0001654954-19-012972.txt : 20191114 0001654954-19-012972.hdr.sgml : 20191114 20191114160100 ACCESSION NUMBER: 0001654954-19-012972 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 76 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 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: 191219825 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 Blueprint
11/11/2019 18:47 PM

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 September 30, 2019
 
☐ 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.YesNo
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).YesNo
 
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.
 
Large Accelerated Filer ☐
Accelerated Filer ☐
Non-Accelerated Filer ☒
Smaller Reporting Company ☒
Emerging Growth Company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo
 
Securities registered pursuant to Section 12 (b) of the Act:
 
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock
VASO
OTC:PK
 
Number of Shares Outstanding of Common Stock, $.001 Par Value, at November 10, 2019 – 172,701,726
 

 
 
 
11/11/2019 18:47 PM
 
Vaso Corporation and Subsidiaries
 
INDEX
 
3
 
 
3
 
 
3
 
 
4
 
 
5
 
 
6
 
 
7
 
 
22
 
 
29
 
 
30
 
 
30
  
 
2
11/11/2019 18:47 PM
 
PART I – FINANCIAL INFORMATION
 
ITEM 1 - FINANCIAL STATEMENTS
 
Vaso Corporation and Subsidiaries
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
ASSETS
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
Cash and cash equivalents
 $1,343 
 $2,668 
Accounts and other receivables, net of an allowance for doubtful accounts and commission adjustments of $4,039 at September 30, 2019 and $3,994 at December 31, 2018
  8,040 
  11,028 
Receivables due from related parties
  18 
  20 
Inventories, net
  2,181 
  1,983 
Deferred commission expense
  2,476 
  2,585 
Prepaid expenses and other current assets
  1,075 
  890 
 Total current assets
  15,133 
  19,174 
 
    
    
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $7,164 at September 30, 2019 and $6,370 at December 31, 2018
  5,091 
  5,809 
OPERATING LEASE RIGHT OF USE ASSETS
  998 
  - 
GOODWILL
  17,203 
  17,309 
INTANGIBLES, net
  4,395 
  4,740 
OTHER ASSETS, net
  2,733 
  3,067 
DEFERRED TAX ASSETS, net
  375 
  375 
 
 $45,928 
 $50,474 
 
    
    
LIABILITIES AND STOCKHOLDERS' EQUITY
    
    
CURRENT LIABILITIES
    
    
Accounts payable
 $4,919 
 $6,284 
Accrued commissions
  581 
  2,116 
Accrued expenses and other liabilities
  4,604 
  5,655 
Finance lease liabilities - current
  146 
  188 
Operating lease liabilities - current
  621 
  - 
Sales tax payable
  933 
  1,020 
Deferred revenue - current portion
  11,148 
  10,382 
Notes payable - current portion
  10,415 
  9,116 
Notes payable - related parties - current portion
  1,245 
  582 
Due to related party
  10 
  10 
Total current liabilities
  34,622 
  35,353 
 
    
    
LONG-TERM LIABILITIES
    
    
Notes payable - related parties, net of current portion
  - 
  245 
Finance lease liabilities, net of current portion
  406 
  400 
Operating lease liabilities, net of current portion
  377 
  - 
Deferred revenue, net of current portion
  6,752 
  7,704 
Deferred tax liability
  124 
  124 
Other long-term liabilities
  1,083 
  1,037 
Total long-term liabilities
  8,742 
  9,510 
 
    
    
COMMITMENTS AND CONTINGENCIES (NOTE Q)
    
    
 
    
    
STOCKHOLDERS' EQUITY
    
    
Preferred stock, $.01 par value; 1,000,000 shares authorized; nil shares issued and outstanding at September 30, 2019 and December 31, 2018
  - 
  - 
Common stock, $.001 par value; 250,000,000 shares authorized; 182,969,813 and 177,417,287 shares issued at September 30, 2019 and December 31 2018, respectively; 172,661,726 and 167,109,200 shares outstanding at September 30, 2019 and December 31, 2018, respectively
  184 
  178 
Additional paid-in capital
  63,787 
  63,672 
Accumulated deficit
  (58,961)
  (55,924)
Accumulated other comprehensive loss
  (446)
  (315)
Treasury stock, at cost, 10,308,087 shares at September 30, 2019 and December 31, 2018
  (2,000)
  (2,000)
Total stockholders’ equity
  2,564 
  5,611 
 
 $45,928 
 $50,474 
  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
3
11/11/2019 18:47 PM
 
Vaso Corporation and Subsidiaries
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands, except per share data)
 
 
 
  Three months ended  
 
 
Nine months ended  
 
 
 
  September 30,  
 
 
September 30,  
 
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
Managed IT systems and services
 $11,485 
 $11,002 
 $34,217 
 $33,118 
Professional sales services
  6,336 
  6,854 
  14,882 
  18,868 
Equipment sales and services
  906 
  932 
  2,695 
  2,755 
Total revenues
  18,727 
  18,788 
  51,794 
  54,741 
 
    
    
    
    
Cost of revenues
    
    
    
    
Cost of managed IT systems and services
  6,414 
  6,563 
  19,791 
  19,291 
Cost of professional sales services
  1,140 
  1,465 
  2,780 
  3,903 
Cost of equipment sales and services
  332 
  309 
  1,084 
  1,040 
Total cost of revenues
  7,886 
  8,337 
  23,655 
  24,234 
Gross profit
  10,841 
  10,451 
  28,139 
  30,507 
 
    
    
    
    
Operating expenses
    
    
    
    
Selling, general and administrative
  9,840 
  10,462 
  29,884 
  32,459 
Research and development
  196 
  230 
  624 
  668 
Total operating expenses
  10,036 
  10,692 
  30,508 
  33,127 
Operating income (loss)
  805 
  (241)
  (2,369)
  (2,620)
 
    
    
    
    
Other (expense) income
    
    
    
    
Interest and financing costs
  (268)
  (178)
  (728)
  (530)
Interest and other income, net
  36 
  56 
  109 
  114 
Gain on sale of investment in VSK
  - 
  - 
  - 
  212 
Total other (expense) income, net
  (232)
  (122)
  (619)
  (204)
 
    
    
    
    
Income (loss) before income taxes
  573 
  (363)
  (2,988)
  (2,824)
Income tax expense
  (11)
  (14)
  (49)
  (71)
Net income (loss)
  562 
  (377)
  (3,037)
  (2,895)
 
    
    
    
    
Other comprehensive income (loss)
    
    
    
    
Foreign currency translation (loss) gain
  (193)
  (131)
  (131)
  (218)
Comprehensive income (loss)
 $369 
 $(508)
 $(3,168)
 $(3,113)
 
    
    
    
    
Earnings (loss) per common share
    
    
    
    
- basic
 $0.00 
 $(0.00)
 $(0.02)
 $(0.02)
- diluted
 $0.00 
 $(0.00)
 $(0.02)
 $(0.02)
 
    
    
    
    
Weighted average common shares outstanding
    
    
    
    
- basic
  168,662 
  166,431 
  167,557 
  165,024 
- diluted
  168,787
  166,431 
  167,557 
  165,024 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
4
11/11/2019 18:47 PM
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
 
 
 Loss
 
 
Equity
 
Balance at January 1, 2018
  175,742 
 $176 
  (10,308)
 $(2,000)
 $63,363 
 $(52,329)
 $(58)
 $9,152 
Share-based compensation
  167 
  - 
  - 
  - 
  141 
  - 
  - 
  141 
Adoption of new accounting standard (*)
  - 
  - 
  - 
  - 
  - 
  139 
  - 
  139 
Foreign currency translation gain
  - 
  - 
  - 
  - 
  - 
  - 
  184 
  184 
Net loss
  - 
  - 
  - 
  - 
  - 
  (2,069)
  - 
  (2,069)
Balance at March 31, 2018 (unaudited)
  175,909 
 $176 
  (10,308)
 $(2,000)
 $63,504 
 $(54,259)
 $126 
 $7,547 
Share-based compensation
  1,011 
  1 
  - 
  - 
  80 
  - 
  - 
  81 
Shares not issued for employee tax liability
  - 
  - 
  - 
  - 
  (1)
  - 
  - 
  (1)
Foreign currency translation loss
  - 
  - 
  - 
  - 
  - 
  - 
  (271)
  (271)
Net loss
  - 
  - 
  - 
  - 
  - 
  (446)
  - 
  (446)
Balance at June 30, 2018 (unaudited)
  176,920 
  177 
  (10,308)
  (2,000)
  63,583 
  (54,705)
  (145)
  6,910 
Share-based compensation
  108 
  - 
  - 
  - 
  44 
  - 
  - 
  44 
Foreign currency translation gain (loss)
  - 
  - 
  - 
  - 
  - 
  - 
  (131)
  (131)
Net loss
  - 
  - 
  - 
  - 
  - 
  (380)
  - 
  (380)
Balance at September 30, 2018 (unaudited)
  177,028 
 $177 
  (10,308)
 $(2,000)
 $63,627 
 $(55,085)
 $(276)
 $6,443 
 
    
    
    
    
    
    
    
    
 
    
    
    
    
    
    
    
    
Balance at January 1, 2019
  177,417 
 $178 
  (10,308)
  (2,000)
 $63,672 
 $(55,924)
 $(315)
 $5,611 
Share-based compensation
  - 
  - 
  - 
  - 
  44 
  - 
  - 
  44 
Foreign currency translation gain
  - 
  - 
  - 
  - 
  - 
  - 
  137 
  137 
Net loss
  - 
  - 
  - 
  - 
  - 
  (2,849)
  - 
  (2,849)
Balance at March 31, 2019 (unaudited)
  177,417 
 $178 
  (10,308)
 $(2,000)
 $63,716 
 $(58,773)
 $(178)
 $2,943 
Share-based compensation
  5,438 
  5 
  - 
  - 
  49 
  - 
  - 
  54 
Shares not issued for employee tax liability
  - 
  - 
  - 
  - 
  (2)
  - 
  - 
  (2)
Foreign currency translation loss
  - 
  - 
  - 
  - 
  - 
  - 
  (75)
  (75)
Net loss
  - 
  - 
  - 
  - 
  - 
  (750)
  - 
  (750)
Balance at June 30, 2019 (unaudited)
  182,855 
 $183 
  (10,308)
 $(2,000)
 $63,763 
 $(59,523)
 $(253)
 $2,170 
Share-based compensation
  115 
  1 
  - 
  - 
  24 
  - 
  - 
  25 
Foreign currency translation loss
  - 
  - 
  - 
  - 
  - 
  - 
  (193)
  (193)
Net income
  - 
  - 
  - 
  - 
  - 
  562 
  - 
  562 
Balance at September 30, 2019 (unaudited)
  182,970 
 $184 
  (10,308)
 $(2,000)
 $63,787 
 $(58,961)
 $(446)
 $2,564 
 
(*) 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
11/11/2019 18:47 PM
 
Vaso Corporation and Subsidiaries
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
 
 
 
   Nine months ended  
 
 
 
  September 30,  
 
 
 
2019
 
 
2018
 
Cash flows from operating activities
 
 
 
 
 
 
Net loss
 $(3,037)
 $(2,895)
Adjustments to reconcile net loss to net
    
    
  cash used in operating activities
    
    
Depreciation and amortization
  2,024 
  1,828 
Loss from interest in joint venture
  - 
  9 
Gain on sale of investment in VSK
  - 
  (212)
Provision for doubtful accounts and commission adjustments
  243 
  240 
Amortization of debt issue costs
  14 
  24 
Share-based compensation
  123 
  266 
Changes in operating assets and liabilities:
    
    
Accounts and other receivables
  2,774 
  2,837 
Inventories, net
  (232)
  (75)
Deferred commission expense
  109 
  1,142 
Prepaid expenses and other current assets
  (190)
  (152)
Other assets, net
  269 
  244 
Accounts payable
  (1,363)
  1,756 
Accrued commissions
  (1,539)
  (1,264)
Accrued expenses and other liabilities
  (1,022)
  791 
Sales tax payable
  (85)
  155 
Deferred revenue
  (185)
  (6,114)
Deferred tax liability
  - 
  12 
Other long-term liabilities
  47 
  (124)
Net cash used in operating activities
  (2,050)
  (1,532)
 
    
    
Cash flows from investing activities
    
    
Purchases of equipment and software
  (889)
  (2,168)
Sale of fixed assets
  22 
  - 
Proceeds from sale of investment in VSK
  - 
  311 
Net cash used in investing activities
  (867)
  (1,857)
 
    
    
Cash flows from financing activities
    
    
Net borrowings on revolving lines of credit
  1,000 
  1,158 
Payroll taxes paid by withholding shares
  (2)
  (1)
Repayment of capital lease obligations
  - 
  (94)
Repayment of notes payable and finance lease obligations
  (181)
  - 
Proceeds from notes payable
  300 
  18 
Proceeds from notes payable - related parties
  930 
  - 
Repayment of notes payable - related parties
  (500)
  - 
Net cash provided by financing activities
  1,547 
  1,081 
Effect of exchange rate differences on cash and cash equivalents
  45 
  42 
 
    
    
NET DECREASE IN CASH AND CASH EQUIVALENTS
  (1,325)
  (2,266)
Cash and cash equivalents - beginning of period
  2,668 
  5,245 
Cash and cash equivalents - end of period
 $1,343 
 $2,979 
 
    
    
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
    
    
Interest paid
 $550
 $491 
Income taxes paid
 $38 
 $74 
 
    
    
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
    
    
Initial recognition of operating lease right of use asset and liability
 $1,107 
 $- 
Sale of investment in VSK
 $- 
 $676 
Equipment acquired through finance lease
 $134 
 $399 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
6
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
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.
 
Overview
 
Vaso Corporation principally operates in three distinct business segments in the healthcare and information technology (“IT”) industries. We manage and evaluate our operations, and report our financial results, through these three business segments.
 
IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;
 
Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for General Electric Healthcare (“GEHC”) into the healthcare provider middle market; and
 
Equipment segment, operating through a wholly-owned subsidiary VasoMedical, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.
 
VasoTechnology
 
VasoTechnology, Inc. was formed in May 2015, at the time the Company acquired all of the assets of NetWolves, LLC and its affiliates, including the membership interests in NetWolves Network Services, LLC (collectively, “NetWolves”). It currently consists of a managed network and security service division and a healthcare IT application VAR (value added reseller) division. Its current offerings include:
 
Managed radiology and imaging applications (national channel partner of GEHC Digital and other vendors of healthcare IT products).
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 training services for use of the above equipment.
GEHC and third party financial services.
 
 
7
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
VasoMedical
 
VasoMedical is the Company’s business division for its proprietary medical device operations, including the design, development, manufacturing, sales and service of various medical devices in the domestic and international markets and includes the Vasomedical Global and Vasomedical Solutions business units. These devices are primarily for cardiovascular monitoring, diagnostic and therapeutic systems. Its current offerings consist of:
 
Biox™ series Holter monitors and ambulatory blood pressure recorders.
ARCS® series analysis, reporting and communication software for physiological signals such as ECG and blood pressure.
MobiCare™ multi-parameter wireless vital-sign monitoring system.
EECP® therapy system for non-invasive, outpatient treatment of ischemic heart disease.
 
This segment uses its extensive cardiovascular device knowledge coupled with its significant engineering resources to cost-effectively create and market its proprietary technology. It works with a global distribution network of channel partners to sell its products. It also provides engineering and OEM services to other medical device companies.
 
Going concern Assessment
 
We have incurred net losses from operations for the nine months ended September 30, 2019, and the years ended December 31, 2018 and 2017. We maintain lines of credit from a lending institution which will require further extensions after their current December 18, 2019 maturity date. We also have notes payable which mature within the next twelve months. Our ability to continue operating as a going concern is dependent upon achieving profitability, extending the maturity date of our existing lines of credit and notes payable, or through additional debt or equity financing. Achieving profitability is largely dependent on our ability to reduce operating costs and to maintain or increase our current revenue. While we believe we will continue to maintain or increase our gross revenue and are substantially reducing operating costs, and while historically we have received extensions of the maturity dates of our lines of credit, failure to achieve these objectives could cast doubt on our ability to continue as a going concern.
 
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") for interim financial information. 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 conjunction 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, 2018, as filed with the SEC on April 15, 2019.
 
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.
 
 
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, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases”. See Note N for further details.
  
Reclassifications
 
Certain reclassifications have been made to prior period amounts to conform with the current period presentation.
 
NOTE C – REVENUE RECOGNITION
 
Disaggregation of Revenue
 
The following tables present revenues disaggregated by our business operations and timing of revenue recognition:
 
 
 
(in thousands)
 
 
Three Months Ended September 30, 2019 (unaudited)
 
 
  Three Months Ended September 30, 2018 (unaudited)
 
 
 
 
 
 
Professional sales
 
 
 Equipment
 
 
 
 
 
 
 
 
Professional sales
 
 
 Equipment
 
 
 
 
 
 
IT segment
 
 
service segment
 
 
segment
 
 
Total
 
 
IT segment
 
 
service segment
 
 
segment
 
 
Total
 
Network services
 $10,210 
 
 
 
 
 
 
 $10,210 
 $10,146 
 
 
 
 
 
 
 $10,146 
Software sales and support
  1,275 
 
 
 
 
 
 
  1,275 
  856 
 
 
 
 
 
 
  856 
Commissions
    
  6,336 
 
 
 
  6,336 
    
  6,854 
 
 
 
  6,854 
Medical equipment sales
    
    
  686
  686
    
    
  661 
  661 
Medical equipment service
    
    
  220 
  220 
    
    
  271 
  271 
 
 $11,485 
 $6,336 
 $906 
 $18,727 
 $11,002 
 $6,854 
 $932 
 $18,788 
 
 
 
      Nine Months Ended September 30, 2019 (unaudited)      
 
 
      Nine Months Ended September 30, 2018 (unaudited)      
 
 
 
 
 
 
Professional sales
 
 
 Equipment
 
 
 
 
 
 
 
 
Professional sales
 
 
 Equipment
 
 
 
 
 
 
IT segment
 
 
service segment
 
 
segment
 
 
Total
 
 
IT segment
 
 
service segment
 
 
segment
 
 
Total
 
Network services
 $30,221 
 
 
 
 
 
 
 $30,221 
 $30,418 
 
 
 
 
 
 
 $30,418 
Software sales and support
  3,996 
 
 
 
 
 
 
  3,996 
  2,700 
 
 
 
 
 
 
  2,700 
Commissions
    
  14,882 
 
 
 
  14,882 
    
  18,868 
 
 
 
  18,868 
Medical equipment sales
    
    
  1,911 
  1,911 
    
    
  1,936 
  1,936 
Medical equipment service
    
    
  784 
  784 
    
    
  819 
  819 
 
 $34,217 
 $14,882 
 $2,695 
 $51,794 
 $33,118 
 $18,868 
 $2,755 
 $54,741 
 
 
 
      Three Months Ended September 30, 2019 (unaudited)      
 
 
      Three Months Ended September 30, 2018 (unaudited)      
 
 
 
 
 
 
Professional sales
 
 
 Equipment
 
 
 
 
 
 
 
 
Professional sales
 
 
 Equipment
 
 
 
 
 
 
IT segment
 
 
service segment
 
 
segment
 
 
Total
 
 
IT segment
 
 
service segment
 
 
segment
 
 
Total
 
Revenue recognized over time
 $10,524
 $- 
 $145 
 $10,669
 $9,561 
 $- 
 $163 
 $9,724 
Revenue recognized at a point in time
 961
  6,336 
  761
 8,058
  1,441 
  6,854 
  769 
  9,064 
 
 $11,485 
 $6,336 
 $906 
 $18,727 
 $11,002 
 $6,854 
 $932 
 $18,788 
 
 
 
      Nine Months Ended September 30, 2019 (unaudited)      
 
 
      Nine Months Ended September 30, 2018 (unaudited)      
 
 
 
 
 
 
Professional sales
 
 
 Equipment
 
 
 
 
 
 
 
 
Professional sales
 
 
 Equipment
 
 
 
 
 
 
IT segment
 
 
service segment
 
 
segment
 
 
Total
 
 
IT segment
 
 
service segment
 
 
segment
 
 
Total
 
Revenue recognized over time
 $30,526
 $- 
 $447
 $30,973
 $29,315 
 $- 
 $505 
 $29,820 
Revenue recognized at a point in time
  3,691
  14,882 
  2,248 
  20,821
  3,803 
  18,868 
  2,250 
  24,921 
 
 $34,217 
 $14,882 
 $2,695 
 $51,794 
 $33,118 
 $18,868 
 $2,755 
 $54,741 
 
 
9
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
   
Transaction Price Allocated to Remaining Performance Obligations
 
As of September 30, 2019, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) for executed contracts approximates $80.4 million, of which we expect to recognize revenue as follows:
 
 
 
(in thousands)
Fiscal years of revenue recognition
 
 
 
remainder of 2019
 
 
2020
 
 
2021
 
 
Thereafter
 
Unfulfilled performance obligations
 $15,520 
 $37,538 
 $14,164 
 $13,256 
   
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 $808,000 and $344,000 at September 30, 2019 and December 31, 2018, 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 underlying equipment. Such amounts aggregated approximately $17,069,000 and $17,098,000 at September 30, 2019 and December 31, 2018, respectively, and are classified in our condensed consolidated balance sheets as either 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 $1,265,000 and $2,315,000 at September 30, 2019 and December 31, 2018, 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 $831,000 and $988,000 at September 30, 2019 and December 31, 2018, respectively, and are classified in our condensed consolidated balance sheets as either current or long-term deferred revenue.
 
During the three and nine months ended September 30, 2019, we recognized approximately $2.9 million and $4.8 million of revenues that were included in our contract liability balance at July 1, 2019 and January 1, 2019, respectively.
 
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.
 
 
10
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
The chief operating decision maker is the Company’s Chief Executive Officer, who, in conjunction with upper management, evaluates segment performance based on operating income and adjusted EBITDA (net income (loss), plus interest expense (income), net; tax expense; depreciation and amortization; and non-cash stock-based compensation). Administrative functions such as finance, human resources, and information technology are centralized and related expenses allocated to each segment. Other costs not directly attributable to operating segments, such as audit, legal, director fees, investor relations, and others, as well as certain assets – primarily cash balances – are reported in the Corporate entity below. There are no intersegment revenues. Summary financial information for the segments is set forth below:
  
 
 
(in thousands)
 
 
 
  Three months ended September 30,  
 
 
  Nine months ended September 30,  
 
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
Revenues from external customers
 
 
 
 
 
 
 
 
 
 
 
 
IT
 $11,485 
 $11,002 
 $34,217 
 $33,118 
Professional sales service
  6,336 
  6,854 
  14,882 
  18,868 
Equipment
  906 
  932 
  2,695 
  2,755 
Total revenues
 $18,727 
 $18,788 
 $51,794 
 $54,741 
 
    
    
    
    
Gross Profit
    
    
    
    
IT
 $5,071 
 $4,439 
 $14,426 
 $13,827 
Professional sales service
  5,196 
  5,389 
  12,102 
  14,965 
Equipment
  574 
  623 
  1,611 
  1,715 
Total gross profit
 $10,841 
 $10,451 
 $28,139 
 $30,507 
 
    
    
    
    
Operating income (loss)
    
    
    
    
IT
 $269 
 $(782)
 $(306)
 $(2,064)
Professional sales service
  1,028 
  1,013 
  (487)
  1,123 
Equipment
  (282)
  (181)
  (809)
  (747)
Corporate
  (210)
  (291)
  (767)
  (932)
Total operating income (loss)
 $805 
 $(241)
 $(2,369)
 $(2,620)
 
    
    
    
    
Depreciation and amortization
    
    
    
    
IT
 $562 
 $476
 $1,673 
 $1,393
Professional sales service
  42 
  45 
  130 
 137
Equipment
  75 
 105
  221 
 298
Corporate
  - 
  - 
  - 
  - 
Total depreciation and amortization
 $679 
 $626
 $2,024 
 $1,828
 
    
    
    
    
Capital expenditures
    
    
    
    
IT
 $143
 $1,055 
 $827
 $2,107 
Professional sales service
  - 
  - 
  - 
  - 
Equipment
  32 
  37 
  56 
  57 
Corporate
  - 
  1 
  6 
  4 
Total cash capital expenditures
 $175 
 $1,093 
 $889 
 $2,168 
 
 
11
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
  
 
 
  (in thousands)
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
Identifiable Assets
 
 
 
 
 
 
IT
 $29,458 
 $28,785 
Professional sales service
  8,514 
  12,193 
Equipment
  6,423 
  6,992 
Corporate
  1,533 
  2,504 
Total assets
 $45,928 
 $50,474 
 
GE Healthcare accounted for 34% and 36% of revenue for the three months ended September 30, 2019 and 2018, respectively, and 29% and 34% of revenue for the nine months ended September 30, 2019 and 2018, respectively. GE Healthcare also accounted for $3.5 million or 44%, and $7.2 million or 66%, of accounts and other receivables at September 30, 2019 and December 31, 2018, respectively.
 
NOTE E – EARNINGS (LOSS) PER COMMON SHARE
 
Basic earnings (loss) per common share is computed as earnings (loss) applicable to common stockholders divided by the weighted-average number of common shares outstanding for the period. Diluted earnings (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.
 
Diluted earnings (loss) per share were computed based on the weighted average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
 
 
 
(in thousands)
 
 
 
  For the three months ended September 30,  
 
 
  For the nine months ended September 30,  
 
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
Basic weighted average shares outstanding
  168,662 
  166,431 
  167,557 
  165,024 
Dilutive effect of unvested restricted shares
  125 
  - 
  - 
  - 
Diluted weighted average shares outstanding
  168,787 
  166,431 
  167,557 
  165,024 
 
 
12
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
The following table represents common stock equivalents that were excluded from the computation of diluted earnings (loss) per share for the three and nine months ended September 30, 2019 and 2018, because the effect of their inclusion would be anti-dilutive.
 
 
 
(in thousands)
 
 
 
Three months ended September 30,
 
 
Nine months ended September 30,
 
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
Restricted common stock grants
  1,485 
  2,559 
  5,485 
  2,559 
 
NOTE F – ACCOUNTS AND OTHER RECEIVABLES, NET
 
The following table presents information regarding the Company’s accounts and other receivables as of September 30, 2019 and December 31, 2018:
 
 
 
(in thousands)
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
Trade receivables
 $10,433 
 $15,016 
Unbilled receivables
  1,639 
  - 
Due from employees
  7 
  6 
Allowance for doubtful accounts and
    
    
commission adjustments
  (4,039)
  (3,994)
Accounts and other receivables, net
 $8,040 
 $11,028 
 
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 represent 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.
 
 
13
 
 
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)
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
Raw materials
 $610 
 $577 
Work in process
  273 
  388 
Finished goods
  1,298 
  1,018 
 
 $2,181 
 $1,983 
 
At September 30, 2019 and December 31, 2018, the Company maintained reserves for slow moving inventories of $452,000 and $636,000, respectively.
 
NOTE H – PROPERTY AND EQUIPMENT
 
 
 
(in thousands)
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
Office, laboratory and other equipment
 $2,514 
 $3,885 
Equipment furnished for customer
    
    
or clinical uses
  8,594 
  8,167 
Right of use assets - finance leases
  1,020 
  - 
Furniture and fixtures
  127 
  127 
 
  12,255 
  12,179 
Less: accumulated depreciation and amortization
  (7,164)
  (6,370)
   Property and equipment, net
 $5,091 
 $5,809 
 
Assets under capital lease comprised approximately $855,000 of the office, laboratory and other equipment asset class and approximately $60,000 of the equipment furnished for customer or clinical use asset class at December 31, 2018. In January 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, “Leases” (See Note N) and classifies the assets arising from such leases as “right of use asset - finance leases”.
 
 
14
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
NOTE I – GOODWILL AND OTHER INTANGIBLES
 
Goodwill of $14,375,000 is allocated to the IT segment. The remaining $2,828,000 of goodwill is attributable to the FGE reporting unit within the Equipment segment. The NetWolves and FGE reporting units had negative net asset carrying amounts at September 30, 2019 and December 31, 2018. The components of the change in goodwill are as follows:
 
 
 
(in thousands)
 
 
 
Nine months ended
 
 
Year ended
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
Beginning of period
 $17,309 
 $17,471 
Foreign currency translation adjustment
  (106)
  (162)
End of period
 $17,203 
 $17,309 
 
The Company’s other intangible assets consist of capitalized customer-related intangibles, patent and technology costs, and software costs, as set forth in the following:
 
 
 
(in thousands)
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
Customer-related
 
 
 
 
 
 
Costs
 $5,831 
 $5,831 
Accumulated amortization
  (3,435)
  (3,083)
 
  2,396 
  2,748 
 
    
    
Patents and Technology
    
    
Costs
  2,363 
  2,363 
Accumulated amortization
  (1,708)
  (1,532)
 
  655 
  831 
 
    
    
Software
    
    
Costs
  2,709 
  2,346 
Accumulated amortization
  (1,365)
  (1,185)
 
  1,344
  1,161 
 
    
    
 
 $4,395 
 $4,740 
 
 
15
 
 
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 $239,000 and $248,000 for the three months ended September 30, 2019 and 2018, respectively, and $708,000 and $753,000 for the nine months ended September 30, 2019 and 2018, respectively.
 
Amortization of intangibles for the next five years is:
 
 
 
(in thousands) 
 
Years ending December 31,
 
(unaudited)
 
Remainder of 2019
  320 
2020
  980 
2021
  904 
2022
  609 
2023
  542 
 
 $3,355
 
NOTE J – OTHER ASSETS, NET
 
Other assets, net consist of the following at September 30, 2019 and December 31, 2018:
 
 
 
(in thousands)
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
Deferred commission expense - noncurrent
 $1,728 
 $1,978 
Trade receivables - noncurrent
  672 
  630 
Other, net of allowance for loss on loan receivable of
    
    
  $412 at September 30, 2019 and December 31, 2018
  333 
  459 
 
 $2,733 
 $3,067 
 
 
 
16
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
NOTE K – ACCRUED EXPENSES AND OTHER LIABILITIES
 
Accrued expenses and other liabilities consist of the following at September 30, 2019 and December 31, 2018:

 
 
  (in thousands)
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
Accrued compensation
 $1,025 
 $648 
Accrued expenses - other
  1,104 
  2,092 
Other liabilities
  2,475 
  2,915 
 
 $4,604 
 $5,655 
 
NOTE L - DEFERRED REVENUE
 
The changes in the Company’s deferred revenues are as follows:
 
 
 
(in thousands)
 
 
 
  Three months ended September 30,  
 
 
  Nine months ended September 30,  
 
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
 
(unaudited)
 
Deferred revenue at beginning of period
 $17,575 
 $20,193 
 $18,086 
 $23,066 
Net additions:
    
    
    
    
Deferred extended service contracts
  30 
  189 
  269 
  503 
Deferred in-service and training
  3 
  - 
  13 
  3 
Deferred service arrangements
  5 
  - 
  25 
  5 
Deferred commission revenues
  3,075 
  (797)
  6,200 
  1,372 
Recognized as revenue:
    
    
    
    
Deferred extended service contracts
  (137)
  (156)
  (427)
  (477)
Deferred in-service and training
  - 
  (3)
  (15)
  (5)
Deferred service arrangements
  (8)
  (7)
  (21)
  (28)
Deferred commission revenues
  (2,643)
  (2,467)
  (6,230)
  (7,487)
Deferred revenue at end of period
  17,900 
  16,952 
  17,900 
  16,952 
Less: current portion
  11,148 
  9,969 
  11,148 
  9,969 
Long-term deferred revenue at end of period
 $6,752 
 $6,983 
 $6,752 
 $6,983 
 
The net reduction in deferred commission revenue of $797 thousand in the third quarter 2018 is due to the impact of the tiered commission structure. New orders for the quarter exceeded cancellations of prior period orders recognized in the quarter; however, the average commission rate on such cancellations was greater than the average commission rate for new orders in the quarter resulting in the net decrease in deferred commission revenues. Periodically, GEHC “scrubs” the open orders to eliminate orders that are not expected to be fulfilled.
 
 
17
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
NOTE M – NOTES PAYABLE
 
Notes payable consist of the following:
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
Line of credit
 $5,171 
 $4,171 
Unsecured term loan
  140 
  145 
Notes payable
  304 
  14 
Notes payable - MedTech (net of $0 and $14 in debt issue costs
    
    
at September 30, 2019 and December 31, 2018, respectively)
  4,800 
  4,786 
Notes payable - related parties
  1,245 
  827 
Total debt
  11,660 
  9,943 
Less: current portion (including related parties)
  (11,660)
  (9,698)
 
 $- 
 $245 
 
NetWolves maintains a $4.0 million line of credit with a lending institution. In June 2019, the line’s expiration date was extended from June 28, 2019 to December 18, 2019, and the interest rate was increased 25 basis points to LIBOR plus 3.25%. Advances under the line are secured by substantially all of the assets of NetWolves Network Services, LLC and guaranteed by Vaso Corporation. At September 30, 2019, the Company had drawn approximately $3.8 million against the line. The draw is included in notes payable – 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. In June 2019, the line’s expiration date was extended from June 28, 2019 to December 18, 2019, and the interest rate was increased 25 basis points to LIBOR plus 3.25%. Advances under the line are secured by substantially all of the assets of the Company. At September 30, 2019, the Company had drawn approximately $1.4 million against the line. The line of credit agreement includes certain financial covenants that become effective beginning in the quarter ended September 30, 2019. The Company was in compliance with such covenants at September 30, 2019.
 
In November and December 2018, the Company issued unsecured notes aggregating $500,000 to certain directors. The notes bore interest at 10% per annum and matured on March 25, 2019. Principal and interest on these notes were paid in full upon maturity.
 
In the nine months ended September 30, 2019, the Company issued notes aggregating $930,000 to directors, employees, and a shareholder. The notes mature at various periods through July 19, 2020 and bear interest at 10% per annum payable quarterly.
 
In August 2019, the Company issued to a private party a $300,000 note bearing interest at 10% and maturing November 15, 2019.
 
NOTE N – LEASES
 
ASC 842, “Leases”, 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 either the effective date (the “effective date method”) or the beginning of the earliest period presented (the “comparative method”) using a modified retrospective approach. Under the effective date method, the Company’s comparative period reporting is unchanged. In contrast, under the comparative method, the Company’s date of initial application is the beginning of the earliest comparative period presented, and the Topic 842 transition guidance is then applied to all comparative periods presented. Further, under either transition method, the standard includes certain practical expedients intended to ease the burden of adoption. The Company adopted ASC 842 January 1, 2019 using the effective date method and elected certain practical expedients allowing the Company not to reassess:
 
 
18
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
whether expired or existing contracts contain leases under the new definition of a lease;
lease classification for expired or existing leases; and
whether previously capitalized initial direct costs would qualify for capitalization under Topic 842.
 
The Company also made the accounting policy decision not to recognize lease assets and liabilities for leases with a term of 12 months or less.
 
The Company enters into finance leases, typically with terms of 3 to 5 years, to acquire equipment for its data center. The Company enters into operating leases for its facilities in New York, Florida, and China, as well as for vehicles provided to certain employees in the sales representation segment. The operating lease terms range from 2 to 7 years. The Company excluded the renewal option on its applicable facility leases from the calculation of its right-of-use assets and lease liabilities.
 
Finance and operating lease liabilities consist of the following:
 
 
 
(in thousands)
 
 
 
September 30,
2019
 
 
December 31,
2018
 
 
 
(unaudited)
 
 
 
 
Lease liabilities - current
 
 
 
 
 
 
Finance leases
 $146
 $188 
Operating leases
  621 
  - 
 
 $767 
 $188 
Lease liabilities - net of current portion
    
    
Finance leases
 $406 
 $400 
Operating leases
  377 
  - 
 
 $783 
 $400 
 
A reconciliation of undiscounted cash flows to finance and operating lease liabilities recognized in the condensed consolidated balance sheet at September 30, 2019 is set forth below:
 
 
 
(in thousands)
 
Years ending December 31,
 
Finance leases
 
 
Operating leases
 
 
Total
 
Remainder of 2019
  48 
  190 
  238 
2020
  192 
  548 
  740 
2021
  192 
  268 
  460 
2022
  165 
  82 
  247 
2023
  48 
  - 
  48 
Undiscounted lease payments
  645 
  1,088 
  1,733 
Amount representing interest
  (93)
  (90)
  (183)
Discounted lease liabilities (unaudited)
  552 
  998 
  1,550 
 
 
19
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
Additional disclosures of lease data are set forth below:
 
 
 
(in thousands)
 
 
 
Three months ended
September 30,
2019
 
 
Nine months ended
September 30,
2019
 
 
 
(unaudited)
 
 
(unaudited)
 
Lease costs:
 
 
 
 
 
 
Finance lease costs:
 
 
 
 
 
 
Amortization of right-of-use assets
 $47 
 $167 
Interest on lease liabilities
  11 
  37 
 
  58 
  204 
Operating lease costs:
  190 
  540 
Short-term lease costs:
  20 
  56 
Total lease cost
 $268 
 $800
 
    
    
Other information:
    
    
Cash paid for amounts included in the
    
    
measurement of lease liabilities:
    
    
Operating cash flows from finance leases
 $11 
 $37 
Operating cash flows from operating leases
  195 
  546 
Financing cash flows from finance leases
  45 
  170 
 
 $251
 $753 
 
 
 
September 30,
2019
 
 
 
(unaudited)
 
Weighted-average remaining lease term - finance leases (months)
  43 
Weighted-average remaining lease term - operating leases (months)
  23 
 
    
Weighted-average discount rate - finance leases
  9.9%
Weighted-average discount rate - operating leases
  9.3%
 
The Company used the rate implicit in the lease, where known, or its incremental borrowing rate as the rate used to discount the future lease payments.
 
 
20
 
 
Vaso Corporation and Subsidiaries
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
NOTE O – EQUITY
 
In June 2019, 5,000,000 restricted shares of common stock, valued at $100,000, under the 2019 Stock Plan were granted and issued to an officer of the Company as stock-based compensation. 1,000,000 shares vested immediately with the remainder vesting 25% per year over the ensuing four-year period. The grant was valued at the fair value, using market price, of the stock at the grant date, and the Company recognized $25,000 in compensation expense related to such grant in the nine months ended September 30, 2019.
 
NOTE P – RELATED-PARTY TRANSACTIONS
 
The Company recorded interest charges aggregating approximately $344,000 and $328,000 for the nine-month periods ended September 30, 2019 and 2018, respectively, payable to MedTechnology Investments, LLC (“MedTech”) pursuant to its $4,800,000 promissory notes (“Notes”). 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 family members. The Notes bore interest, payable quarterly, at an annual rate of 9% through their original maturity date of May 29, 2019. In August 2018, MedTech agreed to extend, if necessary, the maturity date of $3,600,000 of the Notes an additional year from May 29, 2019 to May 29, 2020, provided that a minimum of $1,200,000 of the principal is paid on or before December 31, 2019 and the annual interest rate for the balance increases to 10% during the extension. The Notes 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. Interest charges aggregating approximately $123,000 were outstanding at September 30, 2019 and paid on October 1, 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 & Associates LLP, which performs certain legal services for the Company. Fees of approximately $63,000 and $85,000 were billed by the firm for the three-month periods ended September 30, 2019 and 2018, respectively, and fees of approximately $218,000 and $255,000 were billed by the firm for the nine-month periods ended September 30, 2019 and 2018, respectively, at which times no amounts were outstanding.
 
NOTE Q – 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 agreement through December 31, 2022, subject to earlier termination with or without cause under certain circumstances after timely notice. 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 with cause include: not materially achieving certain sales goals, not maintaining a minimum number of sales representatives, and not meeting various legal and GEHC policy requirements.
 
Employment Agreements
 
On May 10, 2019, the Company modified its Employment Agreement with its President and Chief Executive Officer, Dr. Jun Ma, to provide for a five-year term with extensions, unless earlier terminated by the Company, but in no event can it extend beyond May 31, 2026. The Employment Agreement provides for annual compensation of $500,000. Dr. Ma shall be eligible to receive a bonus for each fiscal year during the employment term. The amount and the occasion for payment of such bonus, if any, shall be at the discretion of the Board of Directors. Dr. Ma shall also be eligible for an award under any long-term incentive compensation plan and grants of options and awards of shares of the Company's stock, as determined at the Board of Directors' discretion. The Employment Agreement further provides for reimbursement of certain expenses, and certain severance benefits in the event of termination prior to the expiration date of the Employment Agreement.
 
 
21
 
 
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 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, 2018 as filed with the SEC on April 15, 2019.
 
 
22
 
 
Results of Operations – For the Three Months Ended September 30, 2019 and 2018
 
Revenues
 
Total revenue for the three months ended September 30, 2019 and 2018 was $18,727,000 and $18,788,000, respectively, representing a decrease of $61,000, or less than 1% year-over-year. On a segment basis, revenue in the IT segment increased $483,000, while professional sales service and equipment segment revenue decreased $518,000 and $26,000, respectively.
 
Revenue in the IT segment for the three months ended September 30, 2019 was $11,485,000 compared to $11,002,000 for the three months ended September 30, 2018, an increase of $483,000, or 4%, of which $419,000 resulted from an increase in the operations of the healthcare IT VAR business and $64,000 resulted from higher NetWolves revenue. Our monthly recurring revenue in the managed network services operations continues to grow 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 decreased to $13.2 million at September 30, 2019 from $14.8 million at September 30, 2018, due to revenues exceeding order bookings and higher order cancellations. We define backlog as the total value of the undelivered products and services in current contracts that will be delivered in future periods.
 
Commission revenues in the professional sales service segment were $6,336,000 in the third quarter of 2019, a decrease of 8%, as compared to $6,854,000 in the same quarter of 2018. The decrease in commission revenues was due primarily to a decrease 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 September 30, 2019, $17,069,000 in deferred commission revenue was recorded in the Company’s condensed consolidated balance sheet, of which $6,376,000 was long-term. At September 30, 2018, $16,011,000 in deferred commission revenue was recorded in the Company’s condensed consolidated balance sheet, of which $6,518,000 was long-term. The increase in deferred revenue is principally due to an increase in new orders booked and a decrease in deliveries by GEHC. We anticipate that revenue will increase in the fourth quarter of 2019 as deliveries increase.
 
Revenue in the equipment segment decreased by $26,000, or 3%, to $906,000 for the three-month period ended September 30, 2019 from $932,000 for the same period of the prior year. The decrease was principally due to lower sales of EECP® equipment.
 
Gross Profit
 
Gross profit for the three months ended September 30, 2019 and 2018 was $10,841,000, or 58% of revenue, and $10,451,000, or 56% of revenue, respectively, representing an increase of $390,000, or 4% year-over-year. On a segment basis, gross profit in the IT segment increased $632,000, or 14%, while gross profit in the professional sales service and equipment segments decreased $193,000, or 4%, and $49,000, or 8%, respectively.
 
IT segment gross profit for the three months ended September 30, 2019 was $5,071,000, or 44% of the segment revenue, compared to $4,439,000, or 42% of the segment revenue for the three months ended September 30, 2018. The year-over-year increase of $632,000, or 14%, was primarily a result of higher margin product sales mix of network and managed services and higher sales volume in the IT VAR business.
 
Professional sales service segment gross profit was $5,196,000, or 82% of segment revenue, for the three months ended September 30, 2019 as compared to $5,389,000, or 79% of the segment revenue, for the three months ended September 30, 2018, reflecting a decrease of $193,000. The decrease in absolute dollars was primarily due to lower commission revenue as a result of lower volume of GEHC equipment delivered during the third quarter of 2019 than in the same period last year. Cost of commissions in the professional sales service segment of $1,140,000 and $1,465,000, for the three months ended September 30, 2019 and 2018, respectively, reflected commission expense associated with recognized commission revenues.
 
 
23
 
 
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 $574,000, or 63% of segment revenues, for the third quarter of 2019 compared to $623,000, or 67% of segment revenues, for the same quarter of 2018. The $49,000, or 8%, decrease in gross profit was due to lower sales volume, as well as a gross profit margin decrease due mainly to a higher proportion of lower margin products in the sales mix in the third quarter of 2019, compared to the third quarter of 2018.
 
Operating Income (loss)
 
Operating income (loss) for the three months ended September 30, 2019 and 2018 was $805,000 and $(241,000), respectively, representing an improvement of $1,046,000, due to the increase in gross profit and decrease in operating costs (below). On a segment basis, operating income in the IT and professional sales service segments increased $1,051,000 and $15,000, respectively and, while operating loss in the equipment segment increased $101,000. In addition, corporate expenses decreased $81,000.
 
Operating income in the IT segment increased to $269,000 for the three-month period ended September 30, 2019 as compared to operating loss of $(782,000) in the same period of 2018 due to higher gross profit and lower selling, general, and administrative (“SG&A”) costs, partially offset by higher research and development (“R&D”) costs. Operating income in the professional sales service segment increased $15,000 in the three-month period ended September 30, 2019 as compared to operating income in the same period of 2018, due to lower SG&A costs partially offset by lower gross profit. The increase in equipment segment operating loss of $101,000 in the third quarter of 2019 was due to lower gross profit and higher SG&A costs, partially offset by lower R&D costs.
 
SG&A costs for the three months ended September 30, 2019 and 2018 were $9,840,000 and $10,462,000, respectively, representing a decrease of $622,000, or 6% year-over-year. On a segment basis, SG&A costs in the IT segment decreased by $422,000 in the third quarter of 2019 from the same quarter of the prior year due to reduced personnel costs. SG&A costs in the professional sales service segment decreased $209,000 due mainly to lower personnel-related costs, and SG&A costs in the equipment segment increased $90,000 due mainly to higher legal costs associated with the successful conclusion of a lawsuit partially offset by lower personnel costs. Corporate costs not allocated to segments decreased by $81,000 in the three months ended September 30, 2019 from the same period in 2018, due primarily to lower director and legal fees and lower investor relations costs.
 
Research and development (“R&D”) expenses were $196,000, or 1% of revenues, for the third quarter of 2019, a decrease of $34,000, or 15%, from $230,000, or 1% of revenues, for the third quarter of 2018. The decrease is primarily attributable to lower product development expenses in the equipment 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.
 
 
24
 
  
A reconciliation of net income to Adjusted EBITDA is set forth below: 
 
 
 
(in thousands)
 
 
 
  Three months ended September 30,  
 
 
 
2019
 
 
2018
 
 
 
(unaudited)
 
 
(unaudited)
 
Net income (loss)
 $562 
 $(377)
Interest expense (income), net
  268 
  169 
Income tax expense
  11 
  14 
Depreciation and amortization
  679 
  626 
Share-based compensation
  25 
  44 
Adjusted EBITDA
 $1,545 
 $476 
 
Adjusted EBITDA increased by $1,069,000, to $1,545,000 in the quarter ended September 30, 2019 from $476,000 in the quarter ended September 30, 2018. The increase was primarily attributable to the change from net loss to net income.
 
Interest and Other Income (Expense)
 
Interest and other income (expense) for the three months ended September 30, 2019 was $(232,000) as compared to $(122,000) for the corresponding period of 2018. The increase in interest and other income (expense) was due primarily to higher interest expense due to increased borrowings under the line of credit.
 
Income Tax Expense
 
For the three months ended September 30, 2019, we recorded income tax expense of $11,000 as compared to $14,000 for the corresponding period of 2018. The decrease arose mainly from lower state taxes.
 
Net Income (loss)
 
Net income for the three months ended September 30, 2019 was $562,000 as compared to a net loss of $377,000 for the three months ended September 30, 2018, representing an improvement of $939,000. No net income (loss) per share was recorded in each of the three-month periods ended September 30, 2019 and 2018. The principal cause of the change from net loss to net income is the increase in IT segment revenue and gross profit, and the reduction in IT segment SG&A costs.
 
Results of Operations – For the Nine months Ended September 30, 2019 and 2018
 
Revenues
 
Total revenue for the nine months ended September 30, 2019 and 2018 was $51,794,000 and $54,741,000, respectively, representing a decrease of $2,947,000, or 5% year-over-year. On a segment basis, revenue in the IT segment increased $1,099,000, while revenue in the professional sales service and equipment segments decreased $3,986,000 and $60,000, respectively.
 
 
25
 
 
Revenue in the IT segment for the nine months ended September 30, 2019 was $34,217,000 compared to $33,118,000 for the nine months ended September 30, 2018, an increase of $1,099,000, or 3%, a result of $1,295,000 growth in the healthcare IT VAR business offset by a $196,000 revenue decrease in our NetWolves operation.
 
Commission revenues in the professional sales service segment were $14,882,000 in the first nine months of 2019, a decrease of 21%, as compared to $18,868,000 in the first nine months of 2018. The decrease in commission revenues was due primarily to a decrease in the volume of underlying equipment delivered by GEHC during the period. We expect deliveries and revenue to improve through the remainder of 2019. 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.
 
Revenue in the equipment segment decreased by $60,000, or 2%, to $2,695,000 for the nine-month period ended September 30, 2019 from $2,755,000 for the same period of the prior year. The decrease was principally due to a decrease in EECP® revenues as a result of lower sales volume.
 
Gross Profit
 
Gross profit for the nine months ended September 30, 2019 and 2018 was $28,139,000, or 54% of revenue, and $30,507,000, or 56% of revenue, respectively, representing a decrease of $2,368,000, or 8% year-over-year. On a segment basis, gross profit in the IT segments increased $599,000, while gross profit in the professional sales service and equipment segments decreased $2,863,000 and $104,000, respectively.
 
IT segment gross profit for the nine months ended September 30, 2019 was $14,426,000, or 42% of the segment revenue, compared to $13,827,000, or 42% of the segment revenue for the nine months ended September 30, 2018, with increases of $497,000 and $102,000 from the IT VAR and NetWolves businesses, respectively, as a result of higher sales.
 
Professional sales service segment gross profit was $12,102,000, or 81% of segment revenue, for the nine months ended September 30, 2019 as compared to $14,965,000, or 79% of the segment revenue, for the nine months ended September 30, 2018, reflecting a decrease of $2,863,000, or 19%. The decrease in absolute dollars was due to lower commission revenue as a result of lower volume of GEHC equipment delivered during the first nine months of 2019 than in the same period last year, offset by lower commission expense in the first nine months of 2019 compared to the same period of 2018.
 
Cost of commissions in the professional sales service segment of $2,780,000 and $3,903,000, for the nine months ended September 30, 2019 and 2018, 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 $1,611,000, or 60% of segment revenues, for the first nine months of 2019 compared to $1,715,000, or 62% of segment revenues, for the same period of 2018, due to lower sales volume and lower margin product mix in the first nine months of 2019, compared to the same period of 2018.
 
Operating Loss
 
Operating loss for the nine months ended September 30, 2019 and 2018 was $2,369,000 and $2,620,000, respectively, representing an improvement of $251,000, primarily due to lower operating costs partially offset by lower gross profit. On a segment basis, operating loss decreased $1,758,000 in the IT segment and increased $62,000 in the equipment segment. Operating income in the professional sales service segment decreased $1,610,000 from $1,123,000 in the nine months ended September 30, 2018 to an operating loss $487,000 in the same period of 2019. In addition, corporate expenses decreased $165,000.
 
 
26
 
 
Operating loss in the IT segment decreased in the nine-month period ended September 30, 2019 as compared to the same period of 2018 due to higher gross profit and lower SG&A costs, partially offset by higher research and development costs. Operating income in the professional sales service segment decreased in the nine-month period ended September 30, 2019 as compared to the same period of 2018 due to lower gross profit, partially offset by lower SG&A costs. Operating loss in the equipment segment increased in the nine-month period ended September 30, 2019 as compared to the same period of 2018 due to lower gross profit and higher SG&A costs, partially offset by lower R&D costs.
 
SG&A costs for the nine months ended September 30, 2019 and 2018 were $29,884,000 and $32,459,000, respectively, representing a decrease of $2,575,000, or 8% year-over-year. On a segment basis, SG&A costs for the nine months ended September 30, 2019 decreased in the IT segment by $1,195,000 to $14,485,000, from $15,680,000 for the corresponding period of the prior year, due primarily to decreased personnel costs, and decreased in the professional sales service segment by $1,254,000 to $12,588,000, from $13,842,000 for the corresponding period of the prior year, due to lower personnel-related costs. SG&A costs in the equipment segment for the nine months ended September 30, 2019 increased $39,000 to $2,043,000, from $2,005,000 for the corresponding period of the prior year, due primarily to higher legal costs, partially offset by lower personnel costs. Corporate costs not allocated to segments decreased in the same period by $165,000 to $767,000 from $932,000, due primarily to lower director and legal fees and lower investor relations costs.
 
Research and development (“R&D”) expenses were $624,000, or 1% of revenues, for the first nine months of 2019, a decrease of $44,000, or 7%, from $668,000, or 1% of revenues, for the first nine months of 2018. The decrease is primarily attributable to lower product development expenses in the equipment 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:
 
 
 
(in thousands)
 
 
 
  Nine months ended September 30,  
 
 
 
2019
 
 
2018
 
 
 
(unaudited)
 
 
(unaudited)
 
Net loss
 $(3,037)
 $(2,895)
Interest expense (income), net
  711 
  507 
Income tax expense
  49 
  71 
Depreciation and amortization
  2,024 
  1,828 
Share-based compensation
  123 
  266 
Adjusted EBITDA
 $(130)
 $(223)
 
 
27
 
 
Adjusted EBITDA improved by $93,000, to $(130,000) in the nine months ended September 30, 2019 from $(223,000) in the nine months ended September 30, 2018. The improvement was primarily attributable to higher interest and depreciation and amortization charges, partially offset by the higher net loss and lower share-based compensation.
 
Interest and Other Income (Expense)
 
Interest and other income (expense) for the nine months ended September 30, 2019 was $(619,000) as compared to $(204,000) for the corresponding period of 2018. The increase was due primarily to the $212,000 gain on sale of VSK in the corresponding period of the prior year, and by higher interest expense due to increased borrowings under our credit line.
 
Income Tax Expense
 
For the nine months ended September 30, 2019, we recorded income tax expense of $49,000 as compared to income tax expense of $71,000 for the corresponding period of 2018. The decrease arose mainly from lower state and foreign taxes.
 
Net Loss
 
Net loss for the nine months ended September 30, 2019 was $3,037,000 compared to net loss of $2,895,000 for the nine months ended September 30, 2018, representing an increase in net loss of $142,000. Our net loss per share was $0.02 in the nine-month periods ended September 30, 2019 and 2018. The principal causes of the increase in net loss is the decrease in operating income in the professional sales service segment and the gain on sale of investment in VSK, partially offset by the decrease in operating loss in the IT segment.
 
Liquidity and Capital Resources
 
Cash and Cash Flow
 
We have financed our operations from working capital and drawdown on our lines of credit. At September 30, 2019, we had cash and cash equivalents of $1,343,000 and negative working capital of $19,489,000, compared to cash and cash equivalents of $2,668,000 and negative working capital of $16,179,000 at December 31, 2018. $8,672,000 in negative working capital at September 30, 2019 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 $2,050,000, which consisted of net loss after adjustments to reconcile net loss to net cash of $633,000 and cash used by operating assets and liabilities of $1,417,000, during the nine months ended September 30, 2019, compared to cash used in operating activities of $1,532,000 for the same period in 2018. The changes in the account balances primarily reflect a decrease in accounts and other receivables of $2,774,000, offset by decreases in accounts payable, accrued commissions, and accrued expenses of $1,363,000, $1,539,000, and $1,022,000, respectively.
 
Cash used in investing activities during the nine-month period ended September 30, 2019 was $867,000 for the purchase of equipment and software.
 
Cash provided by financing activities during the nine-month period ended September 30, 2019 was $1,547,000 primarily as a result of $1,730,000 in net borrowings on revolving lines of credit and notes payable, partially offset by $181,000 in net repayments of notes and finance leases issued for equipment purchases.
 
Liquidity
 
We have incurred net losses from operations for the nine months ended September 30, 2019, and the years ended December 31, 2018 and 2017. We maintain lines of credit from a lending institution which will require further extensions after their current December 18, 2019 maturity date, as will notes payable which mature within the next twelve months. Our ability to continue operating as a going concern is dependent upon achieving profitability, extending the maturity date of our existing lines of credit and notes payable, or through additional debt or equity financing. Achieving profitability is largely dependent on our ability to reduce operating costs and to maintain or increase our current revenue. While we believe we will continue to maintain or increase our gross revenue and are substantially reducing operating costs, and while historically we have received extensions of the maturity dates of our lines of credit, failure to achieve these objectives could cast doubt on our ability to continue as a going concern.
 
 
28
 
 
ITEM 4 - CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures
 
Disclosure controls and procedures reporting as promulgated under the Exchange Act is defined as controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms. Disclosure controls and procedures include without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
 
Our CEO and our CFO have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2019 and have concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2019.
 
Changes in Internal Control Over Financial Reporting
 
There were no changes in the Company’s internal control over financial reporting during the Company’s fiscal quarter ended September 30, 2019 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
  
 
29
 
 
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.
 
 
 
 
 
30
 
 
In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
VASO CORPORATION
 
 
 
 
 

By:  
/s/ Jun Ma  
 
 
 
Jun Ma
 
 
 
President and Chief Executive Officer 
 
 
 
(Principal Executive Officer)
 
 
 
 
 
 
 
 
 
 
 
/s/ Michael J. Beecher
 
 
 
Michael J. Beecher
 
 
 
Chief Financial Officer and Principal Accounting Officer
 
 
Date: November 14, 2019
 
 
31
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: November 14, 2019
 
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: November 14, 2019
 
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 September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jun Ma, as President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
 
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
/s/ Jun Ma .
Jun Ma
President and Chief Executive Officer
 
Dated: November 14, 2019
 
 
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 September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael J. Beecher, as Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
 
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
  
/s/ Michael J. Beecher .
Michael J. Beecher
Chief Financial Officer
 
Dated: November 14, 2019
 
 
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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. 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 Shares, Outstanding Shares not issued for employee tax liability Income (Loss) from Equity Method Investments Share-based Payment Arrangement, Noncash Expense Increase (Decrease) in Accounts and Other Receivables 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) Operating Activities Net Cash Provided by (Used in) Investing Activities PayrollTaxesPaidByWithholdingShares Repayments of Long-term Capital Lease Obligations Repayments of Notes Payable Repayments of Related Party Debt Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Schedule of Accrued Liabilities [Table Text Block] Revenues [Default Label] 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 Deferred Revenue, Revenue Recognized Notes Payable Debt, Current Finance Lease, Liability, Payments, Due Next Twelve Months Finance Lease, Liability, Payments, Due Year Two Finance Lease, Liability, Payments, Due Year Three Finance Lease, Liability, Payments, Due Year Four Finance Lease, Liability, Payments, Due Year Five Finance Lease, Liability Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five Lessee, Operating Lease, Liability, Payments, Due OperatingLeaseLiabilityAmountRepresentingInterest Operating Lease, Liability Software Sales and Support [Member] LeaseLiabilityPaymentsDueYearTwo LeaseLiabilityPaymentsDueYearThree LeaseLiabilityPaymentsDueYearFour LeaseLiabilityPaymentsDueYearFive Shares not issued for employee tax liability [Default Label] Service Arrangements [Member] EX-101.PRE 12 vaso-20190930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R36.htm IDEA: XBRL DOCUMENT v3.19.3
REVENUE RECOGNITION (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue $ 18,727 $ 18,788 $ 51,794 $ 54,741
Network Services        
Revenue 10,210 10,146 30,221 30,418
Software Sales and Support        
Revenue 1,275 856 3,996 2,700
Commissions        
Revenue 6,336 6,854 14,882 18,868
Medical Equipment Sales        
Revenue 686 661 1,911 1,936
Medical Equipment Service        
Revenue 220 271 784 819
Managed IT Systems and Services        
Revenue 11,485 11,002 34,217 33,118
Managed IT Systems and Services | Network Services        
Revenue 10,210 10,146 30,221 30,418
Managed IT Systems and Services | Software Sales and Support        
Revenue 1,275 856 3,996 2,700
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 6,336 6,854 14,882 18,868
Professional Sales Services | Network Services        
Revenue 0 0 0 0
Professional Sales Services | Software Sales and Support        
Revenue 0 0 0 0
Professional Sales Services | Commissions        
Revenue 6,336 6,854 14,882 18,868
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 906 932 2,695 2,755
Equipment Sales and Services | Network Services        
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 686 661 1,911 1,936
Equipment Sales and Services | Medical Equipment Service        
Revenue $ 220 $ 271 $ 784 $ 819
XML 14 R32.htm IDEA: XBRL DOCUMENT v3.19.3
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
9 Months Ended
Sep. 30, 2019
Payables and Accruals [Abstract]  
Accrued expenses and other liabilities
      (in thousands)  
   

September 30,

2019

   

December 31,

2018

 
    (unaudited)        
Accrued compensation   $ 1,025     $ 648  
Accrued expenses - other     1,104       2,092  
Other liabilities     2,475       2,915  
    $ 4,604     $ 5,655  
XML 15 R11.htm IDEA: XBRL DOCUMENT v3.19.3
EARNINGS (LOSS) PER COMMON SHARE
9 Months Ended
Sep. 30, 2019
Earnings (loss) per common share  
EARNINGS (LOSS) PER COMMON SHARE

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

 

Diluted earnings (loss) per share were computed based on the weighted average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:

 

    (in thousands)  
      For the three months ended September 30,         For the nine months ended September 30,    
    2019     2018     2019     2018  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Basic weighted average shares outstanding     168,662       166,431       167,557       165,024  
Dilutive effect of unvested restricted shares     125       -       -       -  
Diluted weighted average shares outstanding     168,787       166,431       167,557       165,024  

 

The following table represents common stock equivalents that were excluded from the computation of diluted earnings (loss) per share for the three and nine months ended September 30, 2019 and 2018, because the effect of their inclusion would be anti-dilutive.

 

    (in thousands)  
    Three months ended September 30,     Nine months ended September 30,  
    2019     2018     2019     2018  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Restricted common stock grants     1,485       2,559       5,485       2,559  

 

XML 16 R15.htm IDEA: XBRL DOCUMENT v3.19.3
GOODWILL AND OTHER INTANGIBLES
9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLES

Goodwill of $14,375,000 is allocated to the IT segment. The remaining $2,828,000 of goodwill is attributable to the FGE reporting unit within the Equipment segment. The NetWolves and FGE reporting units had negative net asset carrying amounts at September 30, 2019 and December 31, 2018. The components of the change in goodwill are as follows:

 

    (in thousands)  
    Nine months ended     Year ended  
   

September 30,

2019

   

December 31,

2018

 
    (unaudited)        
Beginning of period   $ 17,309     $ 17,471  
Foreign currency translation adjustment     (106 )     (162 )
End of period   $ 17,203     $ 17,309  

 

The Company’s other intangible assets consist of capitalized customer-related intangibles, patent and technology costs, and software costs, as set forth in the following:

 

    (in thousands)  
   

September 30,

2019

   

December 31,

2018

 
    (unaudited)        
Customer-related            
Costs   $ 5,831     $ 5,831  
Accumulated amortization     (3,435 )     (3,083 )
      2,396       2,748  
                 
Patents and Technology                
Costs     2,363       2,363  
Accumulated amortization     (1,708 )     (1,532 )
      655       831  
                 
Software                
Costs     2,709       2,346  
Accumulated amortization     (1,365 )     (1,185 )
      1,344       1,161  
                 
    $ 4,395     $ 4,740  

 

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 $239,000 and $248,000 for the three months ended September 30, 2019 and 2018, respectively, and $708,000 and $753,000 for the nine months ended September 30, 2019 and 2018, respectively.

 

Amortization of intangibles for the next five years is:

 

    (in thousands)   

Years ending December 31,

  (unaudited)  
Remainder of 2019     320  
2020     980  
2021     904  
2022     609  
2023     542  
    $ 3,355  
XML 17 R19.htm IDEA: XBRL DOCUMENT v3.19.3
NOTES PAYABLE
9 Months Ended
Sep. 30, 2019
Notes Payable [Abstract]  
NOTES PAYABLE

Notes payable consist of the following:

 

   

September 30,

2019

   

December 31,

2018

 
    (unaudited)        
Line of credit   $ 5,171     $ 4,171  
Unsecured term loan     140       145  
Notes payable     304       14  
Notes payable - MedTech (net of $0 and $14 in debt issue costs                
at September 30, 2019 and December 31, 2018, respectively)     4,800       4,786  
Notes payable - related parties     1,245       827  
Total debt     11,660       9,943  
Less: current portion (including related parties)     (11,660 )     (9,698 )
    $ -     $ 245  

 

NetWolves maintains a $4.0 million line of credit with a lending institution. In June 2019, the line’s expiration date was extended from June 28, 2019 to December 18, 2019, and the interest rate was increased 25 basis points to LIBOR plus 3.25%. Advances under the line are secured by substantially all of the assets of NetWolves Network Services, LLC and guaranteed by Vaso Corporation. At September 30, 2019, the Company had drawn approximately $3.8 million against the line. The draw is included in notes payable – 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. In June 2019, the line’s expiration date was extended from June 28, 2019 to December 18, 2019, and the interest rate was increased 25 basis points to LIBOR plus 3.25%. Advances under the line are secured by substantially all of the assets of the Company. At September 30, 2019, the Company had drawn approximately $1.4 million against the line. The line of credit agreement includes certain financial covenants that become effective beginning in the quarter ended September 30, 2019. The Company was in compliance with such covenants at September 30, 2019.

 

In November and December 2018, the Company issued unsecured notes aggregating $500,000 to certain directors. The notes bore interest at 10% per annum and matured on March 25, 2019. Principal and interest on these notes were paid in full upon maturity.

 

In the nine months ended September 30, 2019, the Company issued notes aggregating $930,000 to directors, employees, and a shareholder. The notes mature at various periods through July 19, 2020 and bear interest at 10% per annum payable quarterly.

 

In August 2019, the Company issued to a private party a $300,000 note bearing interest at 10% and maturing November 15, 2019.

 

XML 18 R53.htm IDEA: XBRL DOCUMENT v3.19.3
OTHER ASSETS, NET (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Other Assets [Abstract]    
Deferred commission expense - noncurrent $ 1,728 $ 1,978
Trade receivables - noncurrent 672 630
Other, net of allowance for loss on loan receivable of $412 at September 30, 2019 and December 31, 2018 333 459
Total $ 2,733 $ 3,067
XML 19 R57.htm IDEA: XBRL DOCUMENT v3.19.3
LEASES (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Leases [Abstract]    
Finance leases $ 146 $ 188
Operating leases 621 0
Lease liabilities - current 767 188
Finance leases 406 400
Operating leases 377 0
Lease liabilities - net of current portion $ 783 $ 400
XML 20 R46.htm IDEA: XBRL DOCUMENT v3.19.3
INVENTORIES, NET (Details Narrative) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]    
Reserve for slow moving inventory $ 452 $ 636
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EARNINGS (LOSS) PER COMMON SHARE (Details) - shares
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Earnings (loss) per common share        
Basic weighted average shares outstanding 168,662 166,431 167,557 165,024
Dilutive effect of unvested restricted shares 125 0 0 0
Diluted weighted average shares outstanding 168,787 166,431 167,557 165,024
XML 23 R23.htm IDEA: XBRL DOCUMENT v3.19.3
COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2019
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 agreement through December 31, 2022, subject to earlier termination with or without cause under certain circumstances after timely notice. 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 with cause include: not materially achieving certain sales goals, not maintaining a minimum number of sales representatives, and not meeting various legal and GEHC policy requirements.

 

Employment Agreements

 

On May 10, 2019, the Company modified its Employment Agreement with its President and Chief Executive Officer, Dr. Jun Ma, to provide for a five-year term with extensions, unless earlier terminated by the Company, but in no event can it extend beyond May 31, 2026. The Employment Agreement provides for annual compensation of $500,000. Dr. Ma shall be eligible to receive a bonus for each fiscal year during the employment term. The amount and the occasion for payment of such bonus, if any, shall be at the discretion of the Board of Directors. Dr. Ma shall also be eligible for an award under any long-term incentive compensation plan and grants of options and awards of shares of the Company's stock, as determined at the Board of Directors' discretion. The Employment Agreement further provides for reimbursement of certain expenses, and certain severance benefits in the event of termination prior to the expiration date of the Employment Agreement.

XML 24 R27.htm IDEA: XBRL DOCUMENT v3.19.3
ACCOUNTS AND OTHER RECEIVABLES, NET (Tables)
9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Accounts and other receivables
    (in thousands)  
   

September 30,

2019

   

December 31,

2018

 
    (unaudited)        
Trade receivables   $ 10,433     $ 15,016  
Unbilled receivables     1,639       -  
Due from employees     7       6  
Allowance for doubtful accounts and                
commission adjustments     (4,039 )     (3,994 )
Accounts and other receivables, net   $ 8,040     $ 11,028  
XML 25 R1.htm IDEA: XBRL DOCUMENT v3.19.3
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2019
Nov. 10, 2019
Document and Entity Information [Abstract]    
Entity Registrant Name VASO Corp  
Entity Central Index Key 0000839087  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   172,701,726
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q3  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2019  
XML 26 R5.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Common Stock
Treasury Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total
Balance (in shares) at Dec. 31, 2017 175,742 (10,308)        
Balance at Dec. 31, 2017 $ 176 $ (2,000) $ 63,363 $ (52,329) $ (58) $ 9,152
Share-based compensation (in shares) 167          
Share-based compensation     141     141
Adoption of new accounting standard [1]       139   139
Foreign currency translation gain (loss)         184 184
Net income (loss) (2,069) (2,069)
Balance (in shares) at Mar. 31, 2018 175,909 (10,308)        
Balance at Mar. 31, 2018 $ 176 $ (2,000) 63,504 (54,259) 126 7,547
Balance (in shares) at Dec. 31, 2017 175,742 (10,308)        
Balance at Dec. 31, 2017 $ 176 $ (2,000) 63,363 (52,329) (58) 9,152
Foreign currency translation gain (loss)           (218)
Balance (in shares) at Sep. 30, 2018 177,028 (10,308)        
Balance at Sep. 30, 2018 $ 177 $ (2,000) 63,627 (55,085) (276) 6,443
Balance (in shares) at Mar. 31, 2018 175,909 (10,308)        
Balance at Mar. 31, 2018 $ 176 $ (2,000) 63,504 (54,259) 126 7,547
Share-based compensation (in shares) 1,011          
Share-based compensation $ 1   80     81
Shares not issued for employee tax liability     (1)     (1)
Foreign currency translation gain (loss)         (271) (271)
Net income (loss) (446) (446)
Balance (in shares) at Jun. 30, 2018 176,920 (10,308)        
Balance at Jun. 30, 2018 $ 177 $ (2,000) 63,583 (54,705) (145) 6,910
Share-based compensation (in shares) 108          
Share-based compensation     44     44
Foreign currency translation gain (loss)         (131) (131)
Net income (loss) (380) (380)
Balance (in shares) at Sep. 30, 2018 177,028 (10,308)        
Balance at Sep. 30, 2018 $ 177 $ (2,000) 63,627 (55,085) (276) 6,443
Balance (in shares) at Dec. 31, 2018 177,417 (10,308)        
Balance at Dec. 31, 2018 $ 178 $ (2,000) 63,672 (55,924) (315) 5,611
Share-based compensation     44     44
Foreign currency translation gain (loss)         137 137
Net income (loss) (2,849) (2,849)
Balance (in shares) at Mar. 31, 2019 177,417 (10,308)        
Balance at Mar. 31, 2019 $ 178 $ (2,000) 63,716 (58,773) (178) 2,943
Balance (in shares) at Dec. 31, 2018 177,417 (10,308)        
Balance at Dec. 31, 2018 $ 178 $ (2,000) 63,672 (55,924) (315) 5,611
Foreign currency translation gain (loss)           (131)
Balance (in shares) at Sep. 30, 2019 182,970 (10,308)        
Balance at Sep. 30, 2019 $ 184 $ (2,000) 63,787 (58,961) (446) 2,564
Balance (in shares) at Mar. 31, 2019 177,417 (10,308)        
Balance at Mar. 31, 2019 $ 178 $ (2,000) 63,716 (58,773) (178) 2,943
Share-based compensation (in shares) 5,438          
Share-based compensation $ 5   49     54
Shares not issued for employee tax liability     (2)     (2)
Foreign currency translation gain (loss)         (75) (75)
Net income (loss) (750) (750)
Balance (in shares) at Jun. 30, 2019 182,855 (10,308)        
Balance at Jun. 30, 2019 $ 183 $ (2,000) 63,763 (59,523) (253) 2,170
Share-based compensation (in shares) 115          
Share-based compensation $ 1   24     25
Foreign currency translation gain (loss)         (193) (193)
Net income (loss) 562 562
Balance (in shares) at Sep. 30, 2019 182,970 (10,308)        
Balance at Sep. 30, 2019 $ 184 $ (2,000) $ 63,787 $ (58,961) $ (446) $ 2,564
[1] Accounting Standards Codification Topic 606, Revenue from Contracts with Customers.
XML 27 R9.htm IDEA: XBRL DOCUMENT v3.19.3
REVENUE RECOGNITION
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION

Disaggregation of Revenue

 

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

 

  (in thousands)  
    Three Months Ended September 30, 2019 (unaudited)       Three Months Ended September 30, 2018 (unaudited)  
          Professional sales      Equipment                 Professional sales      Equipment        
    IT segment     service segment     segment     Total     IT segment     service segment     segment     Total  
Network services   $ 10,210                 $ 10,210     $ 10,146                 $ 10,146  
Software sales and support     1,275                   1,275       856                   856  
Commissions             6,336             6,336               6,854             6,854  
Medical equipment sales                     686       686                       661       661  
Medical equipment service                     220       220                       271       271  
    $ 11,485     $ 6,336     $ 906     $ 18,727     $ 11,002     $ 6,854     $ 932     $ 18,788  

 

          Nine Months Ended September 30, 2019 (unaudited)                 Nine Months Ended September 30, 2018 (unaudited)        
          Professional sales      Equipment                 Professional sales      Equipment        
    IT segment     service segment     segment     Total     IT segment     service segment     segment     Total  
Network services   $ 30,221                 $ 30,221     $ 30,418                 $ 30,418  
Software sales and support     3,996                   3,996       2,700                   2,700  
Commissions             14,882             14,882               18,868             18,868  
Medical equipment sales                     1,911       1,911                       1,936       1,936  
Medical equipment service                     784       784                       819       819  
    $ 34,217     $ 14,882     $ 2,695     $ 51,794     $ 33,118     $ 18,868     $ 2,755     $ 54,741  

 

          Three Months Ended September 30, 2019 (unaudited)                 Three Months Ended September 30, 2018 (unaudited)        
          Professional sales      Equipment                 Professional sales      Equipment        
    IT segment     service segment     segment     Total     IT segment     service segment     segment     Total  
Revenue recognized over time   $ 10,524     $ -     $ 145     $ 10,669     $ 9,561     $ -     $ 163     $ 9,724  
Revenue recognized at a point in time     961       6,336       761       8,058       1,441       6,854       769       9,064  
    $ 11,485     $ 6,336     $ 906     $ 18,727     $ 11,002     $ 6,854     $ 932     $ 18,788  

 

          Nine Months Ended September 30, 2019 (unaudited)                 Nine Months Ended September 30, 2018 (unaudited)        
          Professional sales      Equipment                 Professional sales      Equipment        
    IT segment     service segment     segment     Total     IT segment     service segment     segment     Total  
Revenue recognized over time   $ 30,526     $ -     $ 477     $ 30,973     $ 29,315     $ -     $ 505     $ 29,820  
Revenue recognized at a point in time     3,691       14,882       2,248       20,821       3,803       18,868       2,250       24,921  
    $ 34,217     $ 14,882     $ 2,695     $ 51,794     $ 33,118     $ 18,868     $ 2,755     $ 54,741  

   

Transaction Price Allocated to Remaining Performance Obligations

 

As of September 30, 2019, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) for executed contracts approximates $80.4 million, of which we expect to recognize revenue as follows:

 

   

(in thousands)

Fiscal years of revenue recognition

 
    remainder of 2019     2020     2021     Thereafter  
Unfulfilled performance obligations   $ 15,520     $ 37,538     $ 14,164     $ 13,256  

   

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 $808,000 and $344,000 at September 30, 2019 and December 31, 2018, 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 underlying equipment. Such amounts aggregated approximately $17,069,000 and $17,098,000 at September 30, 2019 and December 31, 2018, respectively, and are classified in our condensed consolidated balance sheets as either 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 $1,265,000 and $2,315,000 at September 30, 2019 and December 31, 2018, 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 $831,000 and $988,000 at September 30, 2019 and December 31, 2018, respectively, and are classified in our condensed consolidated balance sheets as either current or long-term deferred revenue.

 

During the three and nine months ended September 30, 2019, we recognized approximately $2.9 million and $4.8 million of revenues that were included in our contract liability balance at July 1, 2019 and January 1, 2019, respectively.

 

XML 28 R47.htm IDEA: XBRL DOCUMENT v3.19.3
PROPERTY AND EQUIPMENT (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Property and equipment, gross $ 12,255 $ 12,179
Less: accumulated depreciation (7,164) (6,370)
Property and equipment, net 5,091 5,809
Office, Laboratory and Other Equipment    
Property and equipment, gross 2,514 3,885
Equipment furnished for customer or clinical uses    
Property and equipment, gross 8,594 8,167
Right of use assets - finance leases    
Property and equipment, gross 1,020 0
Furniture and Fixtures    
Property and equipment, gross $ 127 $ 127
XML 29 R43.htm IDEA: XBRL DOCUMENT v3.19.3
EARNINGS (LOSS) PER COMMON SHARE (Details 1) - shares
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Common stock equivalents excluded from computation of diluted earnings per share (in shares) 1,485 2,559 5,485 2,559
Restricted Stock        
Common stock equivalents excluded from computation of diluted earnings per share (in shares) 1,485 2,559 5,485 2,559
XML 30 R22.htm IDEA: XBRL DOCUMENT v3.19.3
RELATED-PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2019
Related Party Transactions [Abstract]  
RELATED-PARTY TRANSACTIONS

The Company recorded interest charges aggregating approximately $344,000 and $328,000 for the nine-month periods ended September 30, 2019 and 2018, respectively, payable to MedTechnology Investments, LLC (“MedTech”) pursuant to its $4,800,000 promissory notes (“Notes”). 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 family members. The Notes bore interest, payable quarterly, at an annual rate of 9% through their original maturity date of May 29, 2019. In August 2018, MedTech agreed to extend, if necessary, the maturity date of $3,600,000 of the Notes an additional year from May 29, 2019 to May 29, 2020, provided that a minimum of $1,200,000 of the principal is paid on or before December 31, 2019 and the annual interest rate for the balance increases to 10% during the extension. The Notes 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. Interest charges aggregating approximately $123,000 were outstanding at September 30, 2019 and paid on October 1, 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 & Associates LLP, which performs certain legal services for the Company. Fees of approximately $63,000 and $85,000 were billed by the firm for the three-month periods ended September 30, 2019 and 2018, respectively, and fees of approximately $218,000 and $255,000 were billed by the firm for the nine-month periods ended September 30, 2019 and 2018, respectively, at which times no amounts were outstanding.

XML 31 R26.htm IDEA: XBRL DOCUMENT v3.19.3
EARNINGS (LOSS) PER COMMON SHARE (Tables)
9 Months Ended
Sep. 30, 2019
Earnings (loss) per common share  
Diluted shares used in the earnings per share calculation
    (in thousands)  
      For the three months ended September 30,         For the nine months ended September 30,    
    2019     2018     2019     2018  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Basic weighted average shares outstanding     168,662       166,431       167,557       165,024  
Dilutive effect of unvested restricted shares     125       -       -       -  
Diluted weighted average shares outstanding     168,787       166,431       167,557       165,024  
Common stock equivalents excluded from computation of diluted loss per share
    (in thousands)  
    Three months ended September 30,     Nine months ended September 30,  
    2019     2018     2019     2018  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Restricted common stock grants     1,485       2,559       5,485       2,559  
XML 33 R8.htm IDEA: XBRL DOCUMENT v3.19.3
INTERIM STATEMENT PRESENTATION
9 Months Ended
Sep. 30, 2019
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") for interim financial information. 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 conjunction 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, 2018, as filed with the SEC on April 15, 2019.

 

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

 

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

 

Significant Accounting Policies and Recent Accounting Pronouncements

 

Recently Adopted Accounting Pronouncements

 

Effective January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases”. See Note N for further details.

  

Reclassifications

 

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

 

XML 34 R4.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Total revenues $ 18,727 $ 18,788 $ 51,794 $ 54,741
Cost of revenues        
Total cost of revenues 7,886 8,337 23,655 24,234
Gross profit 10,841 10,451 28,139 30,507
Operating expenses        
Selling, general and administrative 9,840 10,462 29,884 32,459
Research and development 196 230 624 668
Total operating expenses 10,036 10,692 30,508 33,127
Operating income (loss) 805 (241) (2,369) (2,620)
Other (expense) income        
Interest and financing costs (268) (178) (728) (530)
Interest and other income, net 36 56 109 114
Gain on sale of investment in VSK 0 0 0 212
Total other (expense) income, net (232) (122) (619) (204)
Income (loss) before income taxes 573 (363) (2,988) (2,824)
Income tax expense (11) (14) (49) (71)
Net income (loss) 562 (377) (3,037) (2,895)
Other comprehensive income (loss)        
Foreign currency translation (loss) gain (193) (131) (131) (218)
Comprehensive income (loss) $ 369 $ (508) $ (3,168) $ (3,113)
Earnings (loss) per common share        
- basic $ .00 $ (0.00) $ (0.02) $ (0.02)
- diluted $ .00 $ (0.00) $ (0.02) $ (0.02)
Weighted average common shares outstanding        
- basic 168,662 166,431 167,557 165,024
- diluted 168,787 166,431 167,557 165,024
Managed IT Systems and Services        
Revenues        
Total revenues $ 11,485 $ 11,002 $ 34,217 $ 33,118
Cost of revenues        
Total cost of revenues 6,414 6,563 19,791 19,291
Professional Sales Services        
Revenues        
Total revenues 6,336 6,854 14,882 18,868
Cost of revenues        
Total cost of revenues 1,140 1,465 2,780 3,903
Equipment Sales and Services        
Revenues        
Total revenues 906 932 2,695 2,755
Cost of revenues        
Total cost of revenues $ 332 $ 309 $ 1,084 $ 1,040
XML 35 R37.htm IDEA: XBRL DOCUMENT v3.19.3
REVENUE RECOGNITION (Details 1) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue $ 18,727 $ 18,788 $ 51,794 $ 54,741
Revenue Recognized Over Time        
Revenue 10,669 9,724 30,973 29,820
Revenue Recognized at a Point in Time        
Revenue 8,058 9,064 20,821 24,921
Managed IT Systems and Services        
Revenue 11,485 11,002 34,217 33,118
Managed IT Systems and Services | Revenue Recognized Over Time        
Revenue 10,524 9,561 30,526 29,315
Managed IT Systems and Services | Revenue Recognized at a Point in Time        
Revenue 961 1,441 3,691 3,803
Professional Sales Services        
Revenue 6,336 6,854 14,882 18,868
Professional Sales Services | Revenue Recognized Over Time        
Revenue 0 0 0 0
Professional Sales Services | Revenue Recognized at a Point in Time        
Revenue 6,336 6,854 14,882 18,868
Equipment Sales and Services        
Revenue 906 932 2,695 2,755
Equipment Sales and Services | Revenue Recognized Over Time        
Revenue 145 163 447 505
Equipment Sales and Services | Revenue Recognized at a Point in Time        
Revenue $ 761 $ 769 $ 2,248 $ 2,250
XML 36 R33.htm IDEA: XBRL DOCUMENT v3.19.3
DEFERRED REVENUE (Tables)
9 Months Ended
Sep. 30, 2019
Deferred Revenue Disclosure [Abstract]  
Changes in deferred revenues
    (in thousands)  
      Three months ended September 30,         Nine months ended September 30,    
    2019     2018     2019     2018  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Deferred revenue at beginning of period   $ 17,575     $ 20,193     $ 18,086     $ 23,066  
Net additions:                                
Deferred extended service contracts     30       189       269       503  
Deferred in-service and training     3       -       13       3  
Deferred service arrangements     5       -       25       5  
Deferred commission revenues     3,075       (797 )     6,200       1,372  
Recognized as revenue:                                
Deferred extended service contracts     (137 )     (156 )     (427 )     (477 )
Deferred in-service and training     -       (3 )     (15 )     (5 )
Deferred service arrangements     (8 )     (7 )     (21 )     (28 )
Deferred commission revenues     (2,643 )     (2,467 )     (6,230 )     (7,487 )
Deferred revenue at end of period     17,900       16,952       17,900       16,952  
Less: current portion     11,148       9,969       11,148       9,969  
Long-term deferred revenue at end of period   $ 6,752     $ 6,983     $ 6,752     $ 6,983  
XML 37 R18.htm IDEA: XBRL DOCUMENT v3.19.3
DEFERRED REVENUE
9 Months Ended
Sep. 30, 2019
Deferred Revenue Disclosure [Abstract]  
DEFERRED REVENUE

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

 

    (in thousands)  
      Three months ended September 30,         Nine months ended September 30,    
    2019     2018     2019     2018  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Deferred revenue at beginning of period   $ 17,575     $ 20,193     $ 18,086     $ 23,066  
Net additions:                                
Deferred extended service contracts     30       189       269       503  
Deferred in-service and training     3       -       13       3  
Deferred service arrangements     5       -       25       5  
Deferred commission revenues     3,075       (797 )     6,200       1,372  
Recognized as revenue:                                
Deferred extended service contracts     (137 )     (156 )     (427 )     (477 )
Deferred in-service and training     -       (3 )     (15 )     (5 )
Deferred service arrangements     (8 )     (7 )     (21 )     (28 )
Deferred commission revenues     (2,643 )     (2,467 )     (6,230 )     (7,487 )
Deferred revenue at end of period     17,900       16,952       17,900       16,952  
Less: current portion     11,148       9,969       11,148       9,969  
Long-term deferred revenue at end of period   $ 6,752     $ 6,983     $ 6,752     $ 6,983  

 

The net reduction in deferred commission revenue of $797 thousand in the third quarter 2018 is due to the impact of the tiered commission structure. New orders for the quarter exceeded cancellations of prior period orders recognized in the quarter; however, the average commission rate on such cancellations was greater than the average commission rate for new orders in the quarter resulting in the net decrease in deferred commission revenues. Periodically, GEHC “scrubs” the open orders to eliminate orders that are not expected to be fulfilled.

 

XML 38 R10.htm IDEA: XBRL DOCUMENT v3.19.3
SEGMENT REPORTING AND CONCENTRATIONS
9 Months Ended
Sep. 30, 2019
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 September 30,         Nine months ended September 30,    
    2019     2018     2019     2018  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenues from external customers                        
IT   $ 11,485     $ 11,002     $ 34,217     $ 33,118  
Professional sales service     6,336       6,854       14,882       18,868  
Equipment     906       932       2,695       2,755  
Total revenues   $ 18,727     $ 18,788     $ 51,794     $ 54,741  
                                 
Gross Profit                                
IT   $ 5,071     $ 4,439     $ 14,426     $ 13,827  
Professional sales service     5,196       5,389       12,102       14,965  
Equipment     574       623       1,611       1,715  
Total gross profit   $ 10,841     $ 10,451     $ 28,139     $ 30,507  
                                 
Operating income (loss)                                
IT   $ 269     $ (782 )   $ (306 )   $ (2,064 )
Professional sales service     1,028       1,013       (487 )     1,123  
Equipment     (282 )     (181 )     (809 )     (747 )
Corporate     (210 )     (291 )     (767 )     (932 )
Total operating income (loss)   $ 805     $ (241 )   $ (2,369 )   $ (2,620 )
                                 
Depreciation and amortization                                
IT   $ 562     $ 476     $ 1,673     $ 1,393  
Professional sales service     42       45       130       137  
Equipment     75       105       221       298  
Corporate     -       -       -       -  
Total depreciation and amortization   $ 679     $ 626     $ 2,024     $ 1,828  
                                 
Capital expenditures                                
IT   $ 143     $ 1,055     $ 827     $ 2,107  
Professional sales service     -       -       -       -  
Equipment     32       37       56       57  
Corporate     -       1       6       4  
Total cash capital expenditures   $ 175     $ 1,093     $ 889     $ 2,168  

  

      (in thousands)  
   

September 30,

2019

   

December 31,

2018

 
    (unaudited)        
Identifiable Assets            
IT   $ 29,458     $ 28,785  
Professional sales service     8,514       12,193  
Equipment     6,423       6,992  
Corporate     1,533       2,504  
Total assets   $ 45,928     $ 50,474  

 

GE Healthcare accounted for 34% and 36% of revenue for the three months ended September 30, 2019 and 2018, respectively, and 29% and 34% of revenue for the nine months ended September 30, 2019 and 2018, respectively. GE Healthcare also accounted for $3.5 million or 44%, and $7.2 million or 66%, of accounts and other receivables at September 30, 2019 and December 31, 2018, respectively.

 

XML 39 R14.htm IDEA: XBRL DOCUMENT v3.19.3
PROPERTY AND EQUIPMENT
9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
    (in thousands)  
   

September 30,

2019

   

December 31,

2018

 
    (unaudited)        
Office, laboratory and other equipment   $ 2,514     $ 3,885  
Equipment furnished for customer                
or clinical uses     8,594       8,167  
Right of use assets - finance leases     1,020       -  
Furniture and fixtures     127       127  
      12,255       12,179  
Less: accumulated depreciation and amortization     (7,164 )     (6,370 )
   Property and equipment, net   $ 5,091     $ 5,809  

 

Assets under capital lease comprised approximately $855,000 of the office, laboratory and other equipment asset class and approximately $60,000 of the equipment furnished for customer or clinical use asset class at December 31, 2018. In January 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, “Leases” (See Note N) and classifies the assets arising from such leases as “right of use asset - finance leases”.

XML 40 R52.htm IDEA: XBRL DOCUMENT v3.19.3
GOODWILL AND OTHER INTANGIBLES (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]            
Goodwill $ 17,203   $ 17,203   $ 17,309 $ 17,471
Amortization expense $ 239 $ 248 $ 708 $ 753    
XML 41 R56.htm IDEA: XBRL DOCUMENT v3.19.3
NOTES PAYABLE (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Notes Payable [Abstract]    
Line of credit $ 5,171 $ 4,171
Unsecured term loan 140 145
Notes payable 304 14
Notes payable - MedTech (net of $0 and $14 in debt issue costs at September 30, 2019 and December 31, 2018, respectively) 4,800 4,786
Notes payable - related parties 1,245 827
Total debt 11,660 9,943
Less: current portion (including related parties) (11,660) (9,698)
Noncurrent $ 0 $ 245
XML 42 R49.htm IDEA: XBRL DOCUMENT v3.19.3
GOODWILL AND OTHER INTANGIBLES (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Goodwill [Roll Forward]    
Goodwill, beginning $ 17,309 $ 17,471
Foreign currency translation adjustment (106) (162)
Goodwill, ending $ 17,203 $ 17,309
XML 43 R45.htm IDEA: XBRL DOCUMENT v3.19.3
INVENTORIES, NET (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]    
Raw materials $ 610 $ 577
Work in process 273 388
Finished goods 1,298 1,018
Inventories, net $ 2,181 $ 1,983
XML 44 R41.htm IDEA: XBRL DOCUMENT v3.19.3
SEGMENT REPORTING AND CONCENTRATIONS (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Accounts and other receivables $ 8,040   $ 8,040   $ 11,028
GE Healthcare | Sales Revenue, Net          
Concentration risk percentage 34.00% 36.00% 29.00% 34.00%  
GE Healthcare | Accounts and Other Receivables          
Concentration risk percentage     44.00%   66.00%
Accounts and other receivables $ 3,500   $ 3,500   $ 7,200
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    CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
    $ in Thousands
    Sep. 30, 2019
    Dec. 31, 2018
    CURRENT ASSETS    
    Cash and cash equivalents $ 1,343 $ 2,668
    Accounts and other receivables, net of an allowance for doubtful accounts and commission adjustments of $4,039 at September 30, 2019 and $3,994 at December 31, 2018 8,040 11,028
    Receivables due from related parties 18 20
    Inventories, net 2,181 1,983
    Deferred commission expense 2,476 2,585
    Prepaid expenses and other current assets 1,075 890
    Total current assets 15,133 19,174
    PROPERTY AND EQUIPMENT, net of accumulated depreciation of $7,164 at September 30, 2019 and $6,370 at December 31, 2018 5,091 5,809
    OPERATING LEASE RIGHT OF USE ASSETS 998 0
    GOODWILL 17,203 17,309
    INTANGIBLES, net 4,395 4,740
    OTHER ASSETS, net 2,733 3,067
    DEFERRED TAX ASSETS, net 375 375
    Total assets 45,928 50,474
    CURRENT LIABILITIES    
    Accounts payable 4,919 6,284
    Accrued commissions 581 2,116
    Accrued expenses and other liabilities 4,604 5,655
    Finance lease liabilities - current 146 188
    Operating lease liabilities - current 621 0
    Sales tax payable 933 1,020
    Deferred revenue - current portion 11,148 10,382
    Notes payable - current portion 10,415 9,116
    Notes payable - related parties - current portion 1,245 582
    Due to related party 10 10
    Total current liabilities 34,622 35,353
    LONG-TERM LIABILITIES    
    Notes payable - related parties, net of current portion 0 245
    Finance lease liabilities, net of current portion 406 400
    Operating lease liabilities, net of current portion 377 0
    Deferred revenue, net of current portion 6,752 7,704
    Deferred tax liability 124 124
    Other long-term liabilities 1,083 1,037
    Total long-term liabilities 8,742 9,510
    COMMITMENTS AND CONTINGENCIES (NOTE Q)
    STOCKHOLDERS' EQUITY    
    Preferred stock, $.01 par value; 1,000,000 shares authorized; nil shares issued and outstanding at September 30, 2019 and December 31, 2018 0 0
    Common stock, $.001 par value; 250,000,000 shares authorized; 182,969,813 and 177,417,287 shares issued at September 30, 2019 and December 31 2018, respectively; 172,661,726 and 167,109,200 shares outstanding at September 30, 2019 and December 31, 2018, respectively 184 178
    Additional paid-in capital 63,787 63,672
    Accumulated deficit (58,961) (55,924)
    Accumulated other comprehensive loss (446) (315)
    Treasury stock, at cost, 10,308,087 shares at September 30, 2019 and December 31, 2018 (2,000) (2,000)
    Total stockholders' equity 2,564 5,611
    Total liabilities and stockholders' equity $ 45,928 $ 50,474

    XML 48 R6.htm IDEA: XBRL DOCUMENT v3.19.3
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
    $ in Thousands
    9 Months Ended
    Sep. 30, 2019
    Sep. 30, 2018
    Cash flows from operating activities    
    Net loss $ (3,037) $ (2,895)
    Adjustments to reconcile net loss to net cash used in operating activities    
    Depreciation and amortization 2,024 1,828
    Loss from interest in joint venture 0 9
    Gain on sale of investment in VSK 0 (212)
    Provision for doubtful accounts and commission adjustments 243 240
    Amortization of debt issue costs 14 24
    Share-based compensation 123 266
    Changes in operating assets and liabilities:    
    Accounts and other receivables 2,774 2,837
    Inventories, net (232) (75)
    Deferred commission expense 109 1,142
    Prepaid expenses and other current assets (190) (152)
    Other assets, net 269 244
    Accounts payable (1,363) 1,756
    Accrued commissions (1,539) (1,264)
    Accrued expenses and other liabilities (1,022) 791
    Sales tax payable (85) 155
    Deferred revenue (185) (6,114)
    Deferred tax liability 0 12
    Other long-term liabilities 47 (124)
    Net cash used in operating activities (2,050) (1,532)
    Cash flows from investing activities    
    Purchases of equipment and software (889) (2,168)
    Sale of fixed assets 22 0
    Proceeds from sale of investment in VSK 0 311
    Net cash used in investing activities (867) (1,857)
    Cash flows from financing activities    
    Net borrowings on revolving lines of credit 1,000 1,158
    Payroll taxes paid by withholding shares (2) (1)
    Repayment of capital lease obligations 0 (94)
    Repayment of notes payable and finance lease obligations (181) 0
    Proceeds from notes payable 300 18
    Proceeds from notes payable - related parties 930 0
    Repayment of notes payable - related parties (500) 0
    Net cash provided by financing activities 1,547 1,081
    Effect of exchange rate differences on cash and cash equivalents 45 42
    NET DECREASE IN CASH AND CASH EQUIVALENTS (1,325) (2,266)
    Cash and cash equivalents - beginning of period 2,668 5,245
    Cash and cash equivalents - end of period 1,343 2,979
    SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION    
    Interest paid 550 491
    Income taxes paid 38 74
    SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
    Initial recognition of operating lease right of use asset and liability 1,107 0
    Sale of investment in VSK 0 676
    Equipment acquired through finance lease $ 134 $ 399
    XML 49 R20.htm IDEA: XBRL DOCUMENT v3.19.3
    LEASES
    9 Months Ended
    Sep. 30, 2019
    Leases [Abstract]  
    LEASES

    ASC 842, “Leases”, 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 either the effective date (the “effective date method”) or the beginning of the earliest period presented (the “comparative method”) using a modified retrospective approach. Under the effective date method, the Company’s comparative period reporting is unchanged. In contrast, under the comparative method, the Company’s date of initial application is the beginning of the earliest comparative period presented, and the Topic 842 transition guidance is then applied to all comparative periods presented. Further, under either transition method, the standard includes certain practical expedients intended to ease the burden of adoption. The Company adopted ASC 842 January 1, 2019 using the effective date method and elected certain practical expedients allowing the Company not to reassess:

     

    whether expired or existing contracts contain leases under the new definition of a lease;

     

    lease classification for expired or existing leases; and

     

    whether previously capitalized initial direct costs would qualify for capitalization under Topic 842.

     

    The Company also made the accounting policy decision not to recognize lease assets and liabilities for leases with a term of 12 months or less.

     

    The Company enters into finance leases, typically with terms of 3 to 5 years, to acquire equipment for its data center. The Company enters into operating leases for its facilities in New York, Florida, and China, as well as for vehicles provided to certain employees in the sales representation segment. The operating lease terms range from 2 to 7 years. The Company excluded the renewal option on its applicable facility leases from the calculation of its right-of-use assets and lease liabilities.

     

    Finance and operating lease liabilities consist of the following:

     

        (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Lease liabilities - current            
    Finance leases   $ 146     $ 188  
    Operating leases     621       -  
        $ 767     $ 188  
    Lease liabilities - net of current portion                
    Finance leases   $ 406     $ 400  
    Operating leases     377       -  
        $ 783     $ 400  

     

    A reconciliation of undiscounted cash flows to finance and operating lease liabilities recognized in the condensed consolidated balance sheet at September 30, 2019 is set forth below:

     

        (in thousands)  
    Years ending December 31,   Finance leases     Operating leases     Total  
    Remainder of 2019     48       190       238  
    2020     192       548       740  
    2021     192       268       460  
    2022     165       82       247  
    2023     48       -       48  
    Undiscounted lease payments     645       1,088       1,733  
    Amount representing interest     (93 )     (90 )     (183 )
    Discounted lease liabilities (unaudited)     552       998       1,550  

     

    Additional disclosures of lease data are set forth below:

     

        (in thousands)  
       

    Three months ended

    September 30,

    2019

       

    Nine months ended

    September 30,

    2019

     
        (unaudited)     (unaudited)  
    Lease costs:            
    Finance lease costs:            
    Amortization of right-of-use assets   $ 47     $ 167  
    Interest on lease liabilities     11       37  
          58       204  
    Operating lease costs:     190       540  
    Short-term lease costs:     20       56  
    Total lease cost   $ 268     $ 800  
                     
    Other information:                
    Cash paid for amounts included in the                
    measurement of lease liabilities:                
    Operating cash flows from finance leases   $ 11     $ 37  
    Operating cash flows from operating leases     195       546  
    Financing cash flows from finance leases     45       170  
        $ 251     $ 753  

     

       

    September 30,

    2019

     
        (unaudited)  
    Weighted-average remaining lease term - finance leases (months)     43  
    Weighted-average remaining lease term - operating leases (months)     23  
             
    Weighted-average discount rate - finance leases     9.9 %
    Weighted-average discount rate - operating leases     9.3 %

     

    The Company used the rate implicit in the lease, where known, or its incremental borrowing rate as the rate used to discount the future lease payments.

     

    XML 50 R24.htm IDEA: XBRL DOCUMENT v3.19.3
    REVENUE RECOGNITION (Tables)
    9 Months Ended
    Sep. 30, 2019
    Revenue from Contract with Customer [Abstract]  
    Disaggregation of revenue
      (in thousands)  
        Three Months Ended September 30, 2019 (unaudited)       Three Months Ended September 30, 2018 (unaudited)  
              Professional sales      Equipment                 Professional sales      Equipment        
        IT segment     service segment     segment     Total     IT segment     service segment     segment     Total  
    Network services   $ 10,210                 $ 10,210     $ 10,146                 $ 10,146  
    Software sales and support     1,275                   1,275       856                   856  
    Commissions             6,336             6,336               6,854             6,854  
    Medical equipment sales                     686       686                       661       661  
    Medical equipment service                     220       220                       271       271  
        $ 11,485     $ 6,336     $ 906     $ 18,727     $ 11,002     $ 6,854     $ 932     $ 18,788  

     

              Nine Months Ended September 30, 2019 (unaudited)                 Nine Months Ended September 30, 2018 (unaudited)        
              Professional sales      Equipment                 Professional sales      Equipment        
        IT segment     service segment     segment     Total     IT segment     service segment     segment     Total  
    Network services   $ 30,221                 $ 30,221     $ 30,418                 $ 30,418  
    Software sales and support     3,996                   3,996       2,700                   2,700  
    Commissions             14,882             14,882               18,868             18,868  
    Medical equipment sales                     1,911       1,911                       1,936       1,936  
    Medical equipment service                     784       784                       819       819  
        $ 34,217     $ 14,882     $ 2,695     $ 51,794     $ 33,118     $ 18,868     $ 2,755     $ 54,741  

     

              Three Months Ended September 30, 2019 (unaudited)                 Three Months Ended September 30, 2018 (unaudited)        
              Professional sales      Equipment                 Professional sales      Equipment        
        IT segment     service segment     segment     Total     IT segment     service segment     segment     Total  
    Revenue recognized over time   $ 10,524     $ -     $ 145     $ 10,669     $ 9,561     $ -     $ 163     $ 9,724  
    Revenue recognized at a point in time     961       6,336       761       8,058       1,441       6,854       769       9,064  
        $ 11,485     $ 6,336     $ 906     $ 18,727     $ 11,002     $ 6,854     $ 932     $ 18,788  

     

              Nine Months Ended September 30, 2019 (unaudited)                 Nine Months Ended September 30, 2018 (unaudited)        
              Professional sales      Equipment                 Professional sales      Equipment        
        IT segment     service segment     segment     Total     IT segment     service segment     segment     Total  
    Revenue recognized over time   $ 30,526     $ -     $ 477     $ 30,973     $ 29,315     $ -     $ 505     $ 29,820  
    Revenue recognized at a point in time     3,691       14,882       2,248       20,821       3,803       18,868       2,250       24,921  
        $ 34,217     $ 14,882     $ 2,695     $ 51,794     $ 33,118     $ 18,868     $ 2,755     $ 54,741  

       

    Transaction price allocated to remaining performance obligations
       

    (in thousands)

    Fiscal years of revenue recognition

     
        remainder of 2019     2020     2021     Thereafter  
    Unfulfilled performance obligations   $ 15,520     $ 37,538     $ 14,164     $ 13,256  
    XML 51 R28.htm IDEA: XBRL DOCUMENT v3.19.3
    INVENTORIES, NET (Tables)
    9 Months Ended
    Sep. 30, 2019
    Inventory Disclosure [Abstract]  
    Inventories, net of reserves
        (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Raw materials   $ 610     $ 577  
    Work in process     273       388  
    Finished goods     1,298       1,018  
        $ 2,181     $ 1,983  
    XML 52 R12.htm IDEA: XBRL DOCUMENT v3.19.3
    ACCOUNTS AND OTHER RECEIVABLES, NET
    9 Months Ended
    Sep. 30, 2019
    Receivables [Abstract]  
    ACCOUNTS AND OTHER RECEIVABLES, NET

    The following table presents information regarding the Company’s accounts and other receivables as of September 30, 2019 and December 31, 2018:

     

        (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Trade receivables   $ 10,433     $ 15,016  
    Unbilled receivables     1,639       -  
    Due from employees     7       6  
    Allowance for doubtful accounts and                
    commission adjustments     (4,039 )     (3,994 )
    Accounts and other receivables, net   $ 8,040     $ 11,028  

     

    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 represent 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 53 R16.htm IDEA: XBRL DOCUMENT v3.19.3
    OTHER ASSETS, NET
    9 Months Ended
    Sep. 30, 2019
    Other Assets [Abstract]  
    OTHER ASSETS, NET

    Other assets, net consist of the following at September 30, 2019 and December 31, 2018:

     

        (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Deferred commission expense - noncurrent   $ 1,728     $ 1,978  
    Trade receivables - noncurrent     672       630  
    Other, net of allowance for loss on loan receivable of                
      $412 at September 30, 2019 and December 31, 2018     333       459  
        $ 2,733     $ 3,067  
    XML 54 R39.htm IDEA: XBRL DOCUMENT v3.19.3
    REVENUE RECOGNITION (Details Narrative) - USD ($)
    $ in Thousands
    3 Months Ended 9 Months Ended
    Sep. 30, 2019
    Sep. 30, 2019
    Dec. 31, 2018
    Revenue from Contract with Customer [Abstract]      
    Deferred contract liabilities $ 808 $ 808 $ 344
    Advance of customer acceptance of equipment 17,069 17,069 17,098
    Post-delivery services and varying duration service contracts 831 831 988
    Deferred commission expense 2,476 2,476 $ 2,585
    Revenues recognized included in our contract liability balance $ 2,900 $ 4,800  
    XML 55 R35.htm IDEA: XBRL DOCUMENT v3.19.3
    LEASES (Tables)
    9 Months Ended
    Sep. 30, 2019
    Leases [Abstract]  
    Lease liabilities
        (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Lease liabilities - current            
    Finance leases   $ 146     $ 188  
    Operating leases     621       -  
        $ 767     $ 188  
    Lease liabilities - net of current portion                
    Finance leases   $ 406     $ 400  
    Operating leases     377       -  
        $ 783     $ 400  
    Discounted lease liabilities
        (in thousands)  
    Years ending December 31,   Finance leases     Operating leases     Total  
    Remainder of 2019     48       190       238  
    2020     192       548       740  
    2021     192       268       460  
    2022     165       82       247  
    2023     48       -       48  
    Undiscounted lease payments     645       1,088       1,733  
    Amount representing interest     (93 )     (90 )     (183 )
    Discounted lease liabilities (unaudited)     552       998       1,550  
    Additional disclosures
        (in thousands)  
       

    Three months ended

    September 30,

    2019

       

    Nine months ended

    September 30,

    2019

     
        (unaudited)     (unaudited)  
    Lease costs:            
    Finance lease costs:            
    Amortization of right-of-use assets   $ 47     $ 167  
    Interest on lease liabilities     11       37  
          58       204  
    Operating lease costs:     190       540  
    Short-term lease costs:     20       56  
    Total lease cost   $ 268     $ 800  
                     
    Other information:                
    Cash paid for amounts included in the                
    measurement of lease liabilities:                
    Operating cash flows from finance leases   $ 11     $ 37  
    Operating cash flows from operating leases     195       546  
    Financing cash flows from finance leases     45       170  
        $ 251     $ 753  

     

       

    September 30,

    2019

     
        (unaudited)  
    Weighted-average remaining lease term - finance leases (months)     43  
    Weighted-average remaining lease term - operating leases (months)     23  
             
    Weighted-average discount rate - finance leases     9.9 %
    Weighted-average discount rate - operating leases     9.3 %

     

    XML 56 R31.htm IDEA: XBRL DOCUMENT v3.19.3
    OTHER ASSETS, NET (Tables)
    9 Months Ended
    Sep. 30, 2019
    Other Assets [Abstract]  
    Schedule of other assets, net
        (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Deferred commission expense - noncurrent   $ 1,728     $ 1,978  
    Trade receivables - noncurrent     672       630  
    Other, net of allowance for loss on loan receivable of                
      $412 at September 30, 2019 and December 31, 2018     333       459  
        $ 2,733     $ 3,067  
    XML 57 R50.htm IDEA: XBRL DOCUMENT v3.19.3
    GOODWILL AND OTHER INTANGIBLES (Details 1) - USD ($)
    $ in Thousands
    Sep. 30, 2019
    Dec. 31, 2018
    Intangible assets, net $ 4,395 $ 4,740
    Customer-Related    
    Costs 5,831 5,831
    Accumulated amortization (3,435) (3,083)
    Intangible assets, net 2,396 2,748
    Patents and Technology    
    Costs 2,363 2,363
    Accumulated amortization (1,708) (1,532)
    Intangible assets, net 655 831
    Software    
    Costs 2,709 2,346
    Accumulated amortization (1,365) (1,185)
    Intangible assets, net $ 1,344 $ 1,161
    XML 58 R54.htm IDEA: XBRL DOCUMENT v3.19.3
    ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)
    $ in Thousands
    Sep. 30, 2019
    Dec. 31, 2018
    Payables and Accruals [Abstract]    
    Accrued compensation $ 1,025 $ 648
    Accrued expenses - other 1,104 2,092
    Other liabilities 2,475 2,915
    Accrued expenses and other liabilities $ 4,604 $ 5,655
    XML 59 R58.htm IDEA: XBRL DOCUMENT v3.19.3
    LEASES (Details 1)
    $ in Thousands
    Sep. 30, 2019
    USD ($)
    Leases [Abstract]  
    Remainder of 2019 $ 48
    2020 192
    2021 192
    2022 165
    2023 48
    Undiscounted lease payments 645
    Amount representing interest (93)
    Discounted lease liabilities 552
    Remainder of 2019 190
    2020 548
    2021 268
    2022 82
    2023 0
    Undiscounted lease payments 1,088
    Amount representing interest (90)
    Discounted lease liabilities 998
    Remainder of 2019 238
    2020 740
    2021 460
    2022 247
    2023 48
    Undiscounted lease payments 1,733
    Amount representing interest (183)
    Discounted lease liabilities (unaudited) $ 1,550
    XML 60 R13.htm IDEA: XBRL DOCUMENT v3.19.3
    INVENTORIES, NET
    9 Months Ended
    Sep. 30, 2019
    Inventory Disclosure [Abstract]  
    INVENTORIES, NET

    Inventories, net of reserves, consist of the following:

     

        (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Raw materials   $ 610     $ 577  
    Work in process     273       388  
    Finished goods     1,298       1,018  
        $ 2,181     $ 1,983  

     

    At September 30, 2019 and December 31, 2018, the Company maintained reserves for slow moving inventories of $452,000 and $636,000, respectively.

    XML 61 R17.htm IDEA: XBRL DOCUMENT v3.19.3
    ACCRUED EXPENSES AND OTHER LIABILITIES
    9 Months Ended
    Sep. 30, 2019
    Payables and Accruals [Abstract]  
    ACCRUED EXPENSES AND OTHER LIABILITIES

    Accrued expenses and other liabilities consist of the following at September 30, 2019 and December 31, 2018:

     

          (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Accrued compensation   $ 1,025     $ 648  
    Accrued expenses - other     1,104       2,092  
    Other liabilities     2,475       2,915  
        $ 4,604     $ 5,655  
    XML 62 R34.htm IDEA: XBRL DOCUMENT v3.19.3
    NOTES PAYABLE (Tables)
    9 Months Ended
    Sep. 30, 2019
    Notes Payable [Abstract]  
    Notes payable
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Line of credit   $ 5,171     $ 4,171  
    Unsecured term loan     140       145  
    Notes payable     304       14  
    Notes payable - MedTech (net of $0 and $14 in debt issue costs                
    at September 30, 2019 and December 31, 2018, respectively)     4,800       4,786  
    Notes payable - related parties     1,245       827  
    Total debt     11,660       9,943  
    Less: current portion (including related parties)     (11,660 )     (9,698 )
        $ -     $ 245  
    XML 63 R30.htm IDEA: XBRL DOCUMENT v3.19.3
    GOODWILL AND OTHER INTANGIBLES (Tables)
    9 Months Ended
    Sep. 30, 2019
    Goodwill and Intangible Assets Disclosure [Abstract]  
    Schedule of changes in carrying amount of goodwill
        (in thousands)  
        Nine months ended     Year ended  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Beginning of period   $ 17,309     $ 17,471  
    Foreign currency translation adjustment     (106 )     (162 )
    End of period   $ 17,203     $ 17,309  
    Schedule of other intangible assets
        (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Customer-related            
    Costs   $ 5,831     $ 5,831  
    Accumulated amortization     (3,435 )     (3,083 )
          2,396       2,748  
                     
    Patents and Technology                
    Costs     2,363       2,363  
    Accumulated amortization     (1,708 )     (1,532 )
          655       831  
                     
    Software                
    Costs     2,709       2,346  
    Accumulated amortization     (1,365 )     (1,185 )
          1,344       1,161  
                     
        $ 4,395     $ 4,740  
    Amortization of intangibles
        (in thousands)   

    Years ending December 31,

      (unaudited)  
    Remainder of 2019     320  
    2020     980  
    2021     904  
    2022     609  
    2023     542  
        $ 3,355  
    XML 64 R38.htm IDEA: XBRL DOCUMENT v3.19.3
    REVENUE RECOGNITION (Details 2)
    $ in Thousands
    Sep. 30, 2019
    USD ($)
    Remainder of 2019  
    Unfulfilled performance obligations $ 15,520
    2020  
    Unfulfilled performance obligations 37,538
    2021  
    Unfulfilled performance obligations 14,164
    Thereafter  
    Unfulfilled performance obligations $ 13,256
    XML 65 R59.htm IDEA: XBRL DOCUMENT v3.19.3
    LEASES (Details 2)
    $ in Thousands
    3 Months Ended 9 Months Ended
    Sep. 30, 2019
    USD ($)
    Sep. 30, 2019
    USD ($)
    Lease costs:    
    Amortization of right-of-use assets $ 47 $ 167
    Interest on lease liabilities 11 37
    Finance lease costs 58 204
    Operating lease costs 190 540
    Short-term lease costs 20 56
    Total lease cost 268 800
    Other information:    
    Operating cash flows from finance leases 11 37
    Operating cash flows from operating leases 195 546
    Financing cash flows from finance leases 45 170
    Cash paid for amounts included in the measurement of lease liabilities: $ 251 $ 753
    Weighted-average remaining lease term - finance leases (months) 43 months 43 months
    Weighted-average remaining lease term - operating leases (months) 23 months 23 months
    Weighted-average discount rate - finance leases 9.90% 9.90%
    Weighted-average discount rate - operating leases 9.30% 9.30%
    XML 66 R51.htm IDEA: XBRL DOCUMENT v3.19.3
    GOODWILL AND OTHER INTANGIBLES (Details 2)
    $ in Thousands
    Sep. 30, 2019
    USD ($)
    Goodwill and Intangible Assets Disclosure [Abstract]  
    Remainder of 2019 $ 320
    2020 980
    2021 904
    2022 609
    2023 542
    Total $ 3,355
    XML 67 R55.htm IDEA: XBRL DOCUMENT v3.19.3
    DEFERRED REVENUE (Details) - USD ($)
    $ in Thousands
    3 Months Ended 9 Months Ended
    Sep. 30, 2019
    Sep. 30, 2018
    Sep. 30, 2019
    Sep. 30, 2018
    Dec. 31, 2018
    Deferred revenue, beginning $ 17,575 $ 20,193 $ 18,086 $ 23,066  
    Additions  
    Recognized as revenue  
    Deferred revenue, ending 17,900 16,952 17,900 16,952  
    Less: current portion 11,148 9,969 11,148 9,969 $ 10,382
    Long-term deferred revenue at end of period 6,752 6,983 6,752 6,983 $ 7,704
    Extended Service Contracts          
    Additions 30 189 269 503  
    Recognized as revenue (137) (156) (427) (477)  
    In Service and Training          
    Additions 3 0 13 3  
    Recognized as revenue 0 (3) (15) (5)  
    Service Arrangements          
    Additions 5 0 25 5  
    Recognized as revenue (8) (7) (21) (28)  
    Commission Revenues          
    Additions 3,075 (797) 6,200 1,372  
    Recognized as revenue $ (2,643) $ (2,467) $ (6,230) $ (7,487)  
    XML 68 R44.htm IDEA: XBRL DOCUMENT v3.19.3
    ACCOUNTS AND OTHER RECEIVABLES, NET (Details) - USD ($)
    $ in Thousands
    Sep. 30, 2019
    Dec. 31, 2018
    Receivables [Abstract]    
    Trade receivables $ 10,433 $ 15,016
    Unbilled receivables 1,639 0
    Due from employees 7 6
    Allowance for doubtful accounts and commission adjustments (4,039) (3,994)
    Accounts and other receivables, net $ 8,040 $ 11,028
    XML 69 R40.htm IDEA: XBRL DOCUMENT v3.19.3
    SEGMENT REPORTING AND CONCENTRATIONS (Details) - USD ($)
    $ in Thousands
    3 Months Ended 9 Months Ended
    Sep. 30, 2019
    Sep. 30, 2018
    Sep. 30, 2019
    Sep. 30, 2018
    Dec. 31, 2018
    Revenues $ 18,727 $ 18,788 $ 51,794 $ 54,741  
    Gross profit 10,841 10,451 28,139 30,507  
    Operating income (loss) 805 (241) (2,369) (2,620)  
    Depreciation and amortization 679 626 2,024 1,828  
    Total cash capital expenditures 175 1,093 889 2,168  
    Identifiable assets 45,928   45,928   $ 50,474
    Managed IT Systems and Services          
    Revenues 11,485 11,002 34,217 33,118  
    Gross profit 5,071 4,439 14,426 13,827  
    Operating income (loss) 269 (782) (306) (2,064)  
    Depreciation and amortization 562 476 1,673 1,393  
    Total cash capital expenditures 143 1,055 827 2,107  
    Identifiable assets 29,458   29,458   28,785
    Professional Sales Services          
    Revenues 6,336 6,854 14,882 18,868  
    Gross profit 5,196 5,389 12,102 14,965  
    Operating income (loss) 1,028 1,013 (487) 1,123  
    Depreciation and amortization 42 45 130 137  
    Total cash capital expenditures 0 0 0 0  
    Identifiable assets 8,514   8,514   12,193
    Equipment Sales and Services          
    Revenues 906 932 2,695 2,755  
    Gross profit 574 623 1,611 1,715  
    Operating income (loss) (282) (181) (809) (747)  
    Depreciation and amortization 75 105 221 298  
    Total cash capital expenditures 32 37 56 57  
    Identifiable assets 6,423   6,423   6,992
    Corporate          
    Operating income (loss) (210) (291) (767) (932)  
    Depreciation and amortization 0 0 0 0  
    Total cash capital expenditures 0 $ 1 6 $ 4  
    Identifiable assets $ 1,533   $ 1,533   $ 2,504
    XML 70 R48.htm IDEA: XBRL DOCUMENT v3.19.3
    PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
    $ in Thousands
    Sep. 30, 2019
    Dec. 31, 2018
    Office, Laboratory and Other Equipment    
    Assets under capital lease $ 855 $ 855
    Equipment furnished for customer or clinical uses    
    Assets under capital lease $ 60 $ 60
    XML 71 R3.htm IDEA: XBRL DOCUMENT v3.19.3
    CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
    $ in Thousands
    Sep. 30, 2019
    Dec. 31, 2018
    CURRENT ASSETS    
    Accounts and other receivables, allowance for doubtful accounts and commission adjustments $ 4,039 $ 3,994
    Property and equipment, accumulated depreciation $ 7,164 $ 6,370
    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 182,969,813 177,417,287
    Common stock, shares outstanding 172,661,726 167,109,200
    Treasury stock, at cost 10,308,087 10,308,087
    XML 72 R7.htm IDEA: XBRL DOCUMENT v3.19.3
    ORGANIZATION AND PLAN OF OPERATIONS
    9 Months Ended
    Sep. 30, 2019
    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.

     

    Overview

     

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

     

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

     

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

     

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

     

    VasoTechnology

     

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

     

    Managed radiology and imaging applications (national channel partner of GEHC Digital and other vendors of healthcare IT products).

     

    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 training services for use of the above equipment.

     

    GEHC and third party financial services.

     

    VasoMedical

     

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

     

    Biox™ series Holter monitors and ambulatory blood pressure recorders.

     

    ARCS® series analysis, reporting and communication software for physiological signals such as ECG and blood pressure.

     

    MobiCare™ multi-parameter wireless vital-sign monitoring system.

     

    EECP® therapy system for non-invasive, outpatient treatment of ischemic heart disease.

     

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

     

    Going concern Assessment

     

    We have incurred net losses from operations for the nine months ended September 30, 2019, and the years ended December 31, 2018 and 2017. We maintain lines of credit from a lending institution which will require further extensions after their current December 18, 2019 maturity date. We also have notes payable which mature within the next twelve months. Our ability to continue operating as a going concern is dependent upon achieving profitability, extending the maturity date of our existing lines of credit and notes payable, or through additional debt or equity financing. Achieving profitability is largely dependent on our ability to reduce operating costs and to maintain or increase our current revenue. While we believe we will continue to maintain or increase our gross revenue and are substantially reducing operating costs, and while historically we have received extensions of the maturity dates of our lines of credit, failure to achieve these objectives could cast doubt on our ability to continue as a going concern.

     

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    PROPERTY AND EQUIPMENT (Tables)
    9 Months Ended
    Sep. 30, 2019
    Property, Plant and Equipment [Abstract]  
    Property and equipment
        (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Office, laboratory and other equipment   $ 2,514     $ 3,885  
    Equipment furnished for customer                
    or clinical uses     8,594       8,167  
    Right of use assets - finance leases     1,020       -  
    Furniture and fixtures     127       127  
          12,255       12,179  
    Less: accumulated depreciation and amortization     (7,164 )     (6,370 )
       Property and equipment, net   $ 5,091     $ 5,809  

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    EQUITY
    9 Months Ended
    Sep. 30, 2019
    Equity [Abstract]  
    EQUITY

    In June 2019, 5,000,000 restricted shares of common stock, valued at $100,000, under the 2019 Stock Plan were granted and issued to an officer of the Company as stock-based compensation. 1,000,000 shares vested immediately with the remainder vesting 25% per year over the ensuing four-year period. The grant was valued at the fair value, using market price, of the stock at the grant date, and the Company recognized $25,000 in compensation expense related to such grant in the nine months ended September 30, 2019.

     

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    SEGMENT REPORTING AND CONCENTRATIONS (Tables)
    9 Months Ended
    Sep. 30, 2019
    Segment Reporting [Abstract]  
    Summary financial information for segments
        (in thousands)  
          Three months ended September 30,         Nine months ended September 30,    
        2019     2018     2019     2018  
        (unaudited)     (unaudited)     (unaudited)     (unaudited)  
    Revenues from external customers                        
    IT   $ 11,485     $ 11,002     $ 34,217     $ 33,118  
    Professional sales service     6,336       6,854       14,882       18,868  
    Equipment     906       932       2,695       2,755  
    Total revenues   $ 18,727     $ 18,788     $ 51,794     $ 54,741  
                                     
    Gross Profit                                
    IT   $ 5,071     $ 4,439     $ 14,426     $ 13,827  
    Professional sales service     5,196       5,389       12,102       14,965  
    Equipment     574       623       1,611       1,715  
    Total gross profit   $ 10,841     $ 10,451     $ 28,139     $ 30,507  
                                     
    Operating income (loss)                                
    IT   $ 269     $ (782 )   $ (306 )   $ (2,064 )
    Professional sales service     1,028       1,013       (487 )     1,123  
    Equipment     (282 )     (181 )     (809 )     (747 )
    Corporate     (210 )     (291 )     (767 )     (932 )
    Total operating income (loss)   $ 805     $ (241 )   $ (2,369 )   $ (2,620 )
                                     
    Depreciation and amortization                                
    IT   $ 562     $ 476     $ 1,673     $ 1,393  
    Professional sales service     42       45       130       137  
    Equipment     75       105       221       298  
    Corporate     -       -       -       -  
    Total depreciation and amortization   $ 679     $ 626     $ 2,024     $ 1,828  
                                     
    Capital expenditures                                
    IT   $ 143     $ 1,055     $ 827     $ 2,107  
    Professional sales service     -       -       -       -  
    Equipment     32       37       56       57  
    Corporate     -       1       6       4  
    Total cash capital expenditures   $ 175     $ 1,093     $ 889     $ 2,168  

      

          (in thousands)  
       

    September 30,

    2019

       

    December 31,

    2018

     
        (unaudited)        
    Identifiable Assets            
    IT   $ 29,458     $ 28,785  
    Professional sales service     8,514       12,193  
    Equipment     6,423       6,992  
    Corporate     1,533       2,504  
    Total assets   $ 45,928     $ 50,474