(Mark One)
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☑
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2016
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or
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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For the transition period
from to
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Virginia
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54-1167364
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(State or other jurisdiction ofincorporation or
organization)
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(I.R.S. EmployerIdentification No.)
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Large accelerated filer
☐
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Accelerated filer
☐
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Non-accelerated filer
☐
(Do not check if a smaller reporting
company)
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Smaller reporting company
☑
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PART I
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Item 1.
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Business
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4
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Item 1A.
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Risk Factors
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10
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Item 1B.
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Unresolved Staff Comments
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13
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Item 2.
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Properties
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13
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Item 3.
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Legal Proceedings
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13
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Item 4.
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Mine Safety Disclosures
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13
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PART II
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||
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Item 5.
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Market for Registrant’s Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities
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14
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Item 6.
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Selected Financial Data
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15
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Item 7.
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Management's Discussion and Analysis of Financial Condition and
Results of Operations
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15
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Item 7a.
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Quantitative and Qualitative Disclosures about Market
Risk
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19
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Item 8.
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Financial Statements and Supplementary Data
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19
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Item 9.
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Changes in and Disagreements With Accountants on Accounting and
Financial Disclosures
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37
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Item 9A.
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Controls and Procedures
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37
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Item 9B.
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Other Information
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37
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PART III
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||
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Item 10.
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Directors, Executive Officers and Corporate Governance
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38
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Item 11.
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Executive Compensation
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38
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Item 12.
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Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters
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38
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Item 13.
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Certain Relationships and Related Transactions, and Director
Independence
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38
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Item 14.
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Principal Accounting Fees and Services
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38
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PART IV
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||
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Item 15.
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Exhibits, Financial Statement Schedules
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39
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SIGNATURES
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40
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||
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EXHIBIT INDEX
|
41
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Fiscal Year
Ended December 31, 2016
|
Fiscal Year
Ended December 31, 2015
|
||||||
|
Quarter
Ended:
|
Quarter
Ended:
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||||||
|
3/31/16
|
6/30/16
|
9/30/16
|
12/31/16
|
3/31/15
|
6/30/15
|
9/30/15
|
12/31/15
|
High
|
$
0.19
|
$
0.19
|
$
0.19
|
$
0.18
|
$
0.21
|
$
0.25
|
$
0.18
|
$
0.17
|
Low
|
$
0.12
|
$
0.13
|
$
0.14
|
$
0.12
|
$
0.17
|
$
0.18
|
$
0.16
|
$
0.13
|
Plan
Category
|
Number of
securities to be issued upon exercise of outstanding options,
warrants, and rights
(a)
|
Weighted-average
exercise price of outstanding options, warrants, and
rights
(b)
|
Number of
securities remaining available for future issuance under equity
compensation plans (excluding securities reflected in column
(a))
(c)
|
Equity compensation
plans approved by security holders
1,2
|
1,313,000
|
$
0.22
|
1,000,000
|
Equity compensation
plans not approved by security holders
|
-
|
-
|
-
|
Total
|
1,313,000
|
$
0.22
|
1,000,000
|
|
Years
Ended
|
|
|
December
31,
2016
|
December
31,
2015
|
Professional
fees
|
50.4
%
|
75.0
%
|
Software
sales
|
49.6
%
|
25.0
%
|
Total
revenues
|
100.0
%
|
100.0
%
|
Cost of
professional fees
|
28.2
%
|
41.0
%
|
Cost of software
sales
|
44.7
%
|
20.8
%
|
Total
cost of revenues
|
72.9
%
|
61.8
%
|
Gross
profit
|
27.1
%
|
38.2
%
|
Operating
expenses
|
|
|
Selling,
general and administrative
|
(27.9
%)
|
(28.1
%)
|
Commissions
expense
|
(7.6
%)
|
(9.0
%)
|
(Loss) income from
operations
|
(8.4
)%
|
1.1
%
|
Other
income
|
0.2
%
|
0.2
%
|
(Loss) income
before income taxes
|
(8.2
)%
|
1.3
%
|
Provision for
income taxes
|
(0.0
%)
|
(0.0
%)
|
Net (loss)
income
|
(8.2
)%
|
1.3
%
|
Report of Independent Registered Public Accounting
Firm
|
20
|
Balance Sheets as of December 31, 2016 and 2015
|
21
|
Statements of Operations and Comprehensive (Loss) Income for the
years ended December 31, 2016 and 2015
|
22
|
Statements of Changes in Stockholders' Equity for the years ended
December 31, 2016 and 2015
|
23
|
Statements of Cash Flows for the years ended December 31, 2016 and
2015
|
24
|
Notes to Financial Statements
|
25
|
|
December
31,
2016
|
December
31,
2015
|
ASSETS
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
$
1,895,372
|
$
2,167,928
|
Accounts
receivable, net
|
1,157,387
|
1,298,029
|
Prepaid expenses
and other current assets
|
663,556
|
603,340
|
Notes
receivable
|
2,630
|
-
|
Total current
assets
|
3,718,945
|
4,069,297
|
|
|
|
Property and
equipment, net of accumulated depreciation
|
|
|
and amortization of
$407,302 and $379,044
|
27,198
|
42,039
|
Other
assets
|
6,281
|
6,281
|
|
|
|
Total
assets
|
$
3,752,424
|
$
4,117,617
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
$
48,974
|
$
64,599
|
Commissions
payable
|
853,340
|
959,052
|
Deferred
revenue
|
615,035
|
581,102
|
Other accrued
liabilities
|
396,081
|
74,472
|
Accrued payroll and
related liabilities
|
206,475
|
261,202
|
Total
liabilities
|
2,119,905
|
1,940,427
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
Stockholders’
equity
|
|
|
Common stock, $0.01
par value, 30,000,000 shares authorized, 12,844,376 shares issued,
11,201,760 shares outstanding as of December 31, 2016 and 2015,
respectively
|
128,443
|
128,443
|
Additional paid-in
capital
|
14,631,362
|
14,622,352
|
Accumulated
deficit
|
(12,197,075
)
|
(11,643,394
)
|
Treasury stock,
1,642,616 shares at
cost at December
31, 2016 and 2015
|
(930,211
)
|
(930,211
)
|
|
|
|
Total
stockholders’ equity
|
1,632,519
|
2,177,190
|
|
|
|
Total liabilities
and stockholders’ equity
|
$
3,752,424
|
$
4,117,617
|
|
For the years
ended December 31,
|
|
|
2016
|
2015
|
Revenues
|
|
|
Professional
fees
|
$
3,392,358
|
$
4,658,338
|
Software
sales
|
3,336,435
|
1,556,247
|
Total
revenues
|
6,728,793
|
6,214,585
|
|
|
|
Cost of
revenues
|
|
|
Cost of
professional fees
|
1,894,898
|
2,546,912
|
Cost of software
sales
|
3,011,233
|
1,295,120
|
Total cost of
revenues
|
4,906,131
|
3,842,032
|
|
|
|
Gross
profit
|
1,822,662
|
2,372,553
|
|
|
|
Selling, general
and administrative expenses
|
1,879,208
|
1,748,330
|
Commissions
expense
|
506,908
|
556,099
|
|
|
|
(Loss) income from
operations
|
(563,454
)
|
68,124
|
Other
income
|
9,773
|
10,206
|
|
|
|
(Loss) income
before provision for income taxes
|
(553,681
)
|
78,330
|
Provision for
income taxes
|
-
|
-
|
|
|
|
Net (loss)
income
|
$
(553,681
)
|
$
78,330
|
|
|
|
Comprehensive
(loss) income
|
$
(553,681
)
|
$
78,330
|
|
|
|
|
|
|
Net (loss) income
per common share – basic
|
$
(0.05
)
|
$
0.01
|
|
|
|
Net (loss) income
per common share – diluted
|
$
(0.05
)
|
$
0.01
|
|
|
|
Weighted average
common shares outstanding
|
|
|
Basic
|
11,201,760
|
11,201,760
|
Diluted
|
11,201,760
|
11,310,387
|
|
Shares
of
|
|
|
|
|
|
|
Common
|
|
Additional
|
|
|
|
|
Stock
|
Common
|
Paid-in
|
Accumulated
|
Treasury
|
|
|
Issued
|
Stock
|
Capital
|
Deficit
|
Stock
|
Total
|
|
|
|
|
|
|
|
Balances, December
31, 2014
|
12,844,376
|
$
128,443
|
$
14,613,887
|
$
(11,721,724
)
|
$
(930,211
)
|
$
2,090,395
|
|
|
|
|
|
|
|
Net
income
|
-
|
-
|
-
|
78,330
|
-
|
78,330
|
|
|
|
|
|
|
|
Stock option
compensation
|
-
|
-
|
8,465
|
-
|
-
|
8,465
|
|
|
|
|
|
|
|
Balances, December
31, 2015
|
12,844,376
|
128,443
|
14,622,352
|
(11,643,394
)
|
(930,211
)
|
2,177,190
|
|
|
|
|
|
|
|
Net
loss
|
-
|
-
|
-
|
(553,681
)
|
-
|
(553,681
)
|
|
|
|
|
|
|
|
Stock option
compensation
|
-
|
-
|
9,010
|
-
|
-
|
9,010
|
|
|
|
|
|
|
|
Balances, December
31, 2016
|
12,844,376
|
$
128,443
|
$
14,631,362
|
$
(12,197,075
)
|
$
(930,211
)
|
$
1,632,519
|
|
For the years
ended December 31,
|
|
|
2016
|
2015
|
Cash flows from
operating activities:
|
|
|
Net (loss)
income
|
$
(553,681
)
|
$
78,330
|
Adjustments to
reconcile net (loss) income to net cash
used in operating
activities:
|
|
|
Depreciation and
amortization
|
28,258
|
29,866
|
Stock option
compensation
|
9,010
|
8,465
|
Bad debt
expense
|
7,635
|
107
|
Forgiveness of note
receivable
|
-
|
7,863
|
Changes in
operating assets and liabilities
|
|
|
Accounts
receivable
|
133,007
|
(327,515
)
|
Prepaid expenses
and other current assets
|
(60,216
)
|
156,642
|
Accounts payable,
accrued payroll and related liabilities, and
|
251,257
|
(3,854
)
|
other accrued
liabilities
|
|
|
Commissions
payable
|
(105,712
)
|
(57,995
)
|
Deferred
revenue
|
33,933
|
(156,892
)
|
|
|
|
Net cash used in
operating activities
|
(256,509
)
|
(264,983
)
|
|
|
|
Cash flows from
investing activities:
|
|
|
Acquisition of
property and equipment
|
(13,417
)
|
(18,230
)
|
Increase in notes
receivable – employees
|
(5,768
)
|
-
|
Payments received
on notes receivable – employees
|
3,138
|
1,135
|
|
|
|
Net cash used in
investing activities
|
(16,047
)
|
(17,095
)
|
|
|
|
Net decrease in
cash and cash equivalents
|
(272,556
)
|
(282,078
)
|
|
|
|
Cash and cash
equivalents, beginning of the year
|
2,167,928
|
2,450,006
|
|
|
|
Cash and cash
equivalents, end of the year
|
$
1,895,372
|
$
2,167,928
|
|
|
|
Supplemental cash
flow information
|
|
|
Interest
paid
|
$
-
|
$
-
|
|
|
|
Income taxes
paid
|
$
-
|
$
-
|
|
2016
|
2015
|
Billed-federal
government
|
$
693,321
|
$
754,540
|
Billed-commercial
and other
|
67,201
|
180,474
|
Total
billed
|
760,522
|
935,014
|
Unbilled
|
396,865
|
363,015
|
Allowance for
doubtful accounts
|
-
|
-
|
Accounts
receivable, net
|
$
1,157,387
|
$
1,298,029
|
|
Level
1
|
Level
2
|
Level
3
|
December 31,
2016
|
|
|
|
Money market
funds
|
$
1,611,799
|
$
-
|
$
-
|
Total
|
$
1,611,799
|
$
-
|
$
-
|
|
|
|
|
December 31,
2015
|
|
|
|
Money market
funds
|
$
1,912,188
|
$
-
|
$
-
|
Total
|
$
1,912,188
|
$
-
|
$
-
|
|
2016
|
2015
|
Furniture and
equipment
|
$
110,042
|
$
110,042
|
Computer equipment
and software
|
317,644
|
304,656
|
Leasehold
Improvements
|
6,814
|
6,385
|
Subtotal
|
434,500
|
421,083
|
Less: accumulated
depreciation and amortization
|
(407,302
)
|
(379,044
)
|
Total
|
$
27,198
|
$
42,039
|
Year ending
December 31,:
|
2017
|
$
95,405
|
|
2018
|
103,512
|
|
2019
|
106,617
|
|
2020
|
109,816
|
|
2021
|
55,719
|
Total minimum rent
payments
|
|
$
471,069
|
|
2016
|
2015
|
Deferred tax assets
(liabilities):
|
|
|
Net
operating loss carryforward
|
$
5,702,400
|
$
5,453,200
|
Accrued
commissions
|
285,900
|
324,600
|
Accrued
vacation
|
32,500
|
35,900
|
AMT
tax credit carryforward
|
6,600
|
6,600
|
Fixed
assets
|
(2,100
)
|
48,200
|
Other
|
6,000
|
8,000
|
Subtotal
|
6,031,300
|
5,876,500
|
Valuation
allowance
|
(6,031,300
)
|
(5,876,500
)
|
Total
|
$
-
|
$
-
|
|
December
31,
|
|
Current income
taxes
|
2016
|
2015
|
Federal
|
$
-
|
$
13,800
|
State
|
-
|
1,600
|
Alternative minimum
tax
|
-
|
-
|
Benefit from
utilization of net operating losses
|
-
|
(15,400
)
|
|
-
|
-
|
Deferred
taxes
|
-
|
-
|
|
$
-
|
$
-
|
|
2016
|
|
2015
|
Risk
free interest rate
|
0.70% -
1.73%
|
|
1.61% -
1.97%
|
Dividend
yield
|
0%
|
|
0%
|
Expected
term
|
2-10
years
|
|
5-10
years
|
Expected
volatility
|
34.9
– 50.4%
|
|
41.2
– 54.2%
|
|
Nonvested
|
|
|
Number of
shares
|
Weighted average
grant date fair value
|
Balance at December
31, 2015
|
49,500
|
$
0.07
|
Granted
|
285,000
|
0.04
|
Vested
|
(254,500
)
|
0.04
|
Expired before
Vesting
|
(35,000
)
|
0.05
|
Balance at December
31, 2016
|
45,000
|
$
0.07
|
|
Net (Loss) Income
|
Shares
|
Per Share
Amount
|
Basic
net loss per common share for the year ended December 31,
2016:
|
|
|
|
Loss
available to common stockholders
|
$
(553,681
)
|
11,201,760
|
$
(0.05
)
|
Effect
of dilutive stock options
|
-
|
-
|
-
|
Diluted
net loss per common share for the year ended December 31,
2016:
|
$
(553,681
)
|
11,201,760
|
$
(0.05
)
|
|
|
|
|
Basic
net income per common share for the year ended December 31,
2015:
|
|
|
|
Income
available to common stockholders
|
$
78,330
|
11,201,760
|
0.01
|
Effect
of dilutive stock options
|
-
|
108,627
|
-
|
Diluted
net income per common share for the year ended December 31,
2015:
|
$
78,330
|
11,310,387
|
0.01
|
|
2016
|
2015
|
Deferred costs of
software sales
|
$
596,724
|
$
563,036
|
Prepaid
rent
|
8,883
|
8,624
|
Prepaid
insurance
|
13,774
|
13,633
|
ISO
9001
|
18,166
|
-
|
Other
|
26,009
|
18,047
|
|
|
|
Total
|
$
663,556
|
$
603,340
|
|
2016
|
2015
|
Accrued costs of
software sales
|
$
337,560
|
$
8,432
|
Accrued accounting
and auditing expense
|
46,500
|
48,750
|
Other
|
12,021
|
17,290
|
|
|
|
Total
|
$
396,081
|
$
74,472
|
|
Page
|
Report of Independent Registered Public Accounting
Firm
|
16
|
Balance Sheets as of December 31, 2016 and 2015
|
17
|
Statements of Operations and Comprehensive (Loss) Income for the
years ended December 31, 2016 and 2015
|
18
|
Statements of Changes in Stockholders' Equity for the years ended
December 31, 2016 and 2015
|
19
|
Statements of Cash Flows for the years ended December 31, 2016 and
2015
|
20
|
Notes to Financial Statements
|
21
|
|
INFORMATION
ANALYSIS INCORPORATED
|
|
|
|
(Registrant) |
|
|
|
|
|
|
Date:
March
31, 2017
|
By:
|
/s/
Sandor
Rosenberg
|
|
|
|
Sandor
Rosenberg, President
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/
Sandor
Rosenberg
|
|
Chairman of the Board, Chief E xecutive Officer and President |
|
March 31, 2017
|
Sandor Rosenberg |
|
|
|
|
|
|
|
|
|
/s/
Mark T. Krial
|
|
Director
|
|
March
31, 2017
|
Mark T.
Krial
|
|
|
|
|
|
|
|
|
|
/s/
Charles
A. May
|
|
Director |
|
March 31, 2017 |
Charles A. May |
|
|
|
|
|
|
|
|
|
/s/
William
Pickle
|
|
Director |
|
March 31, 2017 |
William Pickle |
|
|
|
|
|
|
|
|
|
/s/ Bonnie K. Wachtel |
|
Director |
|
March 31, 2017 |
Bonnie K. Wachtel |
|
|
|
|
|
|
|
|
|
/s/ James D. Wester |
|
Director |
|
March 31, 2017 |
James D. Wester |
|
|
|
|
|
|
|
|
|
/s/ Richard S. DeRose |
|
Director |
|
March 31, 2017 |
Richard S. DeRose |
|
|
|
|
|
|
|
|
|
/s/ Matthew T. Sands |
|
Director |
|
March 31, 2017 |
Matthew T. Sands |
|
|
|
|
|
|
|
|
Exhibit
No.
|
|
Description
|
|
Location
|
3.1
|
|
Amended and
Restated Articles of Incorporation effective March 18,
1997
|
|
Incorporated by
reference from the Registrant’s Form 10-KSB/A for the fiscal
year ending December 31, 1996 and filed on July 3,
1997
|
3.2
|
|
Articles of
Amendment to the Articles of Incorporation
|
|
Incorporated by
reference from the Registrant’s Form 10-KSB/A for the fiscal
year ending December 31, 1997 and filed on March 30,
1998
|
3.3
|
|
Amended By-Laws of
the Company
|
|
Incorporated by
reference from the Registrant’s Form S-18 dated November 20,
1986
(Commission File
No. 33-9390).
|
4.1
|
|
Copy
of Stock Certificate
|
|
Incorporated by
reference from the Registrant’s Form 10-KSB/A for the fiscal
year ending December 31, 1997 and filed on March 30,
1998
|
10.1
|
|
Office
Lease for 18,280 square feet at 11240 Waples Mill Road, Fairfax,
Virginia 22030.
|
|
Incorporated by
reference from the Registrant’s Form 10-KSB/A for the fiscal
year ending December 31, 1996 and filed on July 3,
1997
|
10.2
|
|
Company’s
401(k) Profit Sharing Plan through Aetna Life Insurance and Annuity
Company (now ING).
|
|
Incorporated by
reference from the Registrant’s Form 10-KSB/A for the fiscal
year ending December 31, 1996 and filed on July 3,
1997
|
10.3
|
|
1996
Stock Option Plan
|
|
Incorporated by
reference from the Registrant’s Form S-8 filed on June 25,
1996
|
10.4
|
|
Second
Modification of Lease, dated February 10, 2004, to 4,434 square
feet at 11240 Waples Mill Road, Fairfax, Virginia
22030
|
|
Incorporated by
reference from the Registrant’s Form 10-KSB for the period
ended December 31, 2003, and filed on March 30, 2004
|
10.5
|
|
Termination and/or
change in control arrangement for Richard S. DeRose dated June 18,
1997
|
|
Incorporated by
reference from the Registrant’s Form 10-KSB for the year
ended December 31, 2004, and filed on March 30, 2005
|
10.6
|
|
Line
of Credit Agreement with TD Bank, N.A. (formerly Commerce Bank,
N.A.)
|
|
Incorporated by
reference from the Registrant’s Form 10-KSB for the year
ended December 31, 2005, and filed on March 31, 2006
|
10.7
|
|
Information
Analysis Incorporated 2006 Stock Incentive Plan
|
|
Incorporated by
reference from the Registrant’s definitive proxy statement on
Schedule 14A filed on April 19, 2006
|
10.8
|
|
Modification
Agreement regarding Line of Credit Agreement with TD Bank, N.A.,
successor to Commerce Bank, N.A., dated July 18, 2008.
|
|
Incorporated by
reference from the Registrant’s Form 10-K for the period
ended December 31, 2008, and filed on March 31, 2009
|
10.9
|
|
Modification
Agreement regarding Line of Credit Agreement with TD Bank, N.A.,
successor to Commerce Bank, N.A., dated December 29,
2009.
|
|
Incorporated by
reference from the Registrant’s Form 10-K for the period
ended December 31, 2009, and filed on March 31, 2010
|
Exhibit
No.
|
|
Description
|
|
Location
|
10.10
|
|
Modification
Agreement regarding Line of Credit Agreement with TD Bank, N.A.,
successor to Commerce Bank, N.A., dated November 30,
2012.
|
|
Incorporated by
reference from the Registrant’s Form 10-K for the period
ended December 31, 2012, and filed on March 29, 2013
|
10.11
|
|
Fifth
Modification of Lease, dated February 6, 2013, to extend term of
lease four years.
|
|
Incorporated by
reference from the Registrant’s Form 10-K for the period
ended December 31, 2012, and filed on March 29, 2013
|
10.12
|
|
Modification
Agreement regarding Line of Credit Agreement with TD Bank, N.A.,
successor to Commerce Bank, N.A., dated November 26,
2013.
|
|
Incorporated by
reference from the Registrant’s Form 10-K for the period
ended December 31, 2013, and filed on March 31, 2014
|
10.13
|
|
Eighth
Amendment to Loan Agreement regarding Line of Credit Agreement with
TD Bank, N.A., successor to Commerce Bank, N.A., dated April 21,
2015.
|
|
Incorporated by
reference from the Registrant’s Form 10-Q for the period
ended March 31, 2015, and filed on May 15, 2015
|
10.14
|
|
Modification
Agreement regarding Line of Credit Agreement with TD Bank, N.A.,
successor to Commerce Bank, N.A., dated May 26, 2016.
|
|
Incorporated by
reference from the Registrant’s Form 10-Q for the period
ended June 30, 2016, and filed on August 11, 2016
|
10.15
|
|
Sixth
Modification of Lease, dated December 9, 2016, to extend term of
lease four years.
|
|
Filed
with this Form 10-K
|
23.1
|
|
Consent of
Independent Registered Public Accounting Firm, CohnReznick
LLP
|
|
Filed
with this Form 10-K
|
31.1
|
|
Rule
13a-14(a) / 15a-14(a) Certification by Chief Executive
Officer
|
|
Filed
with this Form 10-K
|
31.2
|
|
Rule
13a-14(a) / 15a-14(a) Certification by Chief Financial
Officer
|
|
Filed
with this Form 10-K
|
32.1
|
|
Certification by
Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
|
Filed
with this Form 10-K
|
32.2
|
|
Certification by
Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
|
Filed
with this Form 10-K
|
|
LANDLORD: Fair Center Office Associates, LLC |
|
|
|
|
|
|
Witness: |
|
By:
|
|
|
|
Printed
Name:
|
|
|
|
Title:
|
|
|
|
Date:
|
|
|
|
|
|
|
TENANT: Information Analysis, Inc. |
|
|
|
|
|
|
Witness:
|
|
By: |
|
|
|
Printed
Name:
|
|
|
|
Title:
|
|
|
|
Date:
|
|
|
|
|
|
Date: March 31,
2017
|
By:
|
/s/
Sandor
Rosenberg
|
|
|
|
Sandor Rosenberg |
|
|
|
Chairman of the Board, Chief Executive Officer, and President |
|
|
|
|
|
Date: March 31,
2017
|
By:
|
/s/
Richard
S. DeRose
|
|
|
|
Richard S.
DeRose
|
|
|
|
Executive Vice President, Treasurer, and Chief Financial Officer |
|
|
|
|
|
Date: March 31,
2017
|
By:
|
/s/
Sandor
Rosenberg
|
|
|
|
Sandor Rosenberg |
|
|
|
Chairman of the Board, Chief Executive Officer, and President |
|
|
|
|
|
Date: March 31,
2017
|
By:
|
/s/
Richard
S. DeRose
|
|
|
|
Richard S.
DeRose
|
|
|
|
Executive Vice President, Treasurer, and Chief Financial Officer |
|