Gold Coast’s $1bn Jewel development launches to NZ market

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MEDIA RELEASE FROM NEW ZEALAND SOTHEBY’S INTERNATIONAL REALTY, QUEENSTOWN

March 29, 2017. For immediate release

Gold Coast’s $1bn Jewel development launches to New Zealand market

Australia’s first absolute beachfront six-star hotel and residences in 30 years will now be marketed to one of the Gold Coast’s biggest property investment destinations, New Zealand.

New Zealand Sotheby’s International Realty (NZSIR) will launch the $1 billion Jewel tri-tower development at a series of presentation seminars in Auckland on Saturday, 8 April, midday, at Hotel Sofitel Auckland Viaduct Harbour.

Jewel is currently under construction just south of Surfers Paradise. It is being developed as a joint venture between one of the world’s biggest private property developers, Wanda Group, and Ridong Group, also of China.

Wanda Group is owned by China’s richest man Wang Jainlin. Wanda Group is the world’s largest cinema chain operator, owning the Hoyts Group and Wanda Cinemas, as well as the highest revenue-generating film company Wanda Film Holdings, international superyacht company Sunseeker, and major hotel developments in Britain, the United States and Australia.

Expected to open in 2019, Jewel is the first of its kind in Australia – promising more luxury than ever seen before on the Gold Coast, with 512 apartments, a Wanda Vista Hotel and exclusive amenities that spill to 130 metres of absolute beachfront.

NZSIR is introducing the development to potential Kiwi buyers and high net worth individuals who are looking to reside at Jewel or have as a holiday base on the Gold Coast.

NZSIR Managing Director Mark Harris says he is honoured to introduce one of Queensland’s premier real estate products to his network. “New Zealanders have a deep-seated, generational connection with the Gold Coast; it’s our home away from home in many ways. Many memories have been made through family holidays on Gold Coast beaches. I think this project will be very well received by our local market.”

Harris says it makes sense that major projects such as Jewel are capitalising on Sotheby’s International Realty’s worldwide reach. The global network comprises 850 offices and is regarded as the world’s largest luxury real estate company with annual sales in 2016 exceeding USD $95bn.

“This is a world-class product. Sotheby’s International Realty will take it to an international market and give it the exposure it deserves,” Harris adds.

Jewel Director of Sales and Marketing Lucas Wilson says the development is already attracting strong international interest, and will become one of the most sought-after beachfront developments globally.

“Jewel will become Australia’s largest mixed-used development on the absolute beachfront. Opportunities to get into a property such as this will become increasingly rare, particularly on the Gold Coast where most beach-front land is already fully developed.

“Sotheby’s International Realty is providing a once-in-a-generation opportunity for a small number of very lucky buyers, and New Zealanders are now in prime position to capitalise.”

ENDS

© Scoop Media

Acclaimed hospitality marketing & PR agency opens NZ Branch

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Acclaimed hospitality marketing & PR agency opens New Zealand Branch

Dutch marketing and PR agency Typhoon Hospitality is expanding its business to Asia Pacific by launching an Auckland branch. The agency is joining forces with local company Lily & Louis to work with world’s leading brands and independent businesses within the hospitality industry.

Due to its specialist and niche approach, the start-up has achieved major partnerships with brands such as Guinness, Nespresso, Hendrick’s Gin, Deliveroo, and THE ENTOURAGE GROUP. With its expansion to New Zealand, the agency can now realise its dream to elevate marketing and PR in hospitality to the next level in two different time zones.

The Amsterdam-based agency focuses on the European market while Typhoon Hospitality New Zealand will be responsible for Asia Pacific.

In 2012, Typhoon Hospitality was founded on the belief that from a marketing perspective, hospitality could do, and deserved, better. Now, the agency boasts 30 specialists spanning marketing, events and public relations.

“We used to joke around about Typhoon’s upcoming ‘world domination’. Hidden within this innocuous joke was a very real desire to expand globally. Half a year ago I found the perfect home to take this step. Auckland: a region whose hospitality branch was at the same stage as Amsterdam was when Typhoon Hospitality was founded. With the establishment of the Asia Pacific HQ, we will not just be an Amsterdam/European hospitality partner in crime, but a confidant for brands and entrepreneurs from around the world,” says Typhoon Hospitality’s Founder and Managing Director Yaela Betsalel.

To utilise its expertise on the far side of the world to the fullest, Typhoon Hospitality has joined forces with boutique consumer PR agency Lily & Louis. Lily & Louis is intimately familiar with the New Zealand market with year on year growth, making it an idea partner to complete Typhoon Hospitality’s extensive experience in the field. It boasts an impressive client portfolio consisting of leading national and international brands such as Montblanc, AMP, Accor Hotels, Peroni, Sanpellegrino.

“We are delighted to partner with Typhoon Hospitality and look forward to innovating bespoke marketing and PR solutions in a booming hospitality industry in New Zealand. In 2016 alone, sales sat at almost $9 billion per annum. This is a serious industry with major social and economic implications and it’s not going anywhere. It is only logical that we expand our rapidly growing business to include marketing and PR solutions, which consider and satisfy this growing sector’s needs,” says Lily & Louis’ Managing Partner Jacqui Ansin.

“In five years, Typhoon has developed an unprecedented speciality in hospitality marketing, PR and communication. We’re honoured to serve a new market with our partners Lilly & Louis to add value to the industry in New Zealand and beyond,” adds Betsalel.

END.

About Typhoon Hospitality

With its 360° way of working, Typhoon Hospitality is a unique hospitality marketing & PR agency. Restaurant, hotel, spirits and everything in between; if it’s hospitality related, it’s our business! The young, strong, and creative team turns their (crazy) ideas into concrete projects and develops tailor-made approaches with a mix of PR, online marketing, social media, events and design. Typhoon Hospitality is founded on the belief that – marketing wise – hospitality can do – and deserves – better. Typhoon Hospitality puts this belief into practice for Nespresso, Kimpton, Belvedere Vodka, Deliveroo en NH Collection Grand Hotel Krasnapolsky, among many more; creating strong and durable brands.

About Lilly & Louis

Lily and Louis is a fast growing boutique lifestyle PR agency specialising in curated content for businesses, media, consumers, social channels and stakeholders. With an impressive portfolio of some of New Zealand’s most beloved brands and leading category coverage, they are not afraid to push the boundary to cut through the noise and fit brands into people’s lives. Working at a strategic, creative and tactical level, they produce engaging campaigns which connect New Zealanders through shared values and interests while embedding brands within consumer consciousness.

© Scoop Media

Acclaimed hospitality marketing & PR agency opens NZ Branch

Submit the press release

Acclaimed hospitality marketing & PR agency opens New Zealand Branch

Dutch marketing and PR agency Typhoon Hospitality is expanding its business to Asia Pacific by launching an Auckland branch. The agency is joining forces with local company Lily & Louis to work with world’s leading brands and independent businesses within the hospitality industry.

Due to its specialist and niche approach, the start-up has achieved major partnerships with brands such as Guinness, Nespresso, Hendrick’s Gin, Deliveroo, and THE ENTOURAGE GROUP. With its expansion to New Zealand, the agency can now realise its dream to elevate marketing and PR in hospitality to the next level in two different time zones.

The Amsterdam-based agency focuses on the European market while Typhoon Hospitality New Zealand will be responsible for Asia Pacific.

In 2012, Typhoon Hospitality was founded on the belief that from a marketing perspective, hospitality could do, and deserved, better. Now, the agency boasts 30 specialists spanning marketing, events and public relations.

“We used to joke around about Typhoon’s upcoming ‘world domination’. Hidden within this innocuous joke was a very real desire to expand globally. Half a year ago I found the perfect home to take this step. Auckland: a region whose hospitality branch was at the same stage as Amsterdam was when Typhoon Hospitality was founded. With the establishment of the Asia Pacific HQ, we will not just be an Amsterdam/European hospitality partner in crime, but a confidant for brands and entrepreneurs from around the world,” says Typhoon Hospitality’s Founder and Managing Director Yaela Betsalel.

To utilise its expertise on the far side of the world to the fullest, Typhoon Hospitality has joined forces with boutique consumer PR agency Lily & Louis. Lily & Louis is intimately familiar with the New Zealand market with year on year growth, making it an idea partner to complete Typhoon Hospitality’s extensive experience in the field. It boasts an impressive client portfolio consisting of leading national and international brands such as Montblanc, AMP, Accor Hotels, Peroni, Sanpellegrino.

“We are delighted to partner with Typhoon Hospitality and look forward to innovating bespoke marketing and PR solutions in a booming hospitality industry in New Zealand. In 2016 alone, sales sat at almost $9 billion per annum. This is a serious industry with major social and economic implications and it’s not going anywhere. It is only logical that we expand our rapidly growing business to include marketing and PR solutions, which consider and satisfy this growing sector’s needs,” says Lily & Louis’ Managing Partner Jacqui Ansin.

“In five years, Typhoon has developed an unprecedented speciality in hospitality marketing, PR and communication. We’re honoured to serve a new market with our partners Lilly & Louis to add value to the industry in New Zealand and beyond,” adds Betsalel.

END.

About Typhoon Hospitality

With its 360° way of working, Typhoon Hospitality is a unique hospitality marketing & PR agency. Restaurant, hotel, spirits and everything in between; if it’s hospitality related, it’s our business! The young, strong, and creative team turns their (crazy) ideas into concrete projects and develops tailor-made approaches with a mix of PR, online marketing, social media, events and design. Typhoon Hospitality is founded on the belief that – marketing wise – hospitality can do – and deserves – better. Typhoon Hospitality puts this belief into practice for Nespresso, Kimpton, Belvedere Vodka, Deliveroo en NH Collection Grand Hotel Krasnapolsky, among many more; creating strong and durable brands.

About Lilly & Louis

Lily and Louis is a fast growing boutique lifestyle PR agency specialising in curated content for businesses, media, consumers, social channels and stakeholders. With an impressive portfolio of some of New Zealand’s most beloved brands and leading category coverage, they are not afraid to push the boundary to cut through the noise and fit brands into people’s lives. Working at a strategic, creative and tactical level, they produce engaging campaigns which connect New Zealanders through shared values and interests while embedding brands within consumer consciousness.

© Scoop Media

Test our new Product Navigator!

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Monday, 20 March 2017

New Product Navigator screenshot

The EUMETSAT Product Navigator (PN) is our online catalogue for all EUMETSAT data and products, including third-party products disseminated via EUMETCast.

The PN is used to search and order data and subscribe to EUMETCast services. There is also a version available for smartphones.

We are now updating the PN, following feedback from our users and input from industry. The new PN offers a new design and improved navigation and categorisation, making it easier for users to find what they are looking for.

But we still want more feedback from users before it goes live. So this is your chance to have a say in what the Product Navigator looks like and how it functions.

Testing would take place online in the week commencing 3 April and should take approx. 30 minutes. To register to join the testing team email our Helpdesk putting PN testing as the subject, by 24 March.

New Reference Evapotranspiration product from LSA SAF soon on EUMETCast

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Thursday, 23 March 2017

This new operational METREF product provides daily ETo [mm/day] estimated from daily global radiation derived from SEVIRI/MSG, as this is the main driver of evapotranspiration over the extensive reference surface. The product is suitable for water management, drought and climate monitoring.

The product will be distributed on EUMETCast-Europe and EUMETCast-Africa on the ‘SAF-Global’ channel:

PID: 300 (for Europe and Africa)

Multicast Address: 224.223.222.32

Filename example:

S-LSA_HDF5_LSASAF_MSG_METREF_MSG-Disk_201702010000.bz2

Users already subscribed to LSA SAF products via EUMETCast will receive this new product automatically. Other users wishing to receive this product should register via our Earth Observation Portal (EOP).

For more information, contact our User Service Helpdesk.

Upcoming release of IASI Level 2 PPF (Product Processing Facility) Version 6.3

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Thursday, 23 March 2017

This new release will consist of the following enhancements:

  • Addition of a new product: the EUMETSAT AC SAF* IASI SO2 which currently has a demonstration status. This product is generated with the BRESCIA library from ULB and LATMOS.
  • Extending the yield of IASI L2PCore SST (Sea Surface Temperature) products of good and best quality at mid and high latitudes.
  • Including an indicator for the presence of dust aerosols.
  • Fixing a bug in the BDIV flag in the EUMETSAT AC SAF IASI CO (Carbon Monoxide Profiles) product, both in native and BUFR formats.

Test data for user familiarisation are available on our FTP server: ftp://ftp.eumetsat.int/pub/OPS/out/test-data/Test-data-for-External-Users/IASI-L2-PPF-V6.3_Test-Data_Mar2017

They include:

  • IASI SO2 products in BUFR
  • Native overall IASI L2 products (these products are available from the EUMETSAT Data Centre, they are not distributed in near-real time)
  • IASI L2PCore SST

For the new IASI SO2 products, the test data include recent observations from 8 March 2017, generated with IASI L2 v6.3 from the validation ground segment, and a historical case from 6 June 2011 with large SO2 concentrations resulting from volcanic eruptions.

BUFR tables for the IASI SO2 product are available here.

Users are invited to provide feedback on the new SO2 product (currently in demonstration status) while the product validation is ongoing. The operational status of the other products remain unchanged.

The activation of IASI L2 v6.3 for routine production and near-real time dissemination is planned for mid-June 2017. The exact date will be communicated in due course.

Users not yet subscribed to IASI L2 products and/or AC SAF products and wishing to receive them via EUMETCast should register via our Earth Observation Portal (EOP).

For more information, contact our User Service Helpdesk.

*the Satellite Application Facility on Atmospheric Composition Monitoring, previously known as O3M SAF

Alcatel-Lucent Enterprise Announces Hybrid Communication Blueprint to Accelerate UCaaS and CPaaS Usage

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SINGAPORE–(Marketwired – Mar 28, 2017) – At a glance:

  • ALE expands cloud services with new Rainbow™ Connector, adds new flexible cloud models for OpenTouch®, providing customers with a range of options for their UCaaS needs
  • Rainbow open architecture provides a set of services („Rainbow Hub” CPaaS platform) that integrate with industry-specific applications and processes, adding collaborative value to customers’ assets

ALE, operating under the Alcatel-Lucent Enterprise brand, is introducing its hybrid communications blueprint to help businesses adopt Unified Communications as a Service (UCaaS). Rainbow™ Connected Platform, the ALE „relationship machine,” is an overlay service that connects ALE and third-party communications platforms in a hybrid approach, enabling businesses to protect and leverage existing systems while accessing new unified communication services.

The new Rainbow Connector links any PBX (ALE or non-ALE) to the cloud and extends Rainbow UC capabilities (IM, Voice, Video, Screen and File sharing) as it enables calling via the PSTN, with Rainbow assuring call completion beyond the Rainbow community.

ALE is introducing OTEC-S, a multi-tenant cloud-based offer aimed at providing small and midsized companies with the benefits of Telephony as-a-Service coupled with Rainbow’s UCaaS capabilities. This expansion of the Alcatel-Lucent OpenTouch® Enterprise Cloud (OTEC) offer further extends the ALE strategy to deliver connected platforms by enabling enterprises of any size to take advantage of new subscription-based models. Large enterprises have benefited from the OTEC multi-instance architecture since its introduction three years ago. All OTEC customers benefit from the latest release with no upgrade costs, while the providers help manage the subscription from their data center.

In parallel, ALE will introduce OTEC Flex, a unique offer delivering cloud flexibility to Large and X-Large customers. OTEC Flex enables these customers to deploy communications in a flexible and adaptable private cloud environment from one location to another, while dramatically reducing the cost of resources, operations and maintenance.

Rainbow also acts as a CPaaS platform, where everything connects, by using APIs to integrate with business processes and in-house and third-party apps, allowing multiple customers to access the platform at the same time within a separate secure environment.

Alcatel-Lucent Enterprise Business Partners who deliver Rainbow services can offer applications that create greater value in communications via Rainbow Hub APIs portal. For example, a school district can take advantage of a broadcast lockdown and response application in a crisis, a hotel can leverage the Rainbow services integrated into their customer loyalty program application, or a bank can use Rainbow to integrate messaging and notifications over their customer relationship applications.

About Us
We are ALE. Our mission is to make everything connect to create the customized technology experience customers need. We deliver networking and communications that work for your people, processes and customers from your office, the cloud or in combination.

A heritage of innovation and dedication to customer success has made ALE, marketed under the Alcatel-Lucent Enterprise brand, an essential provider of enterprise networking, communications and services to over 830,000 customers worldwide. ALE has a global reach and local focus with more than 2200 employees and 2900+ partners who serve over 50 countries.

For more information, visit our web site at: http://enterprise.alcatel-lucent.com.
For ongoing news visit our Newsroom, Blog, Facebook and Twitter.

Related Materials
Learn more and sign up for Rainbow at http://www.openrainbow.com/
Collaboration: Why is it so hard to work together?

Tags/Keywords
Rainbow, cloud, collaboration, CPaaS, UCaaS, Connected Platforms, APIs

More details on “Federation” spacecraft

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The article from SATnewswire.com

According to TASS news agency “Federation” spacecraft will be not only modern and reliable vehicle, but also will offer comfortable conditions for crew members.

“Federation” spacecraft entered to production phase in February 2017 and many new details regarding construction of new vehicle were already unveiled. First of all vehicle will be controlled by new computer system, which according to head of the Flight Test Center at Energiya Space Rocket Corporation Mark Serov, will be almost completely resistant for internal or man to machine interface errors. As Serov told TASS:

“Federation’s onboard computer system has profound redundancy and therefore the computer network’s failure is something unthinkable. There will be just few push buttons aboard (following the tradition inherited from Soyuz spacecraft, we call them the buttons of ‘especially important commands’) to activate backup power supply and restore the work of onboard computers,”

Still computer system will be controlled by crew, but men will be strongly supported by computers, giving ability to decide about particularly important elements of the flight without bothering without less important data.

Another announced by TASS novelty will be fully separated toilet. In early designs like Soyuz, toilet was separated with curtain giving minimum of privacy.  Special materials will help in creating light and rugged structure separating private space from rest of the spacecraft. Engineers creating “Federation” spacecraft  are declaring that comfort is one of the most important objectives during designing process.

First flight of “Federation” is planned for 2021 probably from Vostochny cosmodrome.

Read more at More details on “Federation” spacecraft

ICTV Brands, Inc. Reports Fourth Quarter 2016 Financial Results

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/EINPresswire.com/ — WAYNE, PA–(Marketwired – Mar 28, 2017) – ICTV Brands, Inc. (OTCQX: ICTV), (CSE: ITV), a digitally focused direct response marketing and international branding company focused on the health, wellness and beauty sector, today reported financial results for the three months and year ended December 31, 2016.

Fourth Quarter 2016 Highlights:

  • Positive cash flows from operations of approximately $283K, increasing cash from year end to approximately $1.4M.
  • Positive Adjusted EBITDA of approximately $190,000, excluding non-cash stock-based compensation.
  • Expanded our digital marketing platform to include listings on www.target.com and www.cvs.com in Q4.
  • In January 2017, we completed the transformative acquisition of PhotoMedex, Inc. and Ermis Labs, Inc.
  • Brick and Mortar retail sales of approximately $180,000.

Management Commentary:
Richard Ransom, President, stated, „I speak on behalf of all ICTV employees when I say that I am incredibly proud of the hard work we have accomplished during the year, and during the fourth quarter in particular. The close of a fiscal year is a time to reflect upon the progress that has been made on the execution of the Company’s strategic plan, while at the same time resetting goals and targets for the year ahead. As I reflect back to the end of 2015, I see a very different ICTV than the Company that exists today. Major accomplishments during the year include: 1) Re-positioning ICTV as a multi-channel digital media and e-commerce platform. 2) Expansion of sales distribution channels across geography, online partnerships as well as traditional brick & mortar. Over the course of 2016, ICTV was able to establish vendor accounts with several major US and Canada retailers in addition to Bed Bath & Beyond including Walmart, Kohl’s, Target, and Costco Canada, just to name a few. 3) Taking 100% ownership of DermaWand, which will have a positive immediate and longer-term impact on gross margins, overall profitability, and control of the global brand. 4) The transformative acquisitions that closed in January 2017, which give ICTV a much larger revenue scale, expanded geographic footprint and strategic relationships, all of which will contribute to significant shareholder value over time.”

„As we look ahead to 2017, I have never been more excited about the opportunity that lies in front of our global team. We have already made substantial progress integrating the acquisitions, and will continue this progress during the current quarter. Taking into account the impact of our recent acquisitions, we expect our revenue in 2017 to more than double from the $16.8 million we reported in 2016. I would also like to thank our exceptional team for the effort they have put forth over the last several months to make these acquisitions and the integration process go as smoothly as it has thus far.”

Reported Financial Results:
Fourth Quarter 2016 Compared to Fourth Quarter 2015:
Revenues for the three months ended December 31, 2016 were approximately $4.3 million, compared to approximately $4.4 million for the three months ended December 31, 2015. Gross profit margin was 70% in the fourth quarter 2016 compared to 67% in the prior year quarter. The increase in gross margin percentage is mainly attributable ICTV’s 100% ownership of the DermaWand brand, which eliminates the payment of royalties going forward, and results in higher gross margin to the company. Total operating expenses decreased to approximately $3.1 million from approximately $3.5 million during the fourth quarter of 2016. When comparing the fourth quarter of 2016 to 2015, which is a reflection of a mix shift away from TV based media advertising, towards an omni-channel digital media and e-commerce platform. 

Net loss for the fourth quarter was approximately ($45,000), compared to a net loss of approximately ($582,000) in the prior year quarter. The resulting EPS is ($0.00), as compared to ($0.02) in the comparable quarter a year earlier. Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) was approximately $190,000 as compared to loss of approximately ($454,000). 

Year Ended December 31, 2016 Compared to the Year Ended December 31, 2015:
Revenues for the year ended December 31, 2016 were approximately $16.8 million, compared to approximately $24.1 million for the year ended December 31, 2015. The primary driver of the decline in sales was generated by the aforementioned decrease in media related expenditures and a decline in international third party distributor revenue. During the year ended December 31, 2016, international third party distributor sales revenue for the DermaWand decreased from approximately $5.3 million to approximately $4.3 million. Our international third party distributor revenue is impacted by timing of shipments at period end, currency fluctuations as well as seasonality. Our international third party distributor revenue is impacted by timing of shipments at period end, currency fluctuations and the appreciation of the U.S. dollar, as well as scheduling considerations with our distributors’ end customers. The decrease is primarily due to a decline in sales from our third party distributor customer located in France, Novellia, which were approximately $876,000 for the year ended December 31, 2016 compared to approximately $1.5 million for the year ended December 31, 2015. In addition, sales from the Latino Media Services (LMS) group comprised of distributors from Chile, Argentina, Peru, Colombia, El Salvador, and Ecuador decreased to approximately $1.2 million in 2016 compared to approximately $1.3 million in the prior year. Offsetting the decrease in sales from Novellia and the LMS, was an increase of sales from Inova to approximately $1.2 million in 2016 from approximately $1.0 million in the prior year.

Total general and administrative expenses decreased to approximately $4.3 million from approximately $5.4 million in the prior year, as a result of various improvements in expense management. Examples include bad debt expense being lower by approximately $451,000, share based compensation being lower by approximately $195,000, consulting expenses being lower by approximately $87,000, and travel expenditure being lower by approximately $149,000. 

Total selling and marketing expenses decreased to approximately $8.5 million from approximately $12.4 million in the prior year. Significant decreases include media expenditure decrease of approximately $2.9 million, customer service decreases of approximately $511,000, answering service decreases of approximately $397,000, and merchant fee decreases of approximately $196,000. Partially offsetting the decrease was an increase in digital marketing expenses to approximately $1.3 million from approximately $906,000 in the prior year. 

Net loss for the year ended December 31, 2016 was approximately ($1.0 million), compared to a net loss of approximately ($1.4 million) in the year ended December 31, 2015. The resulting EPS loss is ($0.04), as compared to an EPS loss ($0.06) in the year ended December 31, 2015. Adjusted EBITDA loss was approximately ($268,000) as compared to approximately ($768,000) for year ended December 31, 2015. 

Balance Sheet as of December 31, 2016
As of December 31, 2016, the Company had approximately $1.4 million in cash and cash equivalents and approximately $1.3 million in working capital compared to approximately $1.3 million and approximately $2.3 million in the prior year. Additionally, the Company believes that our current cash will be sufficient to meet the anticipated cash needs for working capital for at least the next twelve months. Additional working capital was added to our balance sheet subsequent to December 31, 2016, as part of the recently closed acquisitions and related financing, the details of which have been previously disclosed and are available in our public SEC filings.

Conference Call
ICTV will hold a conference call to discuss the Company’s fourth quarter 2016 results and answer questions today, March 28, 2017, beginning at 4:30pm EDT. The call will be open to the public and will have a corporate update presented by ICTV’s Chairman and Chief Executive Officer, Kelvin Claney, President, Richard Ransom and Chief Financial Officer, Ernest P. Kollias, Jr, followed by a question and answer period. The live conference call can be accessed by dialing (877) 876-9177 or (785) 424-1666. Participants are recommended to dial-in approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately two hours after completion through April 11, 2017. To listen to the replay, dial (800) 695-0715 (domestic) or (402) 220-1423 (international). The conference call transcript will be posted to the Company’s corporate website (http://www.ictvbrands.com) for those who are unable to attend the live call.

ICTV Brands, Inc.
ICTV Brands, Inc. sells primarily health, beauty and wellness products as well as various consumer products through a multi-channel distribution strategy. ICTV utilizes a distinctive marketing strategy and multi-channel distribution model to develop, market and sell products through, including direct response television, or DRTV, digital marketing campaigns, live home shopping, traditional retail and e-commerce market places, and our international third party distributor network. Its products are sold in the North America and are available in over 65 countries. Its products include DermaWand, a skin care device that reduces the appearance of fine lines and wrinkles, and helps improve skin tone and texture, DermaVital, a professional quality skin care line that effects superior hydration, the CoralActives brand of acne treatment and skin cleansing products, and Derma Brilliance, a sonic exfoliation skin care system which helps reduce visible signs of aging, Jidue, a facial massager device which helps alleviate stress, and Good Planet Super Solution, a multi-use cleaning agent. On January 23, 2017, we acquired several new brands, through the PhotoMedex and Ermis Labs acquisitions and have begun (or, will shortly begin) marketing and selling the following new products; no!no!® Hair, a home use hair removal device; no!no!® Skin, a home use device that uses light and heat to calm inflammation and kill bacteria in pores to treat acne; no!no!® Face Trainer, a home use mask that supports a series of facial exercises; no!no!® Glow, a home use device that uses light and heat energy to treat skin; Made Ya Look, a heated eyelash curler; no!no!® Smooth Skin Care, an array of skin care products developed to work with the devices to improve the treated skin; Kyrobak®, a home use device for the treatment of non-specific lower back pain; ClearTouch®, a home use device for the safe and efficient treatment of nail fungus; and Ermis Labs acne treatment cleansing bars. ICTV Brands, Inc. was founded in 1998 and is headquartered in Wayne, Pennsylvania. For more information on our current initiatives, please visit www.ictvbrands.com

Non-GAAP Financial Information
Adjusted EBITDA is defined as income from continuing operations before depreciation, amortization, interest expense, interest income, and stock-based compensation. Adjusted EBITDA is not intended to replace operating income, net income, cash flow or other measures of financial performance reported in accordance with generally accepted accounting principles. Rather, Adjusted EBITDA is an important measure used by management to assess the operating performance of the Company. Adjusted EBITDA as defined here may not be comparable to similarly titled measures reported by other companies due to differences in accounting policies. 

The following tables present a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to the GAAP financial measures of net income and net cash provided by operating activities, respectively.

Adjusted EBITDA Reconciliation

  (Unaudited)     (Unaudited)  
  For the three
months ended
    For the years
ended
 
  December 31,
2016
    December 31,
2015
    December 31,
2016
    December 31,
2015
 
                               
  Net loss, as reported $ (44,897 )   $ (582,070 )   $ (996,344 )   $ (1,387,571 )
    Interest expense (income), net   3,076       (327 )     13,587       (657 )
    Depreciation and amortization   74,708       2,076       298,558       8,306  
    Share based compensation expense   157,204       125,978       416,532       611,557  
  Adjusted EBITDA $ 190,091     $ (454,343 )   $ (267,667 )   $ (768,365 )
                               

Forward-Looking Statements

Forward-Looking Statements. This press release contains „forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the „Exchange Act”) (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words „believe,” „anticipate,” „estimate,” „expect,” „intend,” „plan,” „project,” „prospects,” „outlook,” and similar words or expressions, or future or conditional verbs such as „will,” „should,” „would,” „may,” and „could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, including but not limited to the discussion under „Risk Factors” therein, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.

— Financial Statement Schedules follow —

   
ICTV BRANDS INC. AND SUBSIDIARIES  
   
CONSOLIDATED BALANCE SHEETS  
AS OF DECEMBER 31, 2016 and 2015  
   
  2016     2015  
           
ASSETS              
CURRENT ASSETS:              
  Cash and cash equivalents $ 1,390,641     $ 1,334,302  
  Accounts receivable, net of $123,109 and $118,653, respectively   506,337       301,726  
  Inventories, net   1,499,270       2,205,726  
  Prepaid expenses and other current assets   254,303       417,057  
    Total current assets   3,650,551       4,258,811  
               
  Furniture and equipment   74,098       72,008  
  Less accumulated depreciation   (58,099 )     (50,492 )
    Furniture and equipment, net   15,999       21,516  
               
    Other Asset   872,864        
               
    Total assets $ 4,539,414     $ 4,280,327  
               
LIABILITIES AND SHAREHOLDERS’ EQUITY              
CURRENT LIABILITIES:              
  Accounts payable and accrued liabilities $ 1,644,899     $ 1,516,250  
  Severance payable – short-term         45,995  
  Deferred revenue – short-term   377,445       444,066  
  Other liabilities – current   288,525        
  Total current liabilities   2,310,869       2,006,311  
               
  Deferred revenue – long-term   274,374       405,746  
  Other liabilities – long-term   665,713        
  Total long-term liabilities   940,087       405,746  
               
COMMITMENTS AND CONTINGENCIES              
               
SHAREHOLDERS’ EQUITY:              
  Preferred stock 20,000,000 shares authorized, no shares issued and outstanding          
  Common stock, $0.001 par value, 100,000,000 shares authorized, 28,343,007 and 28,027,012 shares issued and outstanding as of December 31, 2016 and 2015, respectively   18,132       17,816  
  Additional paid-in-capital   11,546,804       11,130,588  
  Accumulated deficit   (10,276,487 )     (9,280,134 )
  Total shareholders’ equity   1,288,458       1,868,270  
               
Total liabilities and shareholders’ equity $ 4,539,414     $ 4,280,327  

See accompanying notes to the consolidated financial statements as filed on www.sec.gov.

   
   
ICTV BRANDS INC. AND SUBSIDIARIES  
   
CONSOLIDATED STATEMENTS OF OPERATIONS  
   
  (Unaudited)        
  For the three
months ended
    For the years
ended
 
  December 31,
2016
    December 31,
2015
    December 31,
2016
    December 31,
2015
 
                               
NET SALES $ 4,317,470     $ 4,356,357     $ 16,788,736     $ 24,096,169  
                               
COST OF SALES   1,299,919       1,451,389       4,998,682       7,675,264  
                               
GROSS PROFIT   3,017,551       2,904,968       11,790,054       16,420,905  
                               
OPERATING EXPENSES:                              
General and administrative   1,181,688       1,132,220       4,258,177       5,380,819  
Selling and marketing   1,877,684       2,355,145       8,514,634       12,428,314  
Total operating expenses   3,059,372       3,487,365       12,772,811       17,809,133  
                               
OPERATING LOSS   (41,821 )     (582,397 )     (982,757 )     (1,388,228 )
                               
INTEREST (EXPENSE) INCOME, NET   (3,076 )     327       13,587       657  
                               
LOSS BEFORE PROVISION FOR INCOME TAX   (44,897 )     (582,070 )     (996,344 )     (1,387,521 )
                               
PROVISION (BENEFIT) FOR INCOME TAX                      
                               
NET LOSS $ (44,897 )   $ (582,070 )   $ (996,344 )   $ (1,387,571 )
                               
NET LOSS PER SHARE                              
BASIC $ (0.00 )   $ (0.02 )   $ (0.04 )   $ (0.06 )
DILUTED $ (0.00 )   $ (0.02 )   $ (0.04 )   $ (0.06 )
                               
WEIGHTED AVERAGE NUMBER OF COMMON SHARES                              
BASIC   28,301,389       26,964,741       28,213,675       24,979,067  
DILUTED   28,301,389       26,964,741       28,213,675       24,979,067  
                               

See accompanying notes to the consolidated financial statements as filed on www.sec.gov.

   
   
ICTV BRANDS INC. AND SUBSIDIARIES  
   
CONSOLIDATED STATEMENTS OF CASH FLOWS  
FOR THE YEARS ENDED DECEMBER 31, 2016 and 2015  
   
  2016     2015  
               
CASH FLOWS FROM OPERATING ACTIVITIES:              
  Net loss $ (996,344 )   $ (1,387,571 )
  Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating activities:              
    Depreciation   7,607       8,306  
    Bad debt expense   920,929       1,371,797  
    Share based compensation   416,532       611,557  
    Non cash interest expense   15,423        
    Amortization of other asset   290,951        
  Change in assets and liabilities:              
    Accounts receivable   (1,125,540 )     (725,509 )
    Inventories   706,456       (227,725 )
    Prepaid expenses and other current assets   162,754       193,460  
    Accounts payable and accrued liabilities   128,649       (1,066,686 )
    Severance payable   (45,995 )     (1,005 )
    Deferred revenue   (197,993 )     (291,445 )
      Net cash provided by (used in) operating activities   283,429       (1,514,821 )
               
CASH FLOWS FROM INVESTING ACTIVITIES:              
  Purchase of furniture and equipment   (2,090 )      
      Net cash used in investing activities   (2,090 )      
               
CASH FLOWS FROM FINANCING ACTIVITIES:              
  Payments on purchase agreement   (225,000 )      
  Proceeds from exercise of options         91,640  
  Proceeds from exercise of warrants         112,500  
  Proceeds from issuance of common stock         1,000,000  
  Release collateral on line of credit         500,000  
      Net cash (used in) provided by financing activities   (225,000 )     1,704,140  
               
NET INCREASE IN CASH AND CASH EQUIVALENTS   56,339       189,319  
CASH AND CASH EQUIVALENTS, beginning of the year   1,334,302       1,144,983  
               
CASH AND CASH EQUIVALENTS, end of the year $ 1,390,641     $ 1,334,302  
               
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:              
  Taxes paid $     $ 50  
  Interest paid          
               
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:              
  Cashless Exercise $ 48,378     $ 20,910  
  DermaWand Asset Purchase Agreement $ 1,200,000     $  
               

See accompanying notes to the consolidated financial statements as filed on www.sec.gov.

Document Security Systems, Inc. Reports Fourth Quarter and Year-End 2016 Financial Results

Submit the press release

/EINPresswire.com/ — ROCHESTER, NY–(Marketwired – Mar 28, 2017) – Document Security Systems, Inc. (NYSE MKT: DSS)

  • Year-Over-Year Revenue up 10% to $19.2 million
  • 2016 Adjusted EBITDA total $1.1 million vs. 2015 Adjusted EBITDA Loss of ($1.3 million)
  • Net Loss Per Share Reduced 94% from ($1.20) in 2015 to ($0.07) in 2016
  • 2016 Year-End Cash Balance of $5.9 million vs. $1.4 million in 2015 

Document Security Systems, Inc. (NYSE MKT: DSS), („DSS”), a leader in anti-counterfeit, authentication, and diversion protection technologies whose products and solutions are used by governments, corporations and financial institutions to defeat fraud and to help ensure the authenticity of both digital and physical financial instruments, identification documents, sensitive publications, brand packaging and websites, today announced its financial results for the fourth quarter and year ended December 31, 2016.

„The fourth quarter of 2016 was another very positive quarter for DSS, and a strong end to our year. Not only did we realize continuing growth and strong financial performance in our printing, packaging, and ID card businesses, but in addition, we announced an exciting new customer for our AuthentiGuard security product line and began to realize early returns from this relationship in the fourth quarter,” stated Jeff Ronaldi, CEO of DSS. 

„During the fourth quarter, we completed an IP monetization financing which bolstered our cash position and balance sheet by over $4.4 million. We also generated strong Adjusted EDITDA results, and ended the year with a positive Adjusted EBITDA of just over $1.0 million. These are strong indicators demonstrating that the strategic initiatives undertaken during 2016 are having a positive impact on our business, and helping us build sustainable profitability. As we enter 2017, we are well-positioned to accelerate growth, especially as AuthentiGuard achieves increased customer adoption, and we leverage our improved financial performance and balance sheet to target additional expansion opportunities in the anti-counterfeiting and brand protection markets,” added Ronaldi.

Fourth Quarter 2016 Financial Highlights

  • Revenue for the fourth quarter of 2016 increased 6% to $5.8 million from $5.5 million in the same year-ago quarter. During the quarter, the Company saw revenue of printed products grow by 2% and technology sales, services and licensing revenue increase by 50%, primarily the result of an increase in AuthentiGuard sales. 
  • Costs and expenses totaled $5.7 million, a decrease of 65% from $16.1 million in the same year-ago period. The decrease was primarily due to a reduction in impairment charges incurred in the fourth quarter of 2016 compared to the fourth quarter of 2015. Absent the impairment charges in the 2015 quarter, costs and expenses for the fourth quarter of 2016 decreased approximately 5% from the adjusted 2015 quarter. 
  • During the fourth quarter of 2016, the Company had net income of $19,000, or $0.00 per share as compared to a net loss of $10.8 million or $(0.93) per share in the fourth quarter of 2015.
  • Adjusted EBITDA1 totaled $662,000 in the fourth quarter of 2016 compared to an Adjusted EBITDA loss of $65,000 in the fourth quarter of 2015. The significant improvement reflected the increase in revenues and the decrease in costs, especially direct costs of goods sold and professional fees during the fourth quarter of 2016. 

Full Year 2016 Financial Highlights

  • Revenue for full year 2016 increased 10% to $19.2 million from $17.5 million in 2015. During the year, printed products revenue increased 10% while technology sales, services and licensing revenues increased 5%. Printed products sales increases were propelled by increases in plastic card ID sales, especially cards that include technology, and increases in packaging sales, especially to the Company’s two largest customers. Technology sales, services and licensing as a group benefited from revenues generated by the AuthentiGuard product line which more than offset revenue declines in that group’s traditional IT services and hardware reselling businesses. 
  • Costs and expenses totaled $19.8 million, a decrease of 37% from $31.6 million in 2015. The decrease was primarily due to the reduction in impairment charges incurred in 2015 but not in 2016. Absent the impairment charges in 2015, costs and expenses in 2016 decreased approximately 8% from the adjusted 2015 amount. The decrease was driven by reductions in nearly every expense category, the most significant being a 58% decrease in professional fees and a 66% decrease in stock based compensation costs. 
  • During 2016, the Company reported a net loss of $950,000, or $(0.07) per share, as compared to net loss of $14.3 million or $(1.20) per share in 2015.
  • Adjusted EBITDA totaled $1.1 million in 2016 compared to an Adjusted EBITDA loss of ($1.3 million) in 2015. The significant improvement reflected the increase in revenues and the decrease in costs, especially compensation costs and professional fees.

ABOUT DOCUMENT SECURITY SYSTEMS
Document Security Systems, Inc.’s (NYSE MKT: DSS) products and solutions are used by governments, corporations and financial institutions to defeat fraud and to protect brands and digital information from the expanding world-wide counterfeiting problem. DSS technologies help ensure the authenticity of both digital and physical financial instruments, identification documents, sensitive publications, brand packaging and websites. DSS continuously invests in research and development to meet the ever-changing security needs of its clients and offers licensing of its patented technologies. For more information on DSS and its subsidiaries, please visit www.DSSsecure.com.

For more information on the AuthentiGuard Suite, please visit www.authentiguard.com.

Keep up-to-date on everything DSS, Follow Us on Facebook & Twitter!

FORWARD-LOOKING STATEMENTS
Forward-looking statements that may be contained in this press release, including, without limitation, statements related to the Company’s plans, strategies, objectives, expectations, potential value, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act and contain words such as „believes,” „anticipates,” „expects,” „plans,” „intends” and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, our ability to continue the growth in sales of AuthentiGuard and manage our expenses, as well as those risks disclosed in the „Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission on March 28, 2017. Forward-looking statements that may be contained in this press release are being made as of the date of its release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.

   
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES  
Condensed Consolidated Statements of Operations  
(Unaudited)  
   
    Three Months Ended
December 31,
2016
    Three Months Ended
December 31,
2015
  % change     Year Ended
December 31,
2016
    Year Ended
December 31,
2015
  % change  
Revenue                                        
  Printed products   $ 5,129,000     $ 5,022,000   2 %   $ 17,277,000     $ 15,701,000   10 %
  Technology sales, services and licensing     657,000       437,000   50 %     1,900,000       1,804,000   5 %
                                           
    Total revenue   $ 5,786,000     $ 5,459,000   6 %   $ 19,177,000     $ 17,505,000   10 %
                                         
Costs and expenses                                        
  Cost of goods sold, exclusive of depreciation and amortization   $ 3,304,000     $ 3,459,000   -4 %   $ 11,120,000     $ 10,665,000   4 %
  Sales, general and administrative compensation     1,032,000       962,000   7 %     3,764,000       3,983,000   -5 %
  Depreciation and amortization     343,000       384,000   -11 %     1,392,000       1,559,000   -11 %
  Professional fees     109,000       384,000   -72 %     813,000       1,918,000   -58 %
  Stock based compensation     241,000       132,000   83 %     329,000       974,000   -66 %
  Sales and marketing     175,000       78,000   124 %     420,000       329,000   28 %
  Rent and utilities     153,000       165,000   -7 %     602,000       675,000   -11 %
  Other operating expenses     268,000       330,000   -19 %     963,000       922,000   4 %
  Research and development     85,000       120,000   -29 %     435,000       470,000   -7 %
  Impairment of goodwill           9,593,000   -100 %           9,593,000   -100 %
  Impairment of investments           500,000   -100 %           500,000   -100 %
    Total costs and expenses   $ 5,710,000     $ 16,107,000   -65 %   $ 19,838,000     $ 31,588,000   -37 %
                                         
Operating income (loss)     76,000       (10,648,000 ) -101 %     (661,000 )     (14,083,000 ) -95 %
                                         
Other expenses                                        
  Interest expense   $ (62,000 )   $ (77,000 ) -19 %   $ (279,000 )   $ (335,000 ) -17 %
  Gain on sales of investment and equipment           (26,000 ) -100 %           120,000   -100 %
  Net loss on debt modification and extinguishment             0 %           (19,000 ) -100 %
  Foreign currency transaction gain             0 %           29,000   -100 %
                                         
Other expense   $ (62,000 )   $ (103,000 ) -40 %   $ (279,000 )   $ (205,000 ) 36 %
                                         
Loss before income taxes     14,000       (10,751,000 ) -100 %     (939,000 )     (14,288,000 ) -93 %
                                         
Income tax expense     (3,000 )     8,000   -138 %     11,000       22,000   -50 %
                                         
Net income (loss)     19,000       (10,758,000 ) -100 %     (950,000 )     (14,309,000 ) -93 %
                                         
                                         
Loss per common share:                                        
  Basic and diluted   $ 0.00     $ (0.93 ) -100 %   $ (0.07 )   $ (1.20 ) -94 %
                                         
Shares used in computing loss per common share:                                        
  Basic and diluted     12,977,903       11,613,491   12 %     13,068,329       11,939,969   9 %
                                         
   
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES  
Consolidated Balance Sheets  
As of December 31,  
   
    2016     2015  
ASSETS                
                 
Current assets:                
  Cash   $ 5,871,738     $ 1,440,256  
  Restricted cash     177,609       293,043  
  Accounts receivable, net     1,890,981       2,097,433  
  Inventory     1,206,377       937,830  
  Prepaid expenses and other current assets     350,289       313,528  
                 
    Total current assets     9,496,994       5,082,090  
                 
Property, plant and equipment, net     4,573,841       5,003,818  
Other assets     45,821       44,050  
Goodwill     2,453,349       2,453,349  
Other intangible assets, net     1,896,018       3,017,544  
                 
Total assets   $ 18,466,023     $ 15,600,851  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
                 
Current liabilities:                
  Accounts payable   $ 2,212,653     $ 1,945,073  
  Accrued expenses and deferred revenue     1,290,593       955,066  
  Other current liabilities     2,996,310       1,009,660  
  Short-term debt           3,984,316  
  Current portion of long-term debt, net     1,202,335       1,553,061  
                 
    Total current liabilities     7,701,891       9,447,176  
                 
                 
Long-term debt, net     5,249,569       2,240,596  
Other long-term liabilities     2,184,843       63,697  
Deferred tax liability, net     45,619       162,107  
                 
Commitments and contingencies                
                 
                 
Stockholders’ equity                
  Common stock, $.02 par value; 200,000,000 shares authorized, 13,502,653 shares issued and outstanding                
  (12,970,487 on December 31, 2015)     270,053       259,410  
  Additional paid-in capital     104,338,002       103,820,170  
  Accumulated other comprehensive loss     (45,343 )     (63,697 )
  Accumulated deficit     (101,278,611 )     (100,328,608 )
  Total stockholders’ equity     3,284,101       3,687,275  
                 
Total liabilities and stockholders’ equity   $ 18,466,023     $ 15,600,851  
                 
   
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES  
Consolidated Statements of Cash Flows  
For the Years Ended December 31,  
             
    2016     2015  
Cash flows from operating activities:                
  Net loss   $ (950,003 )   $ (14,309,480 )
  Adjustments to reconcile net loss to net cash from (used by) operating activities:                
    Depreciation and amortization     1,391,815       1,558,899  
    Stock based compensation     328,567       974,137  
    Paid in-kind interest     39,000       84,379  
    Gain on disposals of equipment, net           (20,431 )
    Impairment of goodwill           9,592,848  
    Impairment of investment           500,000  
    Net loss on debt modification and extinguishment           19,096  
    Change in deferred tax provision     (116,488 )     22,184  
    Foreign currency transaction gain           (29,400 )
    Amortization of deferred financing costs     21,351        
  Decrease (increase) in assets:                
      Accounts receivable     206,452       238  
      Inventory     (268,547 )     (68,568 )
      Prepaid expenses and other current assets     (38,532 )     198,423  
      Restricted cash     115,434       62,750  
  Increase (decrease) in liabilities:                
      Accounts payable     267,581       907,714  
      Accrued expenses and other liabilities     4,469,895       (469,419 )
Net cash from (used by) operating activities     5,466,525       (976,630 )
                 
Cash flows from investing activities:                
  Purchase of property, plant and equipment     (269,870 )     (157,098 )
  Third-party funding received for acquisition of patent assets     3,043,000        
  Acquisition of patent assets with third-party funding     (3,043,000 )      
  Proceeds from sale of equipment           46,283  
  Proceeds from sale of intangible assets     495,000        
  Purchase of intangible assets     (73,661 )     (5,159 )
Net cash from (used by) investing activities     151,469       (115,974 )
                 
Cash flows from financing activities:                
  Payments of long-term debt     (1,386,420 )     (939,151 )
  Issuances of common stock, net of issuance costs     199,908       1,128,336  
Net cash from (used by) financing activities     (1,186,512 )     189,185  
                 
Net increase (decrease) in cash     4,431,482       (903,419 )
Cash at beginning of year     1,440,256       2,343,675  
                 
Cash at end of year   $ 5,871,738     $ 1,440,256  
                 

1 ADJUSTED EBITDA
The Company uses Adjusted EBITDA as a non-GAAP financial performance measurement. Adjusted EBITDA is calculated by the Company by adding back to net income (loss) interest, income taxes, depreciation and amortization expense, and impairment charges as further adjusted to add back stock-based compensation expense and non-recurring items, and impairments of investments and intangible assets. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP. Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing the Company’s financial results with other companies in the industry, many of which also use Adjusted EBITDA in their communications to investors. By excluding non-cash charges such as amortization, depreciation, stock-based compensation and impairment charges, as well as non-operating charges for interest and income taxes, investors can evaluate the Company’s operations and its ability to generate cash flows from operations and can compare its results on a more consistent basis to the results of other companies in the industry. Management also uses Adjusted EBITDA to evaluate potential acquisitions, establish internal budgets and goals, and evaluate performance of its business units and management. The Company considers Adjusted EBITDA to be an important indicator of the Company’s operational strength and performance of its business and a useful measure of the Company’s historical and prospective operating trends. However, there are significant limitations to the use of Adjusted EBITDA since it excludes interest income and expense and income taxes and non-recurring items such as goodwill impairments, each of which impact the Company’s profitability and operating cash flows, as well as depreciation, amortization, impairment charges and stock-based compensation. The Company believes that these limitations are compensated by clearly identifying the difference between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net income and loss presented in accordance with GAAP. Adjusted EBITDA as defined by the Company may not be comparable with similarly named measures provided by other entities. The following is a reconciliation of net loss to Adjusted EBITDA loss:

                                 
    Three Months Ended December 31,     Years Ended December 31,  
    2016     2015   % change     2016     2015   % change  
    (unaudited)     (unaudited)         (unaudited)     (unaudited)      
                                         
Net Loss:   $ 19,000     $ (10,759,000 ) -100 %   $ (950,000 )   $ (14,309,000 ) -93 %
Add backs:                                        
  Depreciation & amortization     343,000       384,000   -11 %     1,392,000       1,559,000   -11 %
  Stock based compensation     241,000       132,000   83 %     329,000       974,000   -66 %
  Interest expense     62,000       78,000   -21 %     279,000       335,000   -17 %
  Amortization of note discount and net loss on debt extinguishment and modification             0 %           19,000   -100 %
  Income Taxes     (3,000 )     8,000   -138 %     11,000       22,000   -50 %
  Impairment of goodwill and investments           10,093,000   -100 %             10,093,000   -100 %
  Foreign currency transaction gain             0 %           (29,000 ) -100 %
                                         
Adjusted EBITDA     662,000       (64,000 ) -1134 %     1,061,000       (1,336,000 ) -179 %
                                         
                                         
Adjusted EBITDA, by group (unaudited)                                        
                                         
  Printed Products   $ 858,000     $ 774,000   11 %   $ 2,897,000     $ 2,183,000   33 %
  Technology Management     119,000       (435,000 ) -127 %     (556,000 )     (1,792,000 ) -69 %
  Corporate     (315,000 )     (403,000 ) -22 %     (1,280,000 )     (1,727,000 ) -26 %
                                         
      662,000       (64,000 ) -1134 %     1,061,000       (1,336,000 ) -179 %