☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
74-2415696
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
110 Wild Basin Road, Suite 100
|
|
|
Austin, Texas
|
|
78746
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
Smaller reporting company
☒
|
Emerging growth company
☐
|
|
|
Page
|
|
|
Number
|
PART I - FINANCIAL INFORMATION
|
||
|
|
|
Item 1.
|
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
6
|
|
Item 2.
|
17
|
|
Item 3.
|
21
|
|
Item 4.
|
21
|
|
|
|
|
PART II - OTHER INFORMATION
|
||
|
|
|
Item 1.
|
22
|
|
Item 1A.
|
22
|
|
Item 2.
|
22
|
|
Item 3.
|
22
|
|
Item 6.
|
22
|
|
|
|
|
23
|
|
March 31, 2017
(unaudited)
|
December 31,
2016
|
||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,288
|
$
|
12,767
|
||||
Accounts and note receivable, net of allowance for doubtful accounts of $328 and $338 at March 31, 2017 and December 31, 2016, respectively
|
8,953
|
8,108
|
||||||
Inventory
|
530
|
487
|
||||||
Prepaid expenses and other current assets
|
2,012
|
1,256
|
||||||
Total current assets before funds held for clients
|
13,783
|
22,618
|
||||||
Funds held for clients
|
30,544
|
22,981
|
||||||
Total current assets
|
44,327
|
45,599
|
||||||
Property and equipment, net
|
1,809
|
1,878
|
||||||
Goodwill
|
31,455
|
26,259
|
||||||
Intangible assets, net
|
17,184
|
12,048
|
||||||
Other assets
|
322
|
39
|
||||||
Total assets
|
$
|
95,097
|
$
|
85,823
|
||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of notes payable
|
$
|
2,971
|
$
|
5,455
|
||||
Accounts payable
|
2,276
|
1,576
|
||||||
Accrued compensation and benefits
|
1,523
|
1,192
|
||||||
Other accrued liabilities
|
1,433
|
936
|
||||||
Deferred revenue
|
9,265
|
9,252
|
||||||
Total current liabilities before client fund obligations
|
17,468
|
18,411
|
||||||
Client fund obligations
|
30,544
|
22,981
|
||||||
Total current liabilities
|
48,012
|
41,392
|
||||||
Long-term liabilities:
|
||||||||
Deferred revenue
|
611
|
769
|
||||||
Notes payable, net of current portion of debt issuance cost and debt discount
|
28,165
|
24,581
|
||||||
Other liabilities
|
157
|
835
|
||||||
Total long-term liabilities
|
28,933
|
26,185
|
||||||
Total liabilities
|
76,945
|
67,577
|
||||||
Commitments (Note 13)
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $.01 par value; 1,500 shares authorized; none issued or outstanding
|
-
|
-
|
||||||
Common stock, $.01 par value; 11,000 shares authorized; 9,014 and 8,901 shares issued, 8,630 and 8,517 shares outstanding at March 31, 2017 and December 31, 2016, respectively
|
90
|
89
|
||||||
Treasury stock at cost, 384 shares at March 31, 2017 and December 31, 2016
|
(5,017
|
)
|
(5,017
|
)
|
||||
Additional paid-in capital
|
296,042
|
295,044
|
||||||
Accumulated deficit
|
(272,934
|
)
|
(271,875
|
)
|
||||
Accumulated other comprehensive income (loss)
|
(29
|
)
|
5
|
|||||
Total stockholders’ equity
|
18,152
|
18,246
|
||||||
Total liabilities and stockholders’ equity
|
$
|
95,097
|
$
|
85,823
|
|
FOR THE
THREE MONTHS ENDED
MARCH 31,
|
|||||||
|
2017
|
2016
|
||||||
Revenues:
|
||||||||
Cloud revenue
|
$
|
7,836
|
$
|
3,862
|
||||
Hardware revenue
|
1,088
|
693
|
||||||
Maintenance and support revenue
|
933
|
1,239
|
||||||
On premise software license revenue
|
169
|
140
|
||||||
Professional services revenue
|
701
|
788
|
||||||
Total revenues
|
10,727
|
6,722
|
||||||
Cost of Sales
|
2,438
|
1,730
|
||||||
Gross margin
|
8,289
|
4,992
|
||||||
|
||||||||
Operating expenses
|
||||||||
Selling, general and administrative
|
7,043
|
5,033
|
||||||
Research and development
|
769
|
811
|
||||||
Amortization of intangible assets
|
847
|
377
|
||||||
Total operating expenses
|
8,659
|
6,221
|
||||||
|
||||||||
Loss from operations
|
(370
|
)
|
(1,229
|
)
|
||||
|
||||||||
Other income (loss)
|
||||||||
Interest expense and other
|
(547
|
)
|
(281
|
)
|
||||
Total other loss
|
(547
|
)
|
(281
|
)
|
||||
|
||||||||
Loss from operations before income taxes
|
(917
|
)
|
(1,510
|
)
|
||||
Income tax provision
|
(142
|
)
|
(44
|
)
|
||||
Net loss
|
$
|
(1,059
|
)
|
$
|
(1,554
|
)
|
||
Other comprehensive income (loss):
|
||||||||
Foreign currency translation (loss) gain
|
(34
|
)
|
35
|
|||||
Other comprehensive loss
|
$
|
(1,093
|
)
|
$
|
(1,519
|
)
|
||
|
||||||||
Basic and diluted net loss per share
|
||||||||
Basic
|
$
|
(0.12
|
)
|
$
|
(0.25
|
)
|
||
Diluted
|
$
|
(0.12
|
)
|
$
|
(0.25
|
)
|
||
Weighted average basic and diluted shares
|
||||||||
Basic
|
8,628,000
|
6,290,000
|
||||||
Diluted
|
8,628,000
|
6,290,000
|
|
FOR THE
THREE MONTHS ENDED
MARCH 31,
|
|||||||
|
2017
|
2016
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(1,059
|
)
|
$
|
(1,554
|
)
|
||
Adjustments to reconcile net loss to net cash provided by operations:
|
||||||||
Depreciation and amortization
|
1,180
|
716
|
||||||
Provision for doubtful accounts
|
-
|
10
|
||||||
Share-based compensation
|
54
|
39
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts and note receivable
|
(366
|
)
|
723
|
|||||
Inventory
|
(43
|
)
|
150
|
|||||
Prepaid expenses and other assets
|
(1,004
|
)
|
187
|
|||||
Accounts payable
|
598
|
(798
|
)
|
|||||
Accrued expenses and other long-term obligations
|
(29
|
)
|
(748
|
)
|
||||
Deferred revenue
|
(516
|
)
|
637
|
|||||
Net cash used in operating activities
|
(1,185
|
)
|
(638
|
)
|
||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Acquisitions net of cash acquired
|
(8,076
|
)
|
(12,000
|
)
|
||||
Purchases of property and equipment
|
(21
|
)
|
(5
|
)
|
||||
Collection of note receivable
|
-
|
(11
|
)
|
|||||
Net change in funds held for clients
|
1,540
|
(12,189
|
)
|
|||||
Net cash used in investing activities
|
(6,557
|
)
|
(24,205
|
)
|
||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from notes payable
|
5,000
|
12,500
|
||||||
Payments on notes payable
|
(6,069
|
)
|
-
|
|||||
Debt financing fees
|
(100
|
)
|
(438
|
)
|
||||
Payments on capital leases
|
(46
|
)
|
(53
|
)
|
||||
Net proceeds from issuance of stock
|
-
|
3
|
||||||
Net change in client fund obligations
|
(1,485
|
)
|
12,189
|
|||||
Net cash (used in) provided by financing activities
|
(2,700
|
)
|
24,201
|
|||||
|
||||||||
Effect of foreign exchange rates
|
(37
|
)
|
37
|
|||||
|
||||||||
Net decrease in cash and cash equivalents
|
(10,479
|
)
|
(605
|
)
|
||||
Cash and cash equivalents at beginning of period
|
12,767
|
1,158
|
||||||
Cash and cash equivalents at end of period
|
$
|
2,288
|
$
|
553
|
||||
|
||||||||
SUPPLEMENTAL INFORMATION:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
411
|
$
|
22
|
||||
|
||||||||
Non-cash Investing and Financing Activities:
|
||||||||
Subordinated notes payable- See Note 4
|
$
|
2,090
|
6,000
|
|||||
Issuance of common stock- CPI Acquisition- See Note 4
|
$ |
946
|
$ |
-
|
Level 1:
|
Quoted prices in active markets for
identical
assets or liabilities;
|
Level 2:
|
Quoted prices in active markets for
similar
assets or liabilities; quoted prices in markets that are not active for identical or similar assets or liabilities; and model-driven valuations whose significant inputs are observable; and
|
Level 3:
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
Fair Value Measure at March 31, 2017
|
|||||||||||||||
|
Total
|
Quoted
|
Significant
|
|||||||||||||
|
Carrying
|
Prices
|
Other
|
Significant
|
||||||||||||
|
Value at
|
in Active
|
Observable
|
Unobservable
|
||||||||||||
|
March 31,
|
Market
|
Inputs
|
Inputs
|
||||||||||||
Description
|
2017
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
2,288
|
$
|
2,288
|
$
|
-
|
$
|
-
|
||||||||
Total
|
$
|
2,288
|
$
|
2,288
|
$
|
-
|
$
|
-
|
|
Fair Value Measure at December 31, 2016
|
|||||||||||||||
|
Total
|
Quoted
|
Significant
|
|||||||||||||
|
Carrying
|
Prices
|
Other
|
Significant
|
||||||||||||
|
Value at
|
in Active
|
Observable
|
Unobservable
|
||||||||||||
|
December 31,
|
Market
|
Inputs
|
Inputs
|
||||||||||||
Description
|
2016
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
12,767
|
$
|
12,767
|
$
|
-
|
$
|
-
|
||||||||
Total
|
$
|
12,767
|
$
|
12,767
|
$
|
-
|
$
|
-
|
|
Amount
|
|||||||||||||||
Assets Acquired
|
CPI
|
PMSI
|
PSNW
|
Total
|
||||||||||||
Cash & cash equivalents
|
$
|
126
|
131
|
53
|
310
|
|||||||||||
Accounts receivable
|
22
|
347
|
111
|
480
|
||||||||||||
Fixed assets
|
-
|
130
|
7
|
137
|
||||||||||||
Other assets
|
-
|
17
|
17
|
34
|
||||||||||||
Funds held for clients
|
2,809
|
-
|
6,294
|
9,103
|
||||||||||||
Goodwill
|
1,190
|
2,247
|
1,579
|
5,016
|
||||||||||||
Intangibles
|
1,563
|
2,646
|
1,879
|
6,088
|
||||||||||||
Total assets acquired
|
$
|
5,710
|
5,518
|
9,940
|
21,168
|
|||||||||||
|
||||||||||||||||
Liabilities assumed
|
||||||||||||||||
Accounts payable
|
51
|
19
|
28
|
98
|
||||||||||||
Accrued other liabilities
|
-
|
191
|
40
|
231
|
||||||||||||
Deferred revenue
|
-
|
370
|
-
|
370
|
||||||||||||
Client fund obligations
|
2,754
|
-
|
6,294
|
9,048
|
||||||||||||
Total liabilities assumed
|
2,805
|
580
|
6,362
|
9,747
|
||||||||||||
|
||||||||||||||||
Net assets acquired
|
$
|
2,905
|
4,938
|
3,578
|
11,421
|
|
Amount
|
|||
Assets acquired
|
||||
Accounts receivable
|
$
|
523
|
||
Funds held for clients
|
16,419
|
|||
Fixed assets
|
258
|
|||
Other assets
|
28
|
|||
Goodwill
|
9,016
|
|||
Intangibles
|
8,700
|
|||
Total assets acquired
|
$
|
34,944
|
||
|
||||
Liabilities assumed
|
||||
Accounts payable
|
64
|
|||
Accrued other liabilities
|
461
|
|||
Client fund obligations
|
16,419
|
|||
Total liabilities assumed
|
$
|
16,944
|
||
Net assets acquired
|
$
|
18,000
|
|
FOR THE THREE MONTHS ENDED
|
FOR THE THREE MONTHS ENDED
|
||||||
|
MARCH 31,
|
MARCH 31,
|
||||||
|
2017
|
2016
|
||||||
Revenues
|
$
|
10,727
|
$
|
10,997
|
||||
Net (loss)
|
$
|
(1,022
|
)
|
$
|
(827
|
)
|
||
Net (loss) per common share:
|
||||||||
Basic and diluted
|
$
|
(0.12
|
)
|
(0.13
|
)
|
|||
|
||||||||
Weighted average shares outstanding:
|
||||||||
Basic and diluted
|
8,628
|
6,290
|
Balance at December 31, 2016
|
$
|
26,259
|
||
Goodwill recognized upon acquisitions of PMSI, CPI and PSNW
|
5,016
|
|||
Adjustment to Goodwill associated with acquisition of Mangrove
|
179
|
|||
Foreign exchange adjustment to goodwill
|
1
|
|||
Balance at March 31, 2017
|
$
|
31,455
|
|
March 31, 2017
|
|||||||||||||||
Intangible Assets
|
Weighted Average
Amortization
Period (in Years)
|
Gross
|
Accumulated
Amortization
|
Net
|
||||||||||||
|
||||||||||||||||
Developed Technology
|
12.7
|
$
|
10,915
|
$
|
(3,761
|
)
|
$
|
7,154
|
||||||||
Customer Relationships
|
7.2
|
19,656
|
(10,807
|
)
|
8,849
|
|||||||||||
Reseller Relationships
|
7.0
|
853
|
(670
|
)
|
183
|
|||||||||||
Trade Names
|
14.6
|
1,625
|
(725
|
)
|
900
|
|||||||||||
Noncompete
|
2.0
|
112
|
(14
|
)
|
98
|
|||||||||||
|
9.5
|
$
|
33,161
|
$
|
(15,977
|
)
|
$
|
17,184
|
|
December 31, 2016
|
|||||||||||||||
Intangible Assets
|
Weighted Average
Amortization
Period (in Years)
|
Gross
|
Accumulated
Amortization
|
Net
|
||||||||||||
|
||||||||||||||||
Developed Technology
|
12.7
|
$
|
10,915
|
$
|
(3,408
|
)
|
$
|
7,507
|
||||||||
Customer Relationships
|
7.3
|
14,011
|
(10,270
|
)
|
3,741
|
|||||||||||
Reseller Relationships
|
7.0
|
853
|
(640
|
)
|
213
|
|||||||||||
Trade Names
|
14.5
|
1,294
|
(707
|
)
|
587
|
|||||||||||
|
9.8
|
$
|
27,073
|
$
|
(15,025
|
)
|
$
|
12,048
|
Calendar Years
|
||||
2017 (April to December)
|
$
|
2,840
|
||
2018
|
3,443
|
|||
2019
|
2,755
|
|||
2020
|
2,189
|
|||
2021
|
2,388
|
|||
Thereafter
|
3,569
|
|||
|
$
|
17,184
|
Notes Payable
|
Maturity
|
Stated Interest
Rate
|
Balance as of
March 31, 2017
|
Balance as of
December 31, 2016
|
||||||||||
Subordinated Notes Payable- Mangrove acquisition
|
3/18/2018
|
3.50
|
%
|
$
|
-
|
$
|
6,000
|
|||||||
Subordinated Notes Payable- PMSI acquisition
|
4/30/2018
|
2.00
|
%
|
1,100
|
-
|
|||||||||
Subordinated Notes Payable- CPI acquisition
|
4/30/2018
|
-
|
%
|
500
|
-
|
|||||||||
Subordinated Notes Payable- PSNW acquisition
|
3/31/2018
|
2.00
|
%
|
600
|
-
|
|||||||||
Term Loan - Wells Fargo
|
3/31/2019
|
6.50
|
%
|
29,715
|
24,715
|
|||||||||
Total Notes Payable
|
|
$
|
31,915
|
$
|
30,715
|
|||||||||
Short-term notes payable
|
|
$
|
2,971
|
$
|
5,455
|
|||||||||
Long-term notes payable
|
|
$
|
28,944
|
$
|
25,260
|
Notes Payable
|
Gross Notes Payable at
March 31, 2017
|
Debt Issuance Costs and Debt Discount
|
Net Notes Payable at
March 31, 2017
|
|||||||||
Notes payable, current portion
|
$
|
2,971
|
$
|
-
|
$
|
2,971
|
||||||
Notes payable, net of current portion
|
28,944
|
(779
|
)
|
28,165
|
||||||||
Total Notes Payable
|
$
|
31,915
|
$
|
(779
|
)
|
$
|
31,136
|
Notes Payable
|
Gross Notes Payable at
December 31, 2016
|
Debt Issuance Costs and Debt Discount
|
Net Notes Payable at
December 31, 2016
|
|||||||||
Notes payable, current portion
|
$
|
5,455
|
$
|
-
|
$
|
5,455
|
||||||
Notes payable, net of current portion
|
25,260
|
(679
|
)
|
24,581
|
||||||||
Total Notes Payable
|
$
|
30,715
|
$
|
(679
|
)
|
$
|
30,036
|
Year Ended
|
Gross Amount
|
|||
December 31, 2017
|
$
|
2,229
|
||
December 31, 2018
|
5,171
|
|||
December 31, 2019
|
24,515
|
|||
Gross Notes Payable
|
$
|
31,915
|
|
Foreign Currency Items
|
Accumulated Other
Comprehensive Loss Items
|
||||||
Beginning balance, December 31, 2016
|
$
|
5
|
$
|
5
|
||||
Other comprehensive loss before reclassifications
|
(34
|
)
|
(34
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
—
|
||||||
Net current-period other comprehensive loss
|
(34
|
)
|
(34
|
)
|
||||
Ending balance, March 31, 2017
|
$
|
(29
|
)
|
$
|
(29
|
)
|
|
Three Months Ended March 31, 2017
|
|||||||||||
|
Before Tax
|
Tax Benefit
|
Net of Tax
|
|||||||||
Foreign currency translation adjustments
|
$
|
(34
|
)
|
$
|
—
|
$
|
(34
|
)
|
||||
|
||||||||||||
Other comprehensive loss
|
$
|
(34
|
)
|
$
|
—
|
$
|
(34
|
)
|
|
Three Months
|
Three Months
|
||||||
|
Ended March 31,
|
Ended March 31,
|
||||||
|
2017
|
2016
|
||||||
Net loss
|
$
|
(1,059
|
)
|
$
|
(1,554
|
)
|
||
Weighted-average shares of common stock outstanding
|
8,628,000
|
6,290,000
|
||||||
Basic and diluted net loss per share
|
$
|
(0.12
|
)
|
$
|
(0.25
|
)
|
|
FOR THE THREE
MONTHS ENDED
March 31,
|
|||||||
|
2017
|
2016
|
||||||
Revenues
|
100
|
%
|
100
|
%
|
||||
Gross margin
|
77.3
|
74.3
|
||||||
Selling, general and administrative
|
65.7
|
64.4
|
||||||
Research and development
|
7.2
|
12.1
|
||||||
Amortization of intangible assets
|
7.9
|
5.6
|
||||||
Total operating expenses
|
80.7
|
82.0
|
||||||
Total other loss, net
|
(5.1
|
)
|
(14.7
|
)
|
||||
Net loss
|
(9.9
|
)
|
(23.1
|
)
|
|
FOR THE THREE
MONTHS ENDED
March 31,
|
|||||||||||||||
Revenue
|
2017
|
2016
|
Increase (Decrease)
|
%
|
||||||||||||
Cloud revenue
|
$
|
7,836
|
$
|
3,862
|
$
|
3,974
|
102.9
|
|||||||||
Hardware revenue
|
1,088
|
693
|
395
|
57.0
|
||||||||||||
Maintenance and support revenue
|
933
|
1,239
|
(306
|
)
|
(24.7
|
)
|
||||||||||
On premise software license revenue
|
169
|
140
|
29
|
20.7
|
||||||||||||
Professional services revenue
|
701
|
788
|
(87
|
)
|
(11.0
|
)
|
||||||||||
Total revenue
|
$
|
10,727
|
$
|
6,722
|
$
|
4,005
|
59.6
|
|
March 31,
|
December 31,
|
||||||
|
2017
|
2016
|
||||||
|
||||||||
Working capital (deficit)
|
$
|
(3,685
|
)
|
$
|
4,207
|
|||
Cash, cash equivalents and short-term investments
|
2,288
|
12,767
|
|
For the Three Months Ended
|
|||||||
|
March 31,
|
|||||||
|
2017
|
2016
|
||||||
|
||||||||
Cash provided by operating activities
|
$
|
(1,185
|
)
|
$
|
(638
|
)
|
||
Cash used in investing activities
|
(6,557
|
)
|
(24,205
|
)
|
||||
Cash (used in) provided by financing activities
|
(2,700
|
)
|
24,201
|
EXHIBIT NUMBER
|
|
DESCRIPTION
|
3.1 *
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32.1*
|
|
|
|
|
|
32.2*
|
|
|
|
|
|
101*
|
|
The following materials from Asure Software, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (1) the Condensed Consolidated Balance Sheets, (2) the Condensed Consolidated Statements of Comprehensive Loss, (3) the Condensed Consolidated Statements of Cash Flows, and (4) Notes to Condensed Consolidated Financial Statements.
|
|
ASURE SOFTWARE, INC.
|
|
|
|
|
|
|
|
|
|
|
May 11, 2017
|
By:
|
/s/ PATRICK GOEPEL
|
|
|
|
Patrick Goepel
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
May 11, 2017
|
By:
|
/s/ BRAD WOLFE
|
|
|
|
Brad Wolfe
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
EXHIBIT NUMBER
|
|
DESCRIPTION
|
3.1*
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32.1*
|
|
|
|
|
|
32.2*
|
|
|
|
|
|
101*
|
|
The following materials from Asure Software, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (1) the Condensed Consolidated Balance Sheets, (2) the Condensed Consolidated Statements of Comprehensive Loss, (3) the Condensed Consolidated Statements of Cash Flows, and (4) Notes to Condensed Consolidated Financial Statements.
|
Date: May 11, 2017
|
By:
|
/s/ PATRICK GOEPEL
|
|
|
|
Patrick Goepel
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
Date: May 11, 2017
|
By:
|
/s/ BRAD WOLFE
|
|
|
|
Brad Wolfe
|
|
|
|
Chief Financial Officer
|
|
Date: May 11, 2017
|
By:
|
/s/ PATRICK GOEPEL
|
|
|
|
Patrick Goepel
|
|
|
|
Chief Executive Officer
|
|
Date: May 11, 2017
|
By:
|
/s/ BRAD WOLFE
|
|
|
|
Brad Wolfe
|
|
|
|
Chief Financial Officer
|
|