Excel Corp

CIK:0001512890|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Transaction and processing fees	$ 4,082,036	$ 4,390,222	$ 8,003,494	$ 8,356,075
Merchant cash advance revenue and other	87,370	56,069	179,960	109,874
Total revenues	4,169,406	4,446,291	8,183,454	8,465,949
Costs and expenses
Processing and servicing costs	2,051,751	1,863,167	4,048,195	3,489,421
Salaries and wages	884,078	898,945	1,805,239	1,875,217
Outside commissions	602,029	458,440	1,197,440	982,156
Other selling general and administrative expenses	1,223,342	280,591	1,709,789	629,115
Total costs and expenses	4,761,200	3,501,143	8,760,663	6,975,909
Income (loss) from operations	(591,794)	945,148	(577,209)	1,490,040
Interest expense, net	784,860	278,039	1,469,847	606,655
Other, net	609,354		609,354
Net income (loss) from continuing operations before income taxes	(767,300)	667,109	(1,437,702)	883,385
Income tax expense (benefit)
Current	(283,901)	246,830	(531,950)	326,852
Deferred	283,901	(246,830)	531,950	(326,852)
Income tax expense
Net income (loss) from continuing operations	(767,300)	667,109	(1,437,702)	883,385
Loss from discontinued operations, net of tax		(661,655)		(2,008,684)
Loss on disposal of operations				(840,641)
Net income (loss)	$ (767,300)	$ 5,454	$ (1,437,702)	$ (1,965,940)
Basic earnings per share
Income (loss) from continuing operations	$ (0.008)	$ 0.007	$ (0.015)	$ 0.009
Loss from discontinued operations, net of tax		(0.007)		(0.029)
Net income (loss)	(0.008)	0.000	(0.015)	(0.020)
Diluted earnings per share
Income (loss) from continuing operations	(0.008)	0.007	(0.015)	0.009
Loss from discontinued operations, net of tax		(0.007)		(0.029)
Net income (loss)	$ (0.008)	$ 0.000	$ (0.015)	$ (0.020)
Weighted Average Shares Outstanding
Basic	98,320,336	96,759,070	98,040,266	96,907,422
Diluted	98,320,336	101,359,070	98,040,266	99,474,273

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net loss	$ (1,437,702)	$ (1,965,940)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	401,523	243,998
Paid in kind interest	341,961
Stock based compensation	20,002	112,423
Income in investment accounted for under the equity method		(23,350)
Loss on disposal of operations		840,641
Decrease (increase)
Accounts receivable	115,243	(147,925)
Prepaid expenses	23,826	36,581
Other current assets	(500)	(91,368)
Other long term assets	(72,000)	77,131
Increase (decrease)
Accounts payable	854,503	(670,695)
Accrued compensation	(686,884)	255,142
Payroll tax payable	170,035	113,987
Other accrued liabilities	(74,640)	437,525
Other long-term liabilities	(4,236)	678,296
Net cash used in operating activities	(348,869)	(103,554)
Cash flows from investing activities:
Purchase of property and equipment	(44,899)	(22,907)
Payments due to disposal of operations	(50,000)
Net cash used in investing activities	(94,899)	(22,907)
Cash flows from financing activities:
Deferred financing costs	(248,276)
Issuance of preferred stock		230,000
Note and debt payments	(512,583)	(212,730)
Net cash provided by (used in) financing activities	(760,859)	17,270
Net decrease in cash	(1,204,627)	(109,191)
Cash - Beginning of period	1,586,207	362,130
Cash - End of period	381,579	252,939
Supplemental disclosure of cash flow information
Cash paid for interest	$ 991,755	$ 606,655

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 381,579	$ 1,586,207
Accounts receivable	1,105,516	1,220,759
Note receivable	675,000	675,000
Prepaid expenses	82,169	105,995
Other current assets	89,550	89,050
Total current assets	2,333,814	3,677,011
Other Assets
Property and equipment, net of depreciation	172,136	170,442
Goodwill	7,914,269	7,914,269
Equity investment	171,469	171,469
Residual portfolios	1,966,010	2,147,488
Other long-term assets	703,271	631,271
Total other assets	10,927,155	11,034,939
Total assets	13,260,969	14,711,950
Current Liabilities
Accounts payable	1,431,723	577,220
Accrued compensation	18,004	704,888
Payroll tax payable	519,679	349,644
Other accrued liabilities	476,807	551,447
Notes payable - current portion, net of deferred financing costs	12,567,194	12,809,252
Accrued costs of disposal of discontinued operations		50,000
Total current liabilities	15,013,407	15,042,451
Long-term liabilities
Other long-term liabilities	37,469	41,705
Total long-term liabilities	37,469	41,705
Commitments and contingencies
STOCKHOLDERS' DEFICIT
Preferred stock, value
Common stock, $.0001 par value, 200,000,000 shares authorized 102,460,336 and 97,759,070 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	10,246	9,776
Additional paid-in capital	4,834,340	4,814,348
Accumulated deficit	(6,634,493)	(5,196,790)
Total stockholders' deficit	(1,789,907)	(372,206)
Total Liabilities and Stockholders' Deficit	13,260,969	14,711,950
Series B preferred stock
STOCKHOLDERS' DEFICIT
Preferred stock, value		$ 460