $3,600,000 of the Notes an additional year, if necessary, from May 29, 2019 to May 29, 2020 provided that a minimum of $1.2 million of the principal is paid on or before May 29, 2019. The interest rate would increase to 10% effective May 30, 2019. The entire outstanding balance of the MedTech Notes is included as current liabilities.
 
 
19
 
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 June 30, 2018 and 2017, and fees of approximately $170,000 were billed by the firm for each of the six month periods ended June 30, 2018 and 2017, at which dates no amounts were outstanding.
 
In March 2018, the Company sold its interest in the VSK joint venture to PSK for a sales price of $676,000 and executed a distributor agreement, expiring December 31, 2020, with VSK for the sale of the Company’s EECP® products in certain international markets. The sale resulted in a gain of approximately $212,000. Prior to the sale, the Company’s pro-rata share in VSK’s loss from operations approximated $14,000 for the three months ended June 30, 2017, and $9,000 and $59,000 for the six months ended June 30, 2018 and 2017, respectively, and is included in interest and other income, net in the accompanying unaudited condensed consolidated statements of operations and comprehensive (loss) income.
 
NOTE O – 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 December 2017, the Company concluded an amendment of the GEHC Agreement with GEHC, originally signed on May 19, 2010. The amendment extends the term of the original agreement, which began on July 1, 2010 and was previously extended in 2012 and 2015, through December 31, 2022, subject to earlier termination with or without cause under certain circumstances after timely notice, making it the longest extension thus far with a remaining term of five years from December 31, 2017. Under the agreement, VasoHealthcare is the exclusive representative for the sale of select GE Healthcare diagnostic imaging products to specific market segments/accounts in the 48 contiguous states of the United States and the District of Columbia. The circumstances under which early termination of the agreement may occur include: not materially achieving certain sales goals, not maintaining a minimum number of sales representatives, and not meeting various legal and GEHC policy requirements. Under the terms of the agreement, the Company is required to lease dedicated computer equipment from GEHC for connectivity to their network and share certain GEHC sales costs.
 
 
20
 
 
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 Note B to the condensed consolidated financial statements and “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, 2017 as filed with the SEC on April 2, 2018.
 
 
21
 
 
Results of Operations – For the Three Months Ended June 30, 2018 and 2017
 
Revenues
 
Total revenue for the three months ended June 30, 2018 and 2017 was $18,418,000 and $17,853,000, respectively, representing an increase of $565,000, or 3% year-over-year. On a segment basis, revenue in the professional sales service segment increased $798,000 while revenue in the IT and equipment segments decreased $107,000 and $126,000, respectively.
 
Revenue in the IT segment for the three months ended June 30, 2018 was $10,704,000 compared to $10,811,000 for the three months ended June 30, 2017, a decrease of $107,000, or 1%, of which $406,000 resulted from a decrease in the healthcare IT VAR business, due to fewer healthcare IT solutions installations in the second quarter of 2018, partially offset by a $299,000 increase in the operations of NetWolves. 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 $12.4 million at June 30, 2018 from $8.8 million at June 30, 2017, 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 should convert to revenue in a more timely fashion and, coupled with continued growth in order volume, financial results should improve in this segment.
 
Commission revenues in the professional sales service segment were $6,803,000 in the second quarter of 2018, an increase of 13%, as compared to $6,005,000 in the same quarter of 2017. The increase in commission revenues was due primarily to an increase in the volume of underlying equipment delivered by GEHC during the period. The Company only 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, or billed and received, 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 June 30, 2018, $19,275,000 in deferred commission revenue was recorded in the Company’s condensed consolidated balance sheet, of which $6,221,000 was long-term. At June 30, 2017, $19,704,000 in deferred commission revenue was recorded in the Company’s condensed consolidated balance sheet, of which $9,188,000 was long-term. The decrease in deferred revenue is principally due to a decrease in orders booked and the increase in deliveries by GEHC. We anticipate that revenue will increase in the remaining quarters of 2018 as deliveries increase.
 
Revenue in the equipment segment decreased by $126,000, or 12%, to $911,000 for the three-month period ended June 30, 2018 from $1,037,000 for the same period of the prior year. The decrease was principally due to lower sales of EECP® equipment partially offset by higher sales of Biox ambulatory monitors and ARCS software.
 
Gross Profit
 
Gross profit for the three months ended June 30, 2018 and 2017 was $10,437,000, or 57% of revenue, and $9,798,000, or 55% of revenue, respectively, representing an increase of $639,000, or 7% year-over-year. On a segment basis, gross profit in the IT and professional sales service segments increased $101,000, or 2%, and $716,000, or 15%, respectively, while gross profit in the equipment segment decreased $178,000, or 25%.
 
IT segment gross profit for the three months ended June 30, 2018 was $4,475,000, or 42% of the segment revenue, compared to $4,374,000, or 40% of the segment revenue for the three months ended June 30, 2017. The year-over-year increase of $101,000, or 2%, was primarily a result of higher sales.
 
Professional sales service segment gross profit was $5,423,000, or 80% of segment revenue, for the three months ended June 30, 2018 as compared to $4,707,000, or 78% of the segment revenue, for the three months ended June 30, 2017, reflecting an increase of $716,000. The increase in absolute dollars was primarily due to higher commission revenue as a result of higher volume of GEHC equipment delivered during the second quarter of 2018 than in the same period last year. Cost of commissions in the professional sales service segment of $1,380,000 and $1,298,000, for the three months ended June 30, 2018 and 2017, respectively, reflected commission expense associated with recognized commission revenues.
 
22
 
 
Commission expense associated with short-term deferred revenue is recorded as short-term deferred commission expense, or with long-term deferred revenue as part of other assets, on the balance sheet until the related commission revenue is recognized.
 
Equipment segment gross profit decreased to $539,000, or 59% of segment revenues, for the second quarter of 2018 compared to $717,000, or 69% of segment revenues, for the same quarter of 2017. The $178,000, or 25%, decrease in gross profit was due to lower sales volume, as well as by a gross profit margin decrease due mainly to a higher proportion of lower margin products in the sales mix in the second quarter of 2018, compared to the second quarter of 2017.
 
Operating Loss
 
Operating loss for the three months ended June 30, 2018 and 2017 was $263,000 and $709,000, respectively, representing an improvement of $446,000, due to the increase in gross profit partially offset by higher operating costs (defined below). On a segment basis, operating income in the professional sales service segment increased $761,000, while operating loss in the IT and equipment segments increased $133,000 and $212,000, respectively. In addition, corporate expenses decreased $30,000.
 
Operating loss in the IT segment increased $133,000 in the three-month period ended June 30, 2018 as compared to the same period of 2017 due to higher selling, general, and administrative (“SG&A”) costs, partially offset by higher gross profit and lower research and development (“R&D”) costs. Operating income in the professional sales service segment increased $761,000 in the three-month period ended June 30, 2018 as compared to operating income in the same period of 2017 due to higher gross profit combined with lower SG&A costs. The increase in equipment segment operating loss of $212,000 in the second quarter of 2018 was due to lower gross profit and higher R&D costs.
 
SG&A costs for the three months ended June 30, 2018 and 2017 were $10,448,000 and $10,247,000, respectively, representing an increase of $201,000, or 2% year-over-year. On a segment basis, SG&A costs in the IT segment increased by $308,000 in the second quarter of 2018 from the same quarter of the prior year due to increased personnel costs. SG&A costs in the professional sales service segment decreased $46,000 due mainly to lower personnel-related costs, and SG&A costs in the equipment segment decreased $32,000 due mainly to lower legal fees and lower EECP® commissions. Corporate costs not allocated to segments decreased by $30,000 in the three months ended June 30, 2018 from the same period in 2017, due primarily to lower director and accounting fees.
 
Research and development (“R&D”) expenses were $252,000, or 1% of revenues, for the second quarter of 2018, a decrease of $8,000, or 3%, from $260,000, or 1% of revenues, for the second quarter of 2017. The decrease is primarily attributable to lower 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:
 
23
 
 
 
 
(in thousands)
Three months ended June 30,
 
 
 
2018
 
 
2017
 
 
 
(unaudited)
 
 
(unaudited)
 
Net loss
 $(446)
 $(987)
Interest expense (income), net
  177 
  166 
Income tax expense
  37 
  111 
Depreciation and amortization
  607 
  588 
Share-based compensation
  81 
  98 
Adjusted EBITDA
 $456 
 $(24)
 
Adjusted EBITDA increased by $480,000, to $456,000 in the quarter ended June 30, 2018 from $(24,000) in the quarter ended June 30, 2017. The increase was primarily attributable to the lower net loss, partially offset by lower income tax expense.
 
Interest and Other Income (Expense)
 
Interest and other income (expense) for the three months ended June 30, 2018 was $(146,000) as compared to $(167,000) for the corresponding period of 2017. The decrease in interest and other income (expense) was due primarily to lower VSK joint venture losses, partially offset by higher interest expense due to increased borrowings under the line of credit.
 
Income Tax Expense
 
For the three months ended June 30, 2018, we recorded income tax expense of $37,000 as compared to $111,000 for the corresponding period of 2017. The decrease arose mainly from lower deferred taxes resulting from the Tax Cuts and Jobs Act.
 
Net Loss
 
Net loss for the three months ended June 30, 2018 was $446,000 as compared to a net loss of $987,000 for the three months ended June 30, 2017, representing a decrease of $541,000. Our net loss per share was $0.00 and $0.01 in the three-month periods ended June 30, 2018 and 2017, respectively. The principal cause of the decrease in net loss is the increase in professional sales service segment revenue and gross profit.
 
Results of Operations – For the Six months Ended June 30, 2018 and 2017
 
Revenues
 
Total revenue for the six months ended June 30, 2018 and 2017 was $35,955,000 and $34,227,000, respectively, representing an increase of $1,728,000, or 5% year-over-year. On a segment basis, revenue in the IT, professional sales service, and equipment segments increased $1,506,000, 138,000, and $84,000, respectively.
 
Revenue in the IT segment for the six months ended June 30, 2018 was $22,117,000 compared to $20,611,000 for the six months ended June 30, 2017, an increase of $1,506,000, of which $915,000 resulted from growth in the operations of NetWolves, and $591,000 from an increase in the healthcare IT VAR business. 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 IT VAR operations increased to $12.4 million at June 30, 2018 from $8.8 million at June 30, 2017, due to growth in orders and clients. We anticipate that as our IT VAR 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 service segment were $12,014,000 in the first half of 2018, an increase of 1%, as compared to $11,876,000 in the first half of 2017. The increase in commission revenues was due primarily to an increase in the volume of underlying equipment delivered by GEHC during the period. Deliveries of equipment sold by us are typically lower in the first half of each year than in the second half of the year, with the strongest in the fourth quarter of each year. Therefore, we expect deliveries and revenue to improve through the remainder of 2018. 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, or billed and received, 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 June 30, 2018, $19,275,000 in deferred commission revenue was recorded in the Company’s condensed consolidated balance sheet, of which $6,221,000 was long-term.
 
 
24
 
 
Revenue in the equipment segment increased by $84,000, or 5%, to $1,824,000 for the six-month period ended June 30, 2018 from $1,740,000 for the same period of the prior year. The increase was principally due to an increase in Biox ambulatory monitor and ARCS software revenues as a result of higher sales volume.
 
Gross Profit
 
Gross profit for the six months ended June 30, 2018 and 2017 was $20,058,000, or 56% of revenue, and $18,868,000, or 55% of revenue, respectively, representing an increase of $1,190,000, or 6% year-over-year. On a segment basis, gross profit in the IT and professional sales service segments increased $993,000, and $260,000, respectively, while gross profit in the equipment segment decreased $63,000.
 
IT segment gross profit for the six months ended June 30, 2018 was $9,389,000, or 42% of the segment revenue, compared to $8,396,000, or 41% of the segment revenue for the six months ended June 30, 2017, with $498,000 of the increase resulting primarily from higher sales at NetWolves and $495,000 resulting from both higher sales and higher gross profit rate in the IT VAR business.
 
Professional sales service segment gross profit was $9,576,000, or 80% of segment revenue, for the six months ended June 30, 2018 as compared to $9,316,000, or 78% of the segment revenue, for the six months ended June 30, 2017, reflecting an increase of $260,000, or 3%. The increase in absolute dollars was due to higher commission revenue as a result of higher volume of GEHC equipment delivered during the first half of 2018 than in the same period last year, as well as by lower commission expense in the first half of 2018 compared to the same period of 2017.
 
Cost of commissions in the professional sales service segment of $2,438,000 and $2,560,000, for the six months ended June 30, 2018 and 2017, 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.
 
Equipment segment gross profit decreased to $1,093,000, or 60% of segment revenues, for the first half of 2018 compared to $1,156,000, or 66% of segment revenues, for the same period of 2017, due to lower margin product mix in the first half of 2018, compared to the first half of 2017.
 
Operating Loss
 
Operating loss for the six months ended June 30, 2018 and 2017 was $2,376,000 and $2,550,000, respectively, representing an improvement of $174,000, primarily due to higher gross profit partially offset by higher operating costs. On a segment basis, operating loss decreased $350,000 in the IT segment, while operating income in the professional sales service segment decreased $208,000, and operating loss in the equipment segment increased $34,000. In addition, corporate expenses decreased $66,000.
 
Operating loss in the IT segment decreased in the six-month period ended June 30, 2018 as compared to the same period of 2017 due to higher gross profit and lower research and development costs, partially offset by higher SG&A costs. Operating income in the professional sales service segment decreased in the six-month period ended June 30, 2018 as compared to the same period of 2017 due to higher SG&A costs partially offset by higher gross profit. Operating loss in the equipment segment increased in the six-month period ended June 30, 2018 as compared to the same period of 2017 due to lower gross profit, partially offset by lower SG&A costs.
 
SG&A costs for the six months ended June 30, 2018 and 2017 were $21,996,000 and $20,937,000, respectively, representing an increase of $1,059,000, or 5% year-over-year. On a segment basis, SG&A costs in the professional sales service segment for the six months ended June 30, 2018 increased $468,000 to $9,466,000, from $8,998,000 for the corresponding period of the prior year, due to increased personnel-related and shared marketing costs, and in the IT segment by $768,000 to $10,540,000, from $9,772,000 for the corresponding period of the prior year, due primarily to increased personnel costs at NetWolves. SG&A costs in the equipment segment for the six months ended June 30, 2018 decreased $111,000 to $1,350,000, from $1,461,000 for the corresponding period of the prior year, due primarily to lower headcount and legal costs, and corporate costs not allocated to segments decreased in the same periods by $66,000 from $706,000, due primarily to lower accounting and director fees.
 
Research and development (“R&D”) expenses were $438,000, or 1% of revenues, for the first half of 2018, a decrease of $43,000, or 9%, from $481,000, or 1% of revenues, for the first half of 2017. The decrease is primarily attributable to lower 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.
 
 
25
 
 
A reconciliation of net income to Adjusted EBITDA is set forth below:
 
 
 
(in thousands)
Six months ended June 30,
 
 
 
2018
 
 
2017
 
 
 
(unaudited)
 
 
(unaudited)
 
Net loss
 $(2,515)
 $(3,118)
Interest expense (income), net
  338 
  331 
Income tax expense
  57 
  220 
Depreciation and amortization
  1,202 
  1,170 
Share-based compensation
  222 
  317 
Adjusted EBITDA
 $(696)
 $(1,080)
 
Adjusted EBITDA improved by $384,000, to $(696,000) in the six months ended June 30, 2018 from $(1,080,000) in the six months ended June 30, 2017. The improvement was primarily attributable to the lower net loss, partially offset by lower income tax expense and lower share-based compensation.
 
Interest and Other Income (Expense)
 
Interest and other income (expense) for the six months ended June 30, 2018 was $(82,000) as compared to $(348,000) for the corresponding period of 2017. The decrease was due primarily to the $212,000 gain on sale of VSK, partially offset by higher interest expense due to increased borrowings under our credit line.
 
Income Tax Expense
 
For the six months ended June 30, 2018, we recorded income tax expense of $57,000 as compared to income tax expense of $220,000 for the corresponding period of 2017. The decrease arose mainly from lower deferred income taxes in 2018 arising from the Tax Cuts and Jobs Act.
 
Net Loss
 
Net loss for the six months ended June 30, 2018 was $2,515,000 compared to net loss of $3,118,000 for the six months ended June 30, 2017, representing a decrease in net loss of $603,000. Our net loss per share was $0.02 in the six month periods ended June 30, 2018 and 2017. The principal causes of the decrease in net loss is the reduction in operating loss in the IT segment, the gain on sale of investment in VSK, and the reduction in income tax expense.
 
Liquidity and Capital Resources
 
Cash and Cash Flow
 
We have financed our operations from working capital and drawdown on our line of credit. At June 30, 2018, we had cash and cash equivalents of $3,163,000 and negative working capital of $15,099,000 compared to cash and cash equivalents of $5,245,000 and negative working capital of $8,217,000 at December 31, 2017. $10,220,000 in negative working capital at June 30, 2018 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 used in operating activities was $2,156,000, which consisted of net loss after adjustments to reconcile net loss to net cash of $1,121,000 and cash used by operating assets and liabilities of $1,035,000, during the six months ended June 30, 2018, compared to cash provided by operating activities of $1,375,000 for the same period in 2017. The changes in the account balances primarily reflect a decrease in accounts and other receivables of $2,125,000, and decreases in deferred revenue, accrued commissions, and accrued expenses and other liabilities of $2,873,000, $671,000, and 733,000, respectively.
 
Cash used in investing activities during the six-month period ended June 30, 2018 was $764,000 consisting of $1,075,000 for the purchase of equipment and software, partially offset by $311,000 provided by the sale of our investment in VSK.
 
Cash provided by financing activities during the six-month period ended June 30, 2018 was $834,000 primarily as a result of $896,000 in net borrowings on revolving lines of credit partially offset by $61,000 in payments of notes and capital leases issued for equipment purchases.
 
Liquidity
 
At June 30, 2018 the Company had outstanding borrowings under its lines of credit of approximately $4.3 million with availability of approximately $1.7 million. These lines mature on September 30, 2018. It is the management's intention to renew the lines of credit, and it is currently in negotiation with the lending bank for the renewal. The Company has had a history of renewing these lines of credit upon maturity; therefore, management believes that the lines of credit will be renewed. Additionally, the Company has a conditional commitment to extend $3.6 million of the MedTech Notes for one year through May 29, 2020. 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.
 
 
26
 
 
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 June 30, 2018 and have concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2018.
 
Changes in Internal Control Over Financial Reporting
 
The Company implemented new internal control processes in conjunction with the adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606). There were no other changes in the Company’s internal control over financial reporting during the Company’s fiscal quarter ended June 30, 2018 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
 
 
 
27
 
 
PART II - OTHER INFORMATION
 
ITEM 6 – EXHIBITS
 
Exhibits
 
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.
 
 
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.
 
 
 
 
 
28
 
 
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
 
 
 
 
 
Date: August 14, 2018
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  
 
 
 
   
 
 
 
 
 
29
EX-31.1 2 vaso_ex311.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 Blueprint
 
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: August 14, 2018
 
EX-31.2 3 vaso_ex312.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 Blueprint
 
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: August 14, 2018
 
EX-32.1 4 vaso_ex321.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Blueprint
 
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 June 30, 2018, 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: August 14, 2018
 
EX-32.2 5 vaso_ex322.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Blueprint
 
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 June 30, 2018, 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: August 14, 2018
 
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beginning of period Cash and cash equivalents - end of period SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION Interest paid Income taxes paid SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES Inventories transferred to property and equipment, net Organization, Consolidation and Presentation of Financial Statements [Abstract] ORGANIZATION AND PLAN OF OPERATIONS Accounting Policies [Abstract] INTERIM STATEMENT PRESENTATION Revenue from Contract with Customer [Abstract] REVENUE RECOGNITION Segment Reporting [Abstract] SEGMENT REPORTING AND CONCENTRATIONS Earnings Per Share [Abstract] LOSS PER COMMON SHARE Receivables [Abstract] ACCOUNTS AND OTHER RECEIVABLES, NET Inventory Disclosure [Abstract] INVENTORIES, NET Goodwill and Intangible Assets Disclosure [Abstract] GOODWILL AND OTHER INTANGIBLES Other Assets [Abstract] OTHER ASSETS, NET Payables and Accruals [Abstract] ACCRUED EXPENSES AND OTHER LIABILITIES Deferred Revenue Disclosure [Abstract] DEFERRED REVENUE Line of Credit Facility [Abstract] LINE OF CREDIT Equity [Abstract] EQUITY Related Party Transactions [Abstract] RELATED-PARTY TRANSACTIONS Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES Recent Accounting Pronouncements Variable Interest Entities Reclassifications Schedule of Variable Interest Entities Impact of Adopting Topic 606 Disaggregation of Revenue Transaction Price Allocated to Remaining Performance Obligations Summary Financial Information for Segments Common Stock Equivalents Excluded from Computation of Diluted Loss Per Share Accounts and Other Receivables Inventories, Net of Reserves Schedule of Changes in Carrying Amount of Goodwill Schedule of Other Intangible Assets Amortization of Intangibles Schedule of Other Assets, Net Accrued Expenses and Other Liabilities Changes in Deferred Revenues Number of business segments Total assets Total liabilities Total net revenue Cash used in operations Line of credit, amount outstanding Line of credit, amount available Maturity date Gross Profit Operating loss Accounts and other receivables, net Other assets, net Deferred revenue - long term Product and Service [Axis] Revenue RevenueRemainingPerformanceObligationAxis [Axis] Unfulfilled performance obligations Revenue Recognition [Abstract] Deferred contract liabilities Advance of customer acceptance of equipment Post-delivery services and varying duration service contracts Capitalized sales commissions Long term other assets Revenues Operating (loss) income Total cash capital expenditures Identifiable Assets Concentration risk percentage Accounts and other receivables Common stock equivalents excluded from computation of diluted earnings per share (in shares) Trade receivables Unbilled receivables Due from employees Allowance for doubtful accounts and commission adjustments Accounts and other receivables, net Raw materials Work in process Finished goods Inventories, net Reserve for slow moving inventory Goodwill [Roll Forward] Goodwill, Beginning Balance Foreign currency translation adjustment Goodwill, Ending Balance Costs Accumulated amortization Intangible assets, net Remainder of 2018 2019 2020 2021 2022 Total Goodwill Useful life of patents Amortization expense Deferred commission expense - noncurrent Trade receivables - noncurrent Other, net of allowance for loss on loan receivable of $412 at June 30, 2018 and December 31, 2017 Total Accrued compensation Accrued expenses - other Other liabilities Accrued expenses and other liabilities Deferred revenue at beginning of period Additions Recognized as revenue Deferred revenue at end of period Less: current portion Long-term deferred revenue at end of period Line of credit facility, maximum borrowing capacity amount Expiration date Interest rate percentage Amount of line of credit drawn Interest paid Fees for legal services A type of deferred revenue by arrangement relating to commission revenues. Revenues generated from commissions. Amount of obligation to transfer good or service to customer in advance for which consideration has been received or is receivable. Amount of obligation to transfer good or service to customer for which post-delivery services and varying duration service are considered. Amount for interest paid to related parties. David Lieberman who serves as the Vice Chairman of the Board of Directors (who collectively have responsibility for governing the entity). Component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. A type of deferred revenue by arrangement relating to extended service contracts. Major external customer that accounts for 10 percent or more of the entity's revenues. A type of deferred revenue by arrangement relating to in-service and training. The increase (decrease) during the period in accrued commissions. Refers to component of an entity for which there is an accounting requirement to report separate financial information for this particular segment on that component in the entity's financial statements. The amount of interest income and other income (expense) recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business). The value of inventories transferred to property and equipment, attributable to operating leases in noncash financing and investing activities. The first line of credit agreement. A line of credit is a contractual arrangement with a lender under which borrowings can be made up to a specific amount at any point in time, and under which borrowings outstanding may be either short-term or long-term, depending upon the particulars. The second line of credit agreement. A line of credit is a contractual arrangement with a lender under which borrowings can be made up to a specific amount at any point in time, and under which borrowings outstanding may be either short-term or long-term, depending upon the particulars. Amount of long-term debt and capital lease obligation due after one year or beyond the normal operating cycle, if longer. Excludes related party debt. Revenues generated from medical equipment sales. Revenues generated from medical equipment service. Revenues generated from network services. Borrowing supported by a written promise to pay an obligation for certain equipment purchases from MedTechnology Investments LLC. Amount of noncurrent assets classified as other after deduction of allowances for loan receivable. Exclusive legal right granted by the government to the owner of the patents and technology to exploit an invention or a process for a period of time specified by law. The 2016 Plan was approved by the Board of Directors for officers, directors, employees and consultants of the Company. Component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts and commission adjustments for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). This element represents domestic or foreign subordinated debt. Subordinated debt has a lower priority of repayment in liquidation of the entity's assets. A type of deferred revenue by arrangement relating to service arrangements. Refers to amount of increase (decrease) in additional paid in capital (APIC) resulting from common stock that is not issued for employee tax liability. Revenues generated from software sales and support. Assets, Current Liabilities, Current Liabilities, Noncurrent Treasury Stock, Value Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Operating Expenses Interest and Debt Expense Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income Tax Expense (Benefit) Comprehensive Income (Loss), Net of Tax, Attributable to Parent Weighted Average Number of Shares Outstanding, Basic and Diluted Shares, Outstanding Shares not issued for employee tax liability Income (Loss) from Equity Method Investments Share-based Compensation Increase (Decrease) in Accounts and Other Receivables Increase (Decrease) in Due from Related Parties, Current Increase (Decrease) in Inventories Increase (Decrease) in Deferred Charges Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Other Noncurrent Assets Increase (Decrease) in Accounts Payable, Trade Increase (Decrease) in Accrued Commissions Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Property and Other Taxes Payable Increase (Decrease) in Deferred Income Taxes Increase (Decrease) in Other Noncurrent Liabilities Net Cash Provided by (Used in) Investing Activities Payments Related to Tax Withholding for Share-based Compensation Repayments of Debt and Capital Lease Obligations Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Finite-Lived Intangible Assets, Accumulated Amortization Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year Finite-Lived Intangible Assets, Amortization Expense, Year Two Finite-Lived Intangible Assets, Amortization Expense, Year Three Contract with Customer, Liability Contract with Customer, Liability, Revenue Recognized Debt Instrument, Interest Paid to Related Parties EX-101.PRE 12 vaso-20180630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2018
Aug. 10, 2018
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   166,719,647
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2018  
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 3,163 $ 5,245
Accounts and other receivables, net of an allowance for doubtful accounts and commission adjustments of $4,359 at June 30, 2018 and $4,872 at December 31, 2017 10,938 13,225
Receivables due from related parties 19 20
Inventories, net 1,957 2,355
Deferred commission expense 3,324 3,649
Prepaid expenses and other current assets 975 993
Total current assets 20,376 25,487
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $5,637 at June 30, 2018 and $4,980 at December 31, 2017 4,845 4,719
GOODWILL 17,423 17,471
INTANGIBLES, net 4,982 5,254
OTHER ASSETS, net 2,852 3,847
Total assets 50,478 56,778
CURRENT LIABILITIES    
Accounts payable 5,192 5,423
Accrued commissions 2,005 2,467
Accrued expenses and other liabilities 4,379 5,337
Sales tax payable 912 787
Deferred revenue - current portion 13,544 15,540
Notes payable and capital lease obligations - current portion (Note N) 9,347 3,674
Notes payable - related parties - current portion 85 86
Due to related party 11 390
Total current liabilities 35,475 33,704
LONG-TERM LIABILITIES    
Notes payable and capital lease obligations, net of current portion (Note N) 11 4,834
Notes payable - related parties, net of current portion 255 259
Deferred revenue, net of current portion 6,649 7,526
Deferred tax liability 233 220
Other long-term liabilities 945 1,083
Total long-term liabilities 8,093 13,922
COMMITMENTS AND CONTINGENCIES (NOTE O)
STOCKHOLDERS' EQUITY    
Preferred stock, $.01 par value; 1,000,000 shares authorized; nil shares issued and outstanding at June 30, 2018 and December 31, 2017 0 0
Common stock, $.001 par value; 250,000,000 shares authorized; 176,919,778 and 175,741,970 shares issued at June 30, 2018 and December 31, 2017, respectively; 166,611,691 and 165,433,883 shares outstanding at June 30, 2018 and December 31, 2017, respectively 177 176
Additional paid-in capital 63,583 63,363
Accumulated deficit (54,705) (52,329)
Accumulated other comprehensive loss (145) (58)
Treasury stock, at cost, 10,308,087 shares at June 30, 2018 and December 31, 2017 (2,000) (2,000)
Total stockholders' equity 6,910 9,152
Total liabilities and stockholders' equity $ 50,478 $ 56,778
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Accounts and other receivables, allowance for doubtful accounts and commission adjustments $ 4,359 $ 4,872
PROPERTY AND EQUIPMENT, accumulated depreciation $ 5,637 $ 4,980
STOCKHOLDERS' EQUITY    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares issued 176,919,778 175,741,970
Common stock, shares outstanding 166,611,691 165,433,883
Treasury stock, at cost 10,308,087 10,308,087
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Total revenues $ 18,418 $ 17,853 $ 35,955 $ 34,227
Cost of revenues        
Total cost of revenues 7,981 8,055 15,897 15,359
Gross profit 10,437 9,798 20,058 18,868
Operating expenses        
Selling, general and administrative 10,448 10,247 21,996 20,937
Research and development 252 260 438 481
Total operating expenses 10,700 10,507 22,434 21,418
Operating loss (263) (709) (2,376) (2,550)
Other income (expense)        
Interest and financing costs (182) (171) (353) (340)
Interest and other income (expense), net 36 4 59 (8)
Gain on sale of investment in VSK 0 0 212 0
Total other income (expense), net (146) (167) (82) (348)
Loss before income taxes (409) (876) (2,458) (2,898)
Income tax expense (37) (111) (57) (220)
Net loss (446) (987) (2,515) (3,118)
Other comprehensive loss        
Foreign currency translation (loss) gain (271) 59 (87) 91
Comprehensive loss $ (717) $ (928) $ (2,602) $ (3,027)
Loss per common share        
- basic and diluted $ (0.00) $ (0.01) $ (0.02) $ (0.02)
Weighted average common shares outstanding        
- basic and diluted 164,720 161,600 164,310 161,060
Managed IT systems and services        
Revenues        
Total revenues $ 10,704 $ 10,811 $ 22,117 $ 20,611
Cost of revenues        
Total cost of revenues 6,229 6,437 12,728 12,215
Professional sales services        
Revenues        
Total revenues 6,803 6,005 12,014 11,876
Cost of revenues        
Total cost of revenues 1,380 1,298 2,438 2,560
Equipment sales and services        
Revenues        
Total revenues 911 1,037 1,824 1,740
Cost of revenues        
Total cost of revenues $ 372 $ 320 $ 731 $ 584
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ 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, 2016 $ 174 $ (2,000) $ 62,856 $ (47,790) $ (329) $ 12,911
Balance (in shares) at Dec. 31, 2016 173,812 (10,308)        
Share-based compensation $ 2   512     514
Share-based compensation (in shares) 1,930          
Shares not issued for employee tax liability     (5)     (5)
Foreign currency translation gain (loss)         271 271
Net loss       (4,539)   (4,539)
Balance at Dec. 31, 2017 $ 176 $ (2,000) 63,363 (52,329) (58) 9,152
Balance (in shares) at Dec. 31, 2017 175,742 (10,308)        
Share-based compensation $ 1   221     222
Share-based compensation (in shares) 1,178          
Adoption of new accounting standard [1]       139   139
Shares not issued for employee tax liability     (1)     (1)
Foreign currency translation gain (loss)         (87) (87)
Net loss       (2,515)   (2,515)
Balance at Jun. 30, 2018 $ 177 $ (2,000) $ 63,583 $ (54,705) $ (145) $ 6,910
Balance (in shares) at Jun. 30, 2018 176,920 (10,308)        
[1] Accounting Standards Codification Topic 606, Revenue from Contracts with Customers
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net loss $ (2,515) $ (3,118)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities    
Depreciation and amortization 1,202 1,170
Deferred income taxes 0 192
Loss from interest in joint venture 9 59
Gain on sale of investment in VSK (212) 0
Provision for doubtful accounts and commission adjustments 157 65
Amortization of debt issue costs 16 16
Share-based compensation 222 317
Changes in operating assets and liabilities:    
Accounts and other receivables 2,125 3,865
Receivables due from related parties 0 (116)
Inventories, net 383 (395)
Deferred commission expense 434 (629)
Prepaid expenses and other current assets 15 (36)
Other assets, net 514 621
Accounts payable (230) (586)
Accrued commissions (671) (814)
Accrued expenses and other liabilities (733) (479)
Sales tax payable 127 (5)
Deferred revenue (2,873) 1,288
Deferred tax liability 12 84
Other long-term liabilities (138) (124)
Net cash (used in) provided by operating activities (2,156) 1,375
Cash flows from investing activities    
Purchases of equipment and software (1,075) (1,323)
Proceeds from sale of investment in VSK 311 0
Net cash used in investing activities (764) (1,323)
Cash flows from financing activities    
Net borrowings (repayments) on revolving line of credit 896 (426)
Payroll taxes paid by withholding shares (1) (2)
Repayment of notes payable and capital lease obligations (61) (202)
Net cash provided by (used in) financing activities 834 (630)
Effect of exchange rate differences on cash and cash equivalents 4 8
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,082) (570)
Cash and cash equivalents - beginning of period 5,245 7,087
Cash and cash equivalents - end of period 3,163 6,517
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION    
Interest paid 324 319
Income taxes paid 60 30
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Inventories transferred to property and equipment, net $ 0 $ 1
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND PLAN OF OPERATIONS
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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. Meanwhile, 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 the Company’s 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 Digital);

 

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 for the above equipment;

 

GEHC and third party financial services;

 

VasoHealthcare has built a team of over 80 highly experienced sales professionals who utilize proprietary sales management and analytic tools to manage the complete sales process and to increase market penetration.

 

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 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 to sell its products. It also provides engineering and OEM services to other medical device companies.

 

XML 20 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
INTERIM STATEMENT PRESENTATION
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
INTERIM STATEMENT PRESENTATION

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, 2017, as filed with the SEC on April 2, 2018.

 

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.

 

Liquidity and Capital Resources

 

At June 30, 2018 the Company had cash and cash equivalents of $3,163,000, and negative working capital, excluding deferred commission expense and deferred revenue which are non-cash items, of $4,879,000. Historically the Company has financed its operations from cash provided from operating activities and borrowings under its lines of credit. For the six months ended June 30, 2018, the Company had a net loss of $2,515,000 and used cash in operations of $2,156,000. At June 30, 2018 the Company had outstanding borrowings under its lines of credit of approximately $4.3 million with availability of approximately $1.7 million. These lines mature on September 30, 2018. It is the management’s intention to renew the lines of credit, and it is currently in negotiation with the lending bank for the renewal. The Company has had a history of renewing these lines of credit upon maturity; therefore, management believes that the lines of credit will be renewed. Additionally, the Company has a conditional commitment to extend $3.6 million of the MedTech Notes for one year through May 29, 2020 (see Note N). 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 through at least one year from the date of filing of this Form 10-Q.

 

Significant Accounting Policies and Recent Accounting Pronouncements

 

Recently Adopted Accounting Pronouncements

 

Effective January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. See Note C for further details.

 

Recently Issued Accounting Pronouncements

 

In February 2016, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). 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. In July 2018, The FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which provides an additional and optional transition approach by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This new standard would be effective for the Company beginning January 1, 2019 with early adoption permitted. The Company is still evaluating the impact adoption of this standard will have on its Consolidated Financial Statements.

 

In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, 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 standard would only impact the Company in the event of a goodwill impairment. Accordingly, 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 Instruments Co., Ltd. (“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:

 

     (in thousands)  
   

As of

June 30,

2018

   

As of

December 31,

2017

 
    (unaudited)        
Cash and cash equivalents   $ 39     $ 41  
Total assets   $ 1,713     $ 1,599  
Total liabilities   $ 1,926     $ 1,745  

 

    (in thousands)   
    Three months ended June 30,     Six months ended June 30,  
    2018     2017     2018     2017  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Total net revenue   $ 513     $ 420     $ 919     $ 731  
                                 
Net loss   $ (69 )   $ (501 )   $ (68 )   $ (536 )

 

Reclassifications

 

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

 

XML 21 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION
6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. ASU 2014-09 replaced most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under prior U.S. GAAP. Generally, we recognize revenue under Topic 606 for each of our performance obligations either over time (generally, the transfer of a service) or at a point in time (generally, the transfer of a good) as follows:

 

VasoTechnology

 

Recurring managed network and voice services provided by NetWolves are recognized as provided on a monthly basis (“over time”). Non-recurring charges related to the provision of such services are recognized in the period provided (“point in time”). In the IT VAR business, software system installations are recognized upon verification of installation and expiration of an acceptance period (“point in time”). Monthly post-implementation customer support provided under such installations as well as software solutions offered under a monthly Software as a Service (“SaaS”) fee basis are recognized monthly over the contract term (“over time”).

 

VasoHealthcare

 

Commission revenue is recognized when the underlying equipment has been delivered by GEHC and accepted at the customer site in accordance with the terms of the specific sales agreement (“point in time”).

 

VasoMedical

 

In the United States, we recognized revenue from the sale of our medical equipment in the period in which we deliver the product to the customer (“point in time”). Revenue from the sale of our medical equipment to international markets is recognized upon shipment of the product to a common carrier, as are supplies, accessories and spare parts delivered in both domestic and international markets (“point in time”). The Company also recognizes revenue from the maintenance of EECP® systems either on a time and material as-billed basis (“point in time”) or through the sale of a service contract, where revenue is recognized ratably over the contract term (“over time”).

 

Impact of Adoption

 

Effective January 1, 2018, the Company adopted the requirements of Topic 606 using the modified retrospective method, which provided that the cumulative effect from prior periods upon applying the new guidance was recognized in our consolidated balance sheets as of the date of adoption, including an adjustment to retained earnings, and that prior periods are not retrospectively adjusted. The Company elected to apply the modified retrospective method only to contracts that were not completed at January 1, 2018. A summary and discussion of such cumulative effect adjustment and the impact on current period financial statements of adopting Topic 606 is as follows:

 

       (in thousands)          (in thousands)    
       Three months ended June 30, 2018
(unaudited)  
       Six months ended June 30, 2018
(unaudited)  
 
    prior U.S. GAAP     Topic 606 impact     as reported     prior U.S. GAAP     Topic 606 impact     as reported  
STATEMENT OF OPERATIONS                                    
Revenues                                    
Professional sales services   $ 6,698     $ 105     $ 6,803     $ 11,853     $ 161     $ 12,014  
Total revenues     18,313       105       18,418       35,794       161       35,955  
                                                 
Gross Profit     10,332       105       10,437       19,897       161       20,058  
                                                 
Operating expenses                                                
Selling, general and administrative     10,477       (29 )     10,448       22,082       (86 )     21,996  
Operating loss   $ (397 )   $ 134     $ (263 )   $ (2,623 )   $ 247     $ (2,376 )

 

       (in thousands)    
       As of June 30, 2018 (unaudited)    
    prior U.S. GAAP     Topic 606 impact     as reported  
ASSETS                  
Accounts and other receivables, net   $ 10,532     $ 406     $ 10,938  
Deferred commission expense   $ 3,251     $ 73   $ 3,324  
Other assets, net   $ 2,700     $ 152     $ 2,852  
                         
                         
LIABILITIES AND STOCKHOLDERS' EQUITY                        
Deferred revenue - current portion   $ 13,345     $ 199     $ 13,544  
Deferred revenue - long term   $ 6,603     $ 46     $ 6,649  
Accumulated deficit   $ (55,091 )   $ 386     $ (54,705 )

 

Disaggregation of Revenue

 

The following tables present revenues disaggregated by our business operations and timing of revenue recognition:

 

     (in thousands)  
    Three Months Ended June 30, 2018 (unaudited)     Three Months Ended June 30, 2017 (unaudited)  
    IT segment     Professional sale services segment     Equipment segment     Total     IT segment     Professional sale services segment     Equipment segment     Total  
Network services   $ 10,061                 $ 10,061     $ 9,763                 $ 9,763  
Software sales and support     643                   643       1,048                   1,048  
Commissions             6,803             6,803               6,005             6,005  
Medical equipment sales                     645       645                       766       766  
Medical equipment service                     266       266                       271       271  
    $ 10,704     $ 6,803     $ 911     $ 18,418     $ 10,811     $ 6,005     $ 1,037     $ 17,853  

 

    Six Months Ended June 30, 2018 (unaudited)     Six Months Ended June 30, 2017 (unaudited)  
    IT segment     Professional sale services segment     Equipment segment     Total     IT segment     Professional sale services segment     Equipment segment     Total  
Network services   $ 20,272                 $ 20,272     $ 19,357                 $ 19,357  
Software sales and support     1,845                   1,845       1,254                   1,254  
Commissions             12,014             12,014               11,876             11,876  
Medical equipment sales                     1,276       1,276                       1,189       1,189  
Medical equipment service                     548       548                       551       551  
    $ 22,117     $ 12,014     $ 1,824     $ 35,955     $ 20,611     $ 11,876     $ 1,740     $ 34,227  

 

    Three Months Ended June 30, 2018 (unaudited)     Three Months Ended June 30, 2017 (unaudited)  
    IT segment     Professional sale services segment     Equipment segment     Total     IT segment     Professional sale services segment     Equipment segment     Total  
Revenue recognized over time   $ 9,665     $ -     $ 169     $ 9,834     $ 9,353     $ -     $ 175     $ 9,528  
Revenue recognized at a point in time     1,039       6,803       742       8,584       1,458       6,005       862       8,325  
    $ 10,704     $ 6,803     $ 911     $ 18,418     $ 10,811     $ 6,005     $ 1,037     $ 17,853  

 

    Six Months Ended June 30, 2018 (unaudited)     Six Months Ended June 30, 2017 (unaudited)  
    IT segment     Professional sale services segment     Equipment segment     Total     IT segment     Professional sale services segment     Equipment segment     Total  
Revenue recognized over time   $ 19,755     $ -     $ 342     $ 20,097     $ 18,522     $ -     $ 364     $ 18,886  
Revenue recognized at a point in time     2,362       12,014       1,482       15,858       2,089       11,876       1,376       15,341  
    $ 22,117     $ 12,014     $ 1,824     $ 35,955     $ 20,611     $ 11,876     $ 1,740     $ 34,227  

 

Transaction Price Allocated to Remaining Performance Obligations

 

As of June 30, 2018, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) for executed contracts approximates $85.8 million, of which we expect to recognize revenue as follows:

 

     

(in thousands) 

Fiscal years of revenue recognition

   
   remainder of 2018  2019  2020  Thereafter
Unfulfilled performance obligations  $30,442   $29,575   $14,014   $11,783 

 

Contract Liabilities

 

Contract liabilities arise in our IT VAR, VasoHealthcare, and VasoMedical businesses. In our IT VAR business, payment arrangements with clients typically include an initial payment due upon contract signing and milestone-based payments based upon product delivery and go-live, as well as post go-live monthly payments for subscription and support fees. Customer payments received, or receivables recorded, in advance of go-live and customer acceptance, where applicable, are deferred as contract liabilities. Such amounts aggregated approximately $511,000 and $371,000 at June 30, 2018 and December 31, 2017, respectively, and are included in accrued expenses and other liabilities in our condensed consolidated balance sheets.

 

In our VasoHealthcare business, we bill amounts for certain milestones in advance of customer acceptance of the equipment. Such amounts aggregated approximately $19,275,000 and $22,126,000 at June 30, 2018 and December 31, 2017, respectively, and are classified in our condensed consolidated balance sheets into current or long-term deferred revenue. In addition, we record a contract liability for amounts expected to be repaid to GEHC due to customer order reductions. Such amounts aggregated approximately $1,662,000 and $1,143,000 at June 30, 2018 and December 31, 2017, respectively, and are included in accrued expenses and other liabilities in our condensed consolidated balance sheets.

 

In our VasoMedical business, we bill amounts for post-delivery services and varying duration service contracts in advance of performance. Such amounts aggregated approximately $918,000 and $941,000 at June 30, 2018 and December 31, 2017, respectively, and are classified in our condensed consolidated balance sheets as either current or long-term deferred revenue.

 

During the three and six months ended June 30, 2018, we recognized approximately $2.9 million and $4.5 million of revenues that were included in our contract liability balance at the beginning of such periods.

 

Costs to Obtain or Fulfill a Contract

 

Topic 606 requires that incremental costs of obtaining a contract are recognized as an asset and amortized to expense in a pattern that matches the timing of the revenue recognition of the related contract. We have determined the only significant incremental costs incurred to obtain contracts with customers within the scope of Topic 606 are certain sales commissions paid to associates. In addition, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract when incurred for contracts where the amortization period for the asset the Company would otherwise have recognized is one year or less.

 

Under prior U.S. GAAP, we recognized sales commissions in our equipment segment as incurred. Under Topic 606, sales commissions applicable to service contracts exceeding one year have been capitalized and amortized ratably over the term of the contract. In our IT VAR business, all commissions paid in advance of go-live were, under prior U.S. GAAP, capitalized as deferred commission expense and charged to expense at go-live or customer acceptance, as applicable. Under Topic 606, IT VAR commissions allocable to multi-year subscription contracts or multi-year post-contract support performance obligations are amortized to expense ratably over the terms of the multi-year periods. IT VAR commissions allocable to other elements continue to be charged to expense at go-live or customer acceptance, as was previously done. At the date of adoption of Topic 606, we recorded an asset, and related adjustment to retained earnings, of approximately $139,000 in our condensed consolidated balance sheets for the amount of unamortized sales commissions for prior periods, as calculated under the new guidance. The impact to our financial statements of adopting Topic 606, as it relates to costs to obtain contracts, was a reduction in commission expense of approximately $29,000 and $86,000 for the three and six months ended June 30, 2108, respectively, an increase in deferred commission expense of approximately $73,000, and an increase in long term deferred commission expense (recorded in other assets) of approximately $152,000 (inclusive of the beginning balance adjustment of $139,000).

 

In our professional sales services segment, under both prior U.S. GAAP and Topic 606, commissions paid to our sales force are deferred until the underlying equipment is accepted by the customer.

 

At June 30, 2018, our condensed consolidated balance sheet includes approximately $5,012,000 in capitalized sales commissions to be expensed in future periods, of which $3,324,000 is recorded in deferred commission expense and $1,688,000, representing the long term portion, is included in other assets.

 

Significant Judgments when Applying Topic 606

 

Contract transaction price is allocated to performance obligations using estimated stand-alone selling price. Judgment is required in estimating stand-alone selling price for each distinct performance obligation. We determine stand-alone selling price maximizing observable inputs such as stand-alone sales when they exist or substantive renewal price charged to clients. In instances where stand-alone selling price is not observable, we utilize an estimate of stand-alone selling price based on historical pricing and industry practices.

 

Certain revenue we record in our professional sales service segment contains an estimate for variable consideration. Due to the tiered structure of our commission rate, which increases as annual targets are achieved, under Topic 606 we record revenue and deferred revenue at the rate we expect to be achieved by year end. Under prior U.S. GAAP, we recognized revenue at the rate achieved at the applicable reporting date. We base our estimate of variable consideration on historical results of previous years’ achievement under the GEHC agreement. Such estimate will be reviewed each quarter and adjusted as applicable. At June 30, 2018, the Company recorded approximately $406,000 in additional accounts and other receivables, net; $245,000 in additional combined short term and long term deferred revenue; and, for the three and six months ended June 30, 2018, $105,000 and $161,000, respectively, in additional commission revenue resulting from our estimate of variable consideration. For both the three and six months ended June 30, 2018, the Company recognized a $226,000 reduction in revenue associated with revisions to variable consideration for performance obligations completed in the three months ended March 31, 2018.

 

XML 22 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT REPORTING AND CONCENTRATIONS
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
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      Six months ended  
    June 30,     June 30,  
    2018     2017     2018     2017  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenues from external customers                        
IT   $ 10,704     $ 10,811     $ 22,117     $ 20,611  
Professional sales service     6,803       6,005       12,014       11,876  
Equipment     911       1,037       1,824       1,740  
Total revenues   $ 18,418     $ 17,853     $ 35,955     $ 34,227  
                                 
Gross Profit                                
IT   $ 4,475     $ 4,374     $ 9,389     $ 8,396  
Professional sales service     5,423       4,707       9,576       9,316  
Equipment     539       717       1,093       1,156  
Total gross profit   $ 10,437     $ 9,798     $ 20,058     $ 18,868  
                                 
Operating (loss) income                                
IT   $ (845 )   $ (712 )   $ (1,280 )   $ (1,630 )
Professional sales service     1,164       403       110       318  
Equipment     (339 )     (127 )     (566 )     (532 )
Corporate     (243 )     (273 )     (640 )     (706 )
Total operating loss   $ (263 )   $ (709 )   $ (2,376 )   $ (2,550 )
                                 
Capital expenditures                                
IT   $ 794     $ 432     $ 1,052     $ 1,188  
Professional sales service     -       36       -       114  
Equipment     2       16       20       21  
Corporate     -     -       3       -  
Total cash capital expenditures   $ 796     $ 484     $ 1,075     $ 1,323  

 

    (in thousands)  
    June 30, 2018     December 31, 2017  
    (unaudited)        
Identifiable Assets            
IT   $ 28,120     $ 28,320  
Professional sales service     11,956       15,658  
Equipment     7,394       7,830  
Corporate     3,008       4,970  
Total assets   $ 50,478     $ 56,778  

 

GE Healthcare accounted for 37% and 34% of revenue for the three months ended June 30, 2018 and 2017, respectively, and 33% and 35% of revenue for the six months ended June 30, 2018 and 2017, respectively. GE Healthcare also accounted for $6.5 million or 60%, and $8.9 million or 67%, of accounts and other receivables at June 30, 2018 and December 31, 2017, respectively.

 

XML 23 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
LOSS PER COMMON SHARE
6 Months Ended
Jun. 30, 2018
Loss per common share  
LOSS PER COMMON SHARE

Basic loss per common share is computed as loss applicable to common stockholders divided by the weighted-average number of common shares outstanding for the period. Diluted loss 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.

 

The following table represents common stock equivalents that were excluded from the computation of diluted loss per share for the three and six months ended June 30, 2018 and 2017, because the effect of their inclusion would be anti-dilutive.

  

    (in thousands)  
    For the three months ended     For the six months ended  
   

June 30,

2018

   

June 30,

2017

   

June 30,

2018

   

June 30,

2017

 
    (unaudited)     (unaudited)      (unaudited)     (unaudited)  
Stock options     -       600       -       600  
Restricted common stock grants     3,874       5,792       3,874       5,792  
      3,874       6,392       3,874       6,392  

 

XML 24 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCOUNTS AND OTHER RECEIVABLES, NET
6 Months Ended
Jun. 30, 2018
Receivables [Abstract]  
ACCOUNTS AND OTHER RECEIVABLES, NET

The following table presents information regarding the Company’s accounts and other receivables as of June 30, 2018 and December 31, 2017:

 

    (in thousands)  
   

June 30,

2018

   

December 31,

2017

 
    (unaudited)        
Trade receivables   $ 14,807     $ 18,056  
Unbilled receivables     458       -  
Due from employees     32       41  
Allowance for doubtful accounts and                
commission adjustments     (4,359 )     (4,872 )
Accounts and other receivables, net   $ 10,938     $ 13,225  

 

Contract receivables under Topic 606 consist of trade receivables and unbilled receivables. Trade receivables include amounts due for shipped products and services rendered. Unbilled receivables represents variable consideration recognized in accordance with Topic 606 but not yet billable. Amounts recorded – billed and unbilled - 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 25 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES, NET
6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
INVENTORIES, NET

Inventories, net of reserves, consist of the following:

 

    (in thousands)  
   

June 30,

2018

   

December 31,

2017

 
    (unaudited)        
Raw materials   $ 591     $ 530  
Work in process     344       449  
Finished goods     1,022       1,376  
    $ 1,957     $ 2,355  

 

At June 30, 2018 and December 31, 2017, the Company maintained reserves for slow moving inventories of $604,000 and $746,000, respectively.

XML 26 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOODWILL AND OTHER INTANGIBLES
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLES

Goodwill aggregating $17,423,000 and $17,471,000 was recorded on the Company’s condensed consolidated balance sheets at June 30, 2018 and December 31, 2017, respectively, of which $14,375,000 is allocated to the IT segment and $3,048,000 is allocated to the equipment segment. The components of the change in goodwill are as follows:

 

    (in thousands)  
    Carrying Amount  
       
Balance at December 31, 2017   $ 17,471  
Foreign currency translation adjustment     (48 )
Balance at June 30, 2018 (unaudited)   $ 17,423  

 

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)  
   

June 30,

2018

   

December 31,

2017

 
    (unaudited)        
Customer-related            
Costs   $ 5,831     $ 5,831  
Accumulated amortization     (2,811 )     (2,501 )
      3,020       3,330  
                 
Patents and Technology                
Costs     2,305       2,331  
Accumulated amortization     (1,353 )     (1,260 )
      952       1,071  
                 
Software                
Costs     2,077       1,819  
Accumulated amortization     (1,067 )     (966 )
      1,010       853  
                 
    $ 4,982     $ 5,254  

 

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 $249,000 and $305,000 for the three months ended June 30, 2018 and 2017, respectively, and $505,000 and $591,000 for the six months ended June 30, 2018 and 2017, respectively.

 

Amortization of intangibles for the next five years is:

 

    (in thousands)  
Years ending December 31,   (unaudited)  
Remainder of 2018   $ 500  
2019     965  
2020     882  
2021     806  
2022     531  
Total   $ 3,684  

 

XML 27 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
OTHER ASSETS, NET
6 Months Ended
Jun. 30, 2018
Other Assets [Abstract]  
OTHER ASSETS, NET

Other assets, net consist of the following at June 30, 2018 and December 31, 2017:

 

    (in thousands)  
   

June 30, 2018

   

December 31, 2017

 
    (unaudited)        
Deferred commission expense - noncurrent   $ 1,688     $ 1,867  
Trade receivables - noncurrent     616       968  
Other, net of allowance for loss on loan receivable of                
  $412 at June 30, 2018 and December 31, 2017     548       1,012  
    $ 2,852     $ 3,847  
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES
6 Months Ended
Jun. 30, 2018
Payables and Accruals [Abstract]  
ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following at June 30, 2018 and December 31, 2017:

 

    (in thousands)  
   

June 30, 2018

   

December 31, 2017

 
    (unaudited)        
Accrued compensation   $ 563     $ 1,181  
Accrued expenses - other     1,279       2,207  
Other liabilities     2,537       1,949  
    $ 4,379     $ 5,337  
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
DEFERRED REVENUE
6 Months Ended
Jun. 30, 2018
Deferred Revenue Disclosure [Abstract]  
DEFERRED REVENUE

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

 

    (in thousands)  
    For the three months ended     For the six months ended  
   

June 30,

2018

   

June 30,

2017

   

June 30,

2018

   

June 30,

2017

 
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Deferred revenue at beginning of period   $ 21,295     $ 19,785     $ 23,066     $ 19,404  
Additions:                                
Deferred extended service contracts     122       248       314       435  
Deferred in-service and training     3       8       3       8  
Deferred service arrangements     5       20       5       20  
Deferred commission revenues     1,710       3,367       2,169       6,251  
Recognized as revenue:                                
Deferred extended service contracts     (160 )     (164 )     (321 )     (341 )
Deferred in-service and training     -       (8 )     (3 )     (10 )
Deferred service arrangements     (9 )     (11 )     (21 )     (23 )
Deferred commission revenues     (2,773 )     (2,553 )     (5,019 )     (5,052 )
Deferred revenue at end of period     20,193       20,692       20,193       20,692  
Less: current portion     13,544       11,062       13,544       11,062  
Long-term deferred revenue at end of period   $ 6,649     $ 9,630     $ 6,649     $ 9,630  

 

XML 30 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
LINE OF CREDIT
6 Months Ended
Jun. 30, 2018
Line of Credit Facility [Abstract]  
LINE OF CREDIT

NetWolves maintains a $4.0 million line of credit with a lending institution. Advances under the line, which expires on September 30, 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 June 30, 2018, the Company had drawn approximately $3.5 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.

 

The Company maintains an additional $2.0 million line of credit with a lending institution. Advances under the line, which expires on September 30, 2018, bear interest at a rate of LIBOR plus 2.25% and are secured by substantially all of the assets of the Company. At June 30, 2018, the Company had drawn approximately $0.8 million against the line. The line of credit agreement includes certain financial covenants. At June 30, 2018, and in certain prior quarters, the Company was not in compliance with such covenants.

 

XML 31 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
EQUITY
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
EQUITY

In March 2018, the Company granted 725,000 shares of restricted common stock to officers under the 2016 Stock Plan. The shares vested in April 2018. In May and June 2018, the Company granted a total of 575,000 shares of restricted common stock to employees, vesting over a three year period.

 

XML 32 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED-PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
RELATED-PARTY TRANSACTIONS

The Company made interest payments, aggregating approximately $109,000 in each of the three month periods ended June 30, 2018 and 2017, and approximately $217,000 in each of the six month periods ended June 30, 2018 and 2017, to MedTechnology Investments, LLC (“MedTech”) pursuant to its $4,800,000 promissory notes (“Notes”). 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. The MedTech Notes were used in 2015 to partially fund the purchase of NetWolves. $2,300,000 of the $4,800,000 provided by MedTech was provided by directors of the Company, or by their family members. In August 2018, MedTech committed to extend the maturity date of $3,600,000 of the Notes an additional year, if necessary, from May 29, 2019 to May 29, 2020 provided that a minimum of $1.2 million of the principal is paid on or before May 29, 2019. The interest rate would increase to 10% effective May 30, 2019. The entire outstanding balance of the MedTech Notes is included as current liabilities.

 

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 June 30, 2018 and 2017, and fees of approximately $170,000 were billed by the firm for each of the six month periods ended June 30, 2018 and 2017, at which dates no amounts were outstanding.

 

In March 2018, the Company sold its interest in the VSK joint venture to PSK for a sales price of $676,000 and executed a distributor agreement, expiring December 31, 2020, with VSK for the sale of the Company’s EECP® products in certain international markets. The sale resulted in a gain of approximately $212,000. Prior to the sale, the Company’s pro-rata share in VSK’s loss from operations approximated $14,000 for the three months ended June 30, 2017, and $9,000 and $59,000 for the six months ended June 30, 2018 and 2017, respectively, and is included in interest and other income, net in the accompanying unaudited condensed consolidated statements of operations and comprehensive (loss) income.

 

XML 33 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
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 December 2017, the Company concluded an amendment of the GEHC Agreement with GEHC, originally signed on May 19, 2010. The amendment extends the term of the original agreement, which began on July 1, 2010 and was previously extended in 2012 and 2015, through December 31, 2022, subject to earlier termination with or without cause under certain circumstances after timely notice, making it the longest extension thus far with a remaining term of five years from December 31, 2017. Under the agreement, VasoHealthcare is the exclusive representative for the sale of select GE Healthcare diagnostic imaging products to specific market segments/accounts in the 48 contiguous states of the United States and the District of Columbia. The circumstances under which early termination of the agreement may occur include: not materially achieving certain sales goals, not maintaining a minimum number of sales representatives, and not meeting various legal and GEHC policy requirements. Under the terms of the agreement, the Company is required to lease dedicated computer equipment from GEHC for connectivity to their network and share certain GEHC sales costs.

 

 

XML 34 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
INTERIM STATEMENT PRESENTATION (Policies)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

 

Effective January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. See Note C for further details.

 

Recently Issued Accounting Pronouncements

 

In February 2016, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). 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. In July 2018, The FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which provides an additional and optional transition approach by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This new standard would be effective for the Company beginning January 1, 2019 with early adoption permitted. The Company is still evaluating the impact adoption of this standard will have on its Consolidated Financial Statements.

 

In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, 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 standard would only impact the Company in the event of a goodwill impairment. Accordingly, 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 Instruments Co., Ltd. (“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:

 

     (in thousands)  
   

As of

June 30,

2018

   

As of

December 31,

2017

 
    (unaudited)        
Cash and cash equivalents   $ 39     $ 41  
Total assets   $ 1,713     $ 1,599  
Total liabilities   $ 1,926     $ 1,745  

 

    (in thousands)   
    Three months ended June 30,     Six months ended June 30,  
    2018     2017     2018     2017  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Total net revenue   $ 513     $ 420     $ 919     $ 731  
                                 
Net loss   $ (69 )   $ (501 )   $ (68 )   $ (536 )

 

Reclassifications

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

 

XML 35 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
INTERIM STATEMENT PRESENTATION (Tables)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Schedule of Variable Interest Entities

 

     (in thousands)  
   

As of

June 30,

2018

   

As of

December 31,

2017

 
    (unaudited)        
Cash and cash equivalents   $ 39     $ 41  
Total assets   $ 1,713     $ 1,599  
Total liabilities   $ 1,926     $ 1,745  

 

    (in thousands)   
    Three months ended June 30,     Six months ended June 30,  
    2018     2017     2018     2017  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Total net revenue   $ 513     $ 420     $ 919     $ 731  
                                 
Net loss   $ (69 )   $ (501 )   $ (68 )   $ (536 )

 

XML 36 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION (Tables)
6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Impact of Adopting Topic 606
       (in thousands)          (in thousands)    
       Three months ended June 30, 2018
(unaudited)  
       Six months ended June 30, 2018
(unaudited)  
 
    prior U.S. GAAP     Topic 606 impact     as reported     prior U.S. GAAP     Topic 606 impact     as reported  
STATEMENT OF OPERATIONS                                    
Revenues                                    
Professional sales services   $ 6,698     $ 105     $ 6,803     $ 11,853     $ 161     $ 12,014  
Total revenues     18,313       105       18,418       35,794       161       35,955  
                                                 
Gross Profit     10,332       105       10,437       19,897       161       20,058  
                                                 
Operating expenses                                                
Selling, general and administrative     10,477       (29 )     10,448       22,082       (86 )     21,996  
Operating loss   $ (397 )   $ 134     $ (263 )   $ (2,623 )   $ 247     $ (2,376 )

 

       (in thousands)    
       As of June 30, 2018 (unaudited)    
    prior U.S. GAAP     Topic 606 impact     as reported  
ASSETS                  
Accounts and other receivables, net   $ 10,532     $ 406     $ 10,938  
Deferred commission expense   $ 3,251     $ 73     $ 3,324  
Other assets, net   $ 2,700     $ 152     $ 2,852  
                         
                         
LIABILITIES AND STOCKHOLDERS' EQUITY                        
Deferred revenue - current portion   $ 13,345     $ 199     $ 13,544  
Deferred revenue - long term   $ 6,603     $ 46     $ 6,649  
Accumulated deficit   $ (55,091 )   $ 386     $ (54,705 )

 

Disaggregation of Revenue
     (in thousands)  
    Three Months Ended June 30, 2018 (unaudited)     Three Months Ended June 30, 2017 (unaudited)  
    IT segment     Professional sale services segment     Equipment segment     Total     IT segment     Professional sale services segment     Equipment segment     Total  
Network services   $ 10,061                 $ 10,061     $ 9,763                 $ 9,763  
Software sales and support     643                   643       1,048                   1,048  
Commissions             6,803             6,803               6,005             6,005  
Medical equipment sales                     645       645                       766       766  
Medical equipment service                     266       266                       271       271  
    $ 10,704     $ 6,803     $ 911     $ 18,418     $ 10,811     $ 6,005     $ 1,037     $ 17,853  

 

    Six Months Ended June 30, 2018 (unaudited)     Six Months Ended June 30, 2017 (unaudited)  
    IT segment     Professional sale services segment     Equipment segment     Total     IT segment     Professional sale services segment     Equipment segment     Total  
Network services   $ 20,272                 $ 20,272     $ 19,357                 $ 19,357  
Software sales and support     1,845                   1,845       1,254                   1,254  
Commissions             12,014             12,014               11,876             11,876  
Medical equipment sales                     1,276       1,276                       1,189       1,189  
Medical equipment service                     548       548                       551       551  
    $ 22,117     $ 12,014     $ 1,824     $ 35,955     $ 20,611     $ 11,876     $ 1,740     $ 34,227  

 

    Three Months Ended June 30, 2018 (unaudited)     Three Months Ended June 30, 2017 (unaudited)  
    IT segment     Professional sale services segment     Equipment segment     Total     IT segment     Professional sale services segment     Equipment segment     Total  
Revenue recognized over time   $ 9,665     $ -     $ 169     $ 9,834     $ 9,353     $ -     $ 175     $ 9,528  
Revenue recognized at a point in time     1,039       6,803       742       8,584       1,458       6,005       862       8,325  
    $ 10,704     $ 6,803     $ 911     $ 18,418     $ 10,811     $ 6,005     $ 1,037     $ 17,853  

 

    Six Months Ended June 30, 2018 (unaudited)     Six Months Ended June 30, 2017 (unaudited)  
    IT segment     Professional sale services segment     Equipment segment     Total     IT segment     Professional sale services segment     Equipment segment     Total  
Revenue recognized over time   $ 19,755     $ -     $ 342     $ 20,097     $ 18,522     $ -     $ 364     $ 18,886  
Revenue recognized at a point in time     2,362       12,014       1,482       15,858       2,089       11,876       1,376       15,341  
    $ 22,117     $ 12,014     $ 1,824     $ 35,955     $ 20,611     $ 11,876     $ 1,740     $ 34,227  

 

Transaction Price Allocated to Remaining Performance Obligations

 

     

(in thousands) 

Fiscal years of revenue recognition

   
   remainder of 2018  2019  2020  Thereafter
Unfulfilled performance obligations  $30,442   $29,575   $14,014   $11,783 

XML 37 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT REPORTING AND CONCENTRATIONS (Tables)
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Summary Financial Information for Segments
    (in thousands)  
     Three months ended      Six months ended  
    June 30,     June 30,  
    2018     2017     2018     2017  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenues from external customers                        
IT   $ 10,704     $ 10,811     $ 22,117     $ 20,611  
Professional sales service     6,803       6,005       12,014       11,876  
Equipment     911       1,037       1,824       1,740  
Total revenues   $ 18,418     $ 17,853     $ 35,955     $ 34,227  
                                 
Gross Profit                                
IT   $ 4,475     $ 4,374     $ 9,389     $ 8,396  
Professional sales service     5,423       4,707       9,576       9,316  
Equipment     539       717       1,093       1,156  
Total gross profit   $ 10,437     $ 9,798     $ 20,058     $ 18,868  
                                 
Operating (loss) income                                
IT   $ (845 )   $ (712 )   $ (1,280 )   $ (1,630 )
Professional sales service     1,164       403       110       318  
Equipment     (339 )     (127 )     (566 )     (532 )
Corporate     (243 )     (273 )     (640 )     (706 )
Total operating loss   $ (263 )   $ (709 )   $ (2,376 )   $ (2,550 )
                                 
Capital expenditures                                
IT   $ 794     $ 432     $ 1,052     $ 1,188  
Professional sales service     -       36       -       114  
Equipment     2       16       20       21  
Corporate     -     -       3       -  
Total cash capital expenditures   $ 796     $ 484     $ 1,075     $ 1,323  

 

    (in thousands)  
    June 30, 2018     December 31, 2017  
    (unaudited)        
Identifiable Assets            
IT   $ 28,120     $ 28,320  
Professional sales service     11,956       15,658  
Equipment     7,394       7,830  
Corporate     3,008       4,970  
Total assets   $ 50,478     $ 56,778  

 

XML 38 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
LOSS PER COMMON SHARE (Tables)
6 Months Ended
Jun. 30, 2018
Loss per common share  
Common Stock Equivalents Excluded from Computation of Diluted Loss Per Share
    (in thousands)  
    For the three months ended     For the six months ended  
   

June 30,

2018

   

June 30,

2017

   

June 30,

2018

   

June 30,

2017

 
    (unaudited)     (unaudited)      (unaudited)     (unaudited)  
Stock options     -       600       -       600  
Restricted common stock grants     3,874       5,792       3,874       5,792  
      3,874       6,392       3,874       6,392  
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCOUNTS AND OTHER RECEIVABLES, NET (Tables)
6 Months Ended
Jun. 30, 2018
Receivables [Abstract]  
Accounts and Other Receivables
    (in thousands)  
   

June 30,

2018

   

December 31,

2017

 
    (unaudited)        
Trade receivables   $ 14,807     $ 18,056  
Unbilled receivables     458       -  
Due from employees     32       41  
Allowance for doubtful accounts and                
commission adjustments     (4,359 )     (4,872 )
Accounts and other receivables, net   $ 10,938     $ 13,225  
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES, NET (Tables)
6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
Inventories, Net of Reserves
    (in thousands)  
   

June 30,

2018

   

December 31,

2017

 
    (unaudited)        
Raw materials   $ 591     $ 530  
Work in process     344       449  
Finished goods     1,022       1,376  
    $ 1,957     $ 2,355  
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOODWILL AND OTHER INTANGIBLES (Tables)
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
    (in thousands)  
    Carrying Amount  
       
Balance at December 31, 2017   $ 17,471  
Foreign currency translation adjustment     (48 )
Balance at June 30, 2018 (unaudited)   $ 17,423  
Schedule of Other Intangible Assets
    (in thousands)  
   

June 30,

2018

   

December 31,

2017

 
    (unaudited)        
Customer-related            
Costs   $ 5,831     $ 5,831  
Accumulated amortization     (2,811 )     (2,501 )
      3,020       3,330  
                 
Patents and Technology                
Costs     2,305       2,331  
Accumulated amortization     (1,353 )     (1,260 )
      952       1,071  
                 
Software                
Costs     2,077       1,819  
Accumulated amortization     (1,067 )     (966 )
      1,010       853  
                 
    $ 4,982     $ 5,254  
Amortization of Intangibles
    (in thousands)  
Years ending December 31,   (unaudited)  
Remainder of 2018   $ 500  
2019     965  
2020     882  
2021     806  
2022     531  
Total   $ 3,684  
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
OTHER ASSETS, NET (Tables)
6 Months Ended
Jun. 30, 2018
Other Assets [Abstract]  
Schedule of Other Assets, Net
    (in thousands)  
   

June 30, 2018

   

December 31, 2017

 
    (unaudited)        
Deferred commission expense - noncurrent   $ 1,688     $ 1,867  
Trade receivables - noncurrent     616       968  
Other, net of allowance for loss on loan receivable of                
  $412 at June 30, 2018 and December 31, 2017     548       1,012  
    $ 2,852     $ 3,847  
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
6 Months Ended
Jun. 30, 2018
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities
    (in thousands)  
   

June 30, 2018

   

December 31, 2017

 
    (unaudited)        
Accrued compensation   $ 563     $ 1,181  
Accrued expenses - other     1,279       2,207  
Other liabilities     2,537       1,949  
    $ 4,379     $ 5,337  
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
DEFERRED REVENUE (Tables)
6 Months Ended
Jun. 30, 2018
Deferred Revenue Disclosure [Abstract]  
Changes in Deferred Revenues
    (in thousands)  
    For the three months ended     For the six months ended  
   

June 30,

2018

   

June 30,

2017

   

June 30,

2018

   

June 30,

2017

 
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Deferred revenue at beginning of period   $ 21,295     $ 19,785     $ 23,066     $ 19,404  
Additions:                                
Deferred extended service contracts     122       248       314       435  
Deferred in-service and training     3       8       3       8  
Deferred service arrangements     5       20       5       20  
Deferred commission revenues     1,710       3,367       2,169       6,251  
Recognized as revenue:                                
Deferred extended service contracts     (160 )     (164 )     (321 )     (341 )
Deferred in-service and training     -       (8 )     (3 )     (10 )
Deferred service arrangements     (9 )     (11 )     (21 )     (23 )
Deferred commission revenues     (2,773 )     (2,553 )     (5,019 )     (5,052 )
Deferred revenue at end of period     20,193       20,692       20,193       20,692  
Less: current portion     13,544       11,062       13,544       11,062  
Long-term deferred revenue at end of period   $ 6,649     $ 9,630     $ 6,649     $ 9,630  
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND PLAN OF OPERATIONS (Details Narrative)
6 Months Ended
Jun. 30, 2018
Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of business segments 3
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
INTERIM STATEMENT PRESENTATION (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Cash and cash equivalents $ 3,163 $ 6,517 $ 3,163 $ 6,517 $ 5,245 $ 7,087
Total net revenue 18,418 17,853 35,955 34,227    
Net loss (446) (987) (2,515) (3,118) (4,539)  
Biox [Member]            
Cash and cash equivalents 39   39   41  
Total assets 1,713   1,713   1,599  
Total liabilities 1,926   1,926   $ 1,745  
Total net revenue 513 420 919 731    
Net loss $ (69) $ (501) $ (68) $ (536)    
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
INTERIM STATEMENT PRESENTATION (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Accounting Policies [Abstract]            
Cash and cash equivalents $ 3,163 $ 6,517 $ 3,163 $ 6,517 $ 5,245 $ 7,087
Net loss (446) $ (987) (2,515) (3,118) $ (4,539)  
Cash used in operations     (2,156) $ 1,375    
Line of credit, amount outstanding     4,300      
Line of credit, amount available $ 1,700   $ 1,700      
Maturity date     Sep. 30, 2018      
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Revenues          
Total revenues $ 18,418 $ 17,853 $ 35,955 $ 34,227  
Gross Profit 10,437 9,798 20,058 18,868  
Operating expenses          
Selling, general and administrative 10,448 10,247 21,996 20,937  
Operating loss (263) (709) (2,376) (2,550)  
ASSETS          
Accounts and other receivables, net 10,938   10,938   $ 13,225
Deferred commission expense 3,324   3,324   3,649
Other assets, net 2,852   2,852   3,847
LIABILITIES AND STOCKHOLDERS' EQUITY          
Deferred revenue - current portion 13,544 11,062 13,544 11,062 15,540
Deferred revenue - long term 6,649 9,630 6,649 9,630 7,526
Accumulated deficit (54,705)   (54,705)   $ (52,329)
Prior U.S. GAAP [Member]          
Revenues          
Total revenues 18,313   35,794    
Gross Profit 10,332   19,897    
Operating expenses          
Selling, general and administrative 10,477   22,082    
Operating loss (397)   (2,623)    
ASSETS          
Accounts and other receivables, net 10,532   10,532    
Deferred commission expense 3,251   3,251    
Other assets, net 2,700   2,700    
LIABILITIES AND STOCKHOLDERS' EQUITY          
Deferred revenue - current portion 13,345   13,345    
Deferred revenue - long term 6,606   6,606    
Accumulated deficit (55,091)   (55,091)    
Topic 606 Impact [Member]          
Revenues          
Total revenues 105   161    
Gross Profit 105   161    
Operating expenses          
Selling, general and administrative (29)   (86)    
Operating loss 134   247    
ASSETS          
Accounts and other receivables, net 406   406    
Deferred commission expense 73   73    
Other assets, net 152   152    
LIABILITIES AND STOCKHOLDERS' EQUITY          
Deferred revenue - current portion 199   199    
Deferred revenue - long term 46   46    
Accumulated deficit 386   386    
Professional sales services          
Revenues          
Total revenues 6,803 $ 6,005 12,014 $ 11,876  
Professional sales services | Prior U.S. GAAP [Member]          
Revenues          
Total revenues 6,698   11,853    
Professional sales services | Topic 606 Impact [Member]          
Revenues          
Total revenues $ 105   $ 161    
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION (Details 1) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue $ 18,418 $ 17,853 $ 35,955 $ 34,227
Network Services [Member]        
Revenue 10,061 9,763 20,272 19,357
Software sales and support        
Revenue 643 1,048 1,845 1,254
Commissions        
Revenue 6,803 6,005 12,014 11,876
Medical equipment sales        
Revenue 645 766 1,276 1,189
Medical equipment service        
Revenue 266 271 548 551
Managed IT systems and services        
Revenue 10,704 10,811 22,117 20,611
Managed IT systems and services | Network Services [Member]        
Revenue 10,061 9,763 20,272 19,357
Managed IT systems and services | Software sales and support        
Revenue 643 1,048 1,845 1,254
Managed IT systems and services | Commissions        
Revenue 0 0 0 0
Managed IT systems and services | Medical equipment sales        
Revenue 0 0 0 0
Managed IT systems and services | Medical equipment service        
Revenue 0 0 0 0
Professional sales services        
Revenue 6,803 6,005 12,014 11,876
Professional sales services | Network Services [Member]        
Revenue 0 0 0 0
Professional sales services | Software sales and support        
Revenue 0 0 0 0
Professional sales services | Commissions        
Revenue 6,803 6,005 12,014 11,876
Professional sales services | Medical equipment sales        
Revenue 0 0 0 0
Professional sales services | Medical equipment service        
Revenue 0 0 0 0
Equipment sales and services        
Revenue 911 1,037 1,824 1,740
Equipment sales and services | Network Services [Member]        
Revenue 0 0 0 0
Equipment sales and services | Software sales and support        
Revenue 0 0 0 0
Equipment sales and services | Commissions        
Revenue 0 0 0 0
Equipment sales and services | Medical equipment sales        
Revenue 645 766 1,276 1,189
Equipment sales and services | Medical equipment service        
Revenue $ 266 $ 271 $ 548 $ 551
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION (Details 2) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue $ 18,418 $ 17,853 $ 35,955 $ 34,227
Revenue Recognized over Time [Member]        
Revenue 9,834 9,528 20,097 18,886
Revenue Recognized at a Point in Time [Member]        
Revenue 8,584 8,325 15,858 15,341
Managed IT systems and services        
Revenue 10,704 10,811 22,117 20,611
Managed IT systems and services | Revenue Recognized over Time [Member]        
Revenue 9,665 9,353 19,755 18,522
Managed IT systems and services | Revenue Recognized at a Point in Time [Member]        
Revenue 1,039 1,458 2,362 2,089
Professional sales services        
Revenue 6,803 6,005 12,014 11,876
Professional sales services | Revenue Recognized over Time [Member]        
Revenue 0 0 0 0
Professional sales services | Revenue Recognized at a Point in Time [Member]        
Revenue 6,803 6,005 12,014 11,876
Equipment sales and services        
Revenue 911 1,037 1,824 1,740
Equipment sales and services | Revenue Recognized over Time [Member]        
Revenue 169 175 342 364
Equipment sales and services | Revenue Recognized at a Point in Time [Member]        
Revenue $ 742 $ 862 $ 1,482 $ 1,376
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION (Details 3)
$ in Thousands
Jun. 30, 2018
USD ($)
Unfulfilled performance obligations $ 85,700
Remainder of 2018  
Unfulfilled performance obligations 30,442
2019  
Unfulfilled performance obligations 29,575
2020  
Unfulfilled performance obligations 14,014
Thereafter  
Unfulfilled performance obligations $ 11,783
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION (Details Narrative) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Revenue Recognition [Abstract]    
Unfulfilled performance obligations $ 85,700  
Deferred contract liabilities 511 $ 371
Advance of customer acceptance of equipment 19,275 22,126
Post-delivery services and varying duration service contracts 918 941
Capitalized sales commissions 5,012  
Deferred commission expense 3,324 $ 3,649
Long term other assets $ 1,688  
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT REPORTING AND CONCENTRATIONS (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Revenues $ 18,418 $ 17,853 $ 35,955 $ 34,227  
Gross profit 10,437 9,798 20,058 18,868  
Operating (loss) income (263) (709) (2,376) (2,550)  
Total cash capital expenditures 796 484 1,075 1,323  
Identifiable Assets 50,478   50,478   $ 56,778
Managed IT systems and services          
Revenues 10,704 10,811 22,117 20,611  
Gross profit 4,475 4,374 9,389 8,396  
Operating (loss) income (845) (712) (1,280) (1,630)  
Total cash capital expenditures 794 432 1,052 1,188  
Identifiable Assets 28,120   28,120   28,320
Professional sales services          
Revenues 6,803 6,005 12,014 11,876  
Gross profit 5,423 4,707 9,576 9,316  
Operating (loss) income 1,164 403 110 318  
Total cash capital expenditures 0 36 0 114  
Identifiable Assets 11,956   11,956   15,658
Equipment sales and services          
Revenues 911 1,037 1,824 1,740  
Gross profit 539 717 1,093 1,156  
Operating (loss) income (339) (127) (566) (532)  
Total cash capital expenditures 2 16 20 21  
Identifiable Assets 7,394   7,394   7,830
Corporate [Member]          
Operating (loss) income (243) (273) (640) (706)  
Total cash capital expenditures (0) $ 0 3 $ 0  
Identifiable Assets $ 3,008   $ 3,008   $ 4,970
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT REPORTING AND CONCENTRATIONS (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Accounts and other receivables $ 10,938   $ 10,938   $ 13,225
GE Healthcare [Member] | Sales Revenue, Net [Member]          
Concentration risk percentage 37.00% 47.00% 33.00% 35.00%  
GE Healthcare [Member] | Accounts and Other Receivables [Member]          
Concentration risk percentage     60.00%   67.00%
Accounts and other receivables $ 6,500   $ 6,500   $ 8,900
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
LOSS PER COMMON SHARE (Details) - shares
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Common stock equivalents excluded from computation of diluted earnings per share (in shares) 3,874 6,392 3,874 6,392
Employee Stock Option [Member]        
Common stock equivalents excluded from computation of diluted earnings per share (in shares) 0 600 0 600
Restricted Stock [Member]        
Common stock equivalents excluded from computation of diluted earnings per share (in shares) 3,874 5,792 3,874 5,792
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCOUNTS AND OTHER RECEIVABLES, NET (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Receivables [Abstract]    
Trade receivables $ 14,807 $ 18,056
Unbilled receivables 458 0
Due from employees 32 41
Allowance for doubtful accounts and commission adjustments (4,359) (4,872)
Accounts and other receivables, net $ 10,938 $ 13,225
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES, NET (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]    
Raw materials $ 591 $ 530
Work in process 344 449
Finished goods 1,022 1,376
Inventories, net $ 1,957 $ 2,355
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES, NET (Details Narrative) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]    
Reserve for slow moving inventory $ 604 $ 746
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOODWILL AND OTHER INTANGIBLES (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2018
USD ($)
Goodwill [Roll Forward]  
Goodwill, Beginning Balance $ 17,471
Foreign currency translation adjustment (48)
Goodwill, Ending Balance $ 17,423
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOODWILL AND OTHER INTANGIBLES (Details 1) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Intangible assets, net $ 4,982 $ 5,254
Customer-Related [Member]    
Costs 5,831 5,831
Accumulated amortization (2,811) (2,501)
Intangible assets, net 3,020 3,330
Patents and Technology [Member]    
Costs 2,305 2,331
Accumulated amortization (1,353) (1,260)
Intangible assets, net 952 1,071
Software [Member]    
Costs 2,077 1,819
Accumulated amortization (1,067) (966)
Intangible assets, net $ 1,010 $ 853
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOODWILL AND OTHER INTANGIBLES (Details 2)
$ in Thousands
Jun. 30, 2018
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Remainder of 2018 $ 500
2019 965
2020 882
2021 806
2022 531
Total $ 3,684
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOODWILL AND OTHER INTANGIBLES (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Goodwill $ 17,423   $ 17,423   $ 17,471
Amortization expense 249 $ 305 $ 505 $ 591  
Patents [Member]          
Useful life of patents     10 years    
Technology-Based Intangible Assets [Member]          
Useful life of patents     8 years    
Customer-Related [Member]          
Useful life of patents     7 years    
Software [Member]          
Useful life of patents     5 years    
Managed IT systems and services          
Goodwill 14,375   $ 14,375    
Equipment sales and services          
Goodwill $ 3,048   $ 3,048    
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
OTHER ASSETS, NET (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Other Assets [Abstract]    
Deferred commission expense - noncurrent $ 1,688 $ 1,867
Trade receivables - noncurrent 616 968
Other, net of allowance for loss on loan receivable of $412 at June 30, 2018 and December 31, 2017 548 1,012
Total $ 2,852 $ 3,847
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Payables and Accruals [Abstract]    
Accrued compensation $ 563 $ 1,181
Accrued expenses - other 1,279 2,207
Other liabilities 2,537 1,949
Accrued expenses and other liabilities $ 4,379 $ 5,337
XML 65 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
DEFERRED REVENUE (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Deferred revenue at beginning of period $ 21,295 $ 19,785 $ 23,066 $ 19,404  
Additions 1,840 3,643 2,491 6,714  
Recognized as revenue (2,942) (2,736) (5,364) (5,426)  
Deferred revenue at end of period 20,193 20,692 20,193 20,692  
Less: current portion 13,544 11,062 13,544 11,062 $ 15,540
Long-term deferred revenue at end of period 6,649 9,630 6,649 9,630 $ 7,526
Extended Service Contracts [Member]          
Additions 122 248 314 435  
Recognized as revenue (160) (164) (321) (341)  
In Service and Training [Member]          
Additions 3 8 3 8  
Recognized as revenue 0 (8) (3) (10)  
Service Arrangements [Member]          
Additions 5 20 5 20  
Recognized as revenue (9) (11) (21) (23)  
Commission Revenues [Member]          
Additions 1,710 3,367 2,169 6,251  
Recognized as revenue $ (2,773) $ (2,553) $ (5,019) $ (5,052)  
XML 66 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
LINE OF CREDIT (Details Narrative)
$ in Thousands
6 Months Ended
Jun. 30, 2018
USD ($)
Expiration date Sep. 30, 2018
Line of Credit, First Agreement [Member]  
Line of credit facility, maximum borrowing capacity amount $ 4,000
Expiration date Sep. 30, 2018
Interest rate percentage 2.25%
Amount of line of credit drawn $ 3,500
Line of Credit, Second Agreement [Member]  
Line of credit facility, maximum borrowing capacity amount $ 2,000
Expiration date Sep. 30, 2018
Interest rate percentage 2.25%
Amount of line of credit drawn $ 800
XML 67 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Director David Lieberman [Member]        
Fees for legal services $ 85 $ 85 $ 170 $ 170
Notes Payable-MedTechnology Investments LLC [Member]        
Interest paid $ 109 $ 109 $ 217 $ 217
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