NETE
$5.89
Net Element
$.05
.86%
Earnings Details
3rd Quarter September 2018
Wednesday, November 14, 2018 12:42:00 PM
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Summary

Net Element (NETE) Recent Earnings

Net Element (NETE) reported a 3rd Quarter September 2018 loss of $0.23 per share on revenue of $17.2 million. The consensus estimate was a loss of $0.23 per share on revenue of $17.1 million. Revenue grew 15.7% on a year-over-year basis.

Net Element Inc is a financial technology-driven group specializing in mobile payments and value-added transactional services in emerging countries and in the United States.

Results
Reported Earnings
($0.23)
Earnings Whisper
-
Consensus Estimate
($0.23)
Reported Revenue
$17.2 Mil
Revenue Estimate
$17.1 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Net Element Reports Third Quarter 2018 Financial Results and Provides Business Update

Net revenues increased 19% for the quarter as compared to the prior year, loss per share narrows significantly over the same period last year

MIAMI, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Net Element, Inc. (NASDAQ: NETE) (“Net Element” or the “Company”), a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale (“POS”), e-commerce and mobile devices, today reports its financial results for the third quarter ended September 30, 2018, and provides an update on recent strategic and operational initiatives.

Conference Call:

On November 15, 2018, at 8:30 a.m. EST the Company will host a conference call to discuss 2018 third-quarter financial results and business highlights. The conference call can be accessed live over the phone by dialing +1 (877) 303-9858, or for international callers +1 (408) 337-0139, and referencing conference code 73855497. It is recommended that participants dial in approximately 10 minutes prior to the start of the call.

The call will also be webcast live from https://edge.media-server.com/m6/p/bnctmpfp. Following completion of the call, a recorded replay of the webcast will be available on the www.netelement.com/en/ir website. 

Financial Performance:

Net revenues were approximately $17.2 million for the three months ended September 30, 2018, compared to approximately $14.9 million for the prior year. The increase was primarily driven by an increase of approximately $2.5 million (or 19 %) in net revenues from our North American Transaction Solutions segment due to organic growth and the acquisition of a transactional services portfolio.

Net revenues were approximately $49.7 million for the nine months ended September 30, 2018, compared to approximately $44.6 million for the prior year. The increase of approximately $5.1 million (or 11.5%) in total net revenues for the nine months ended September 30, 2018 is primarily due to organic growth of merchants in our North American Transaction Solutions segment, which was partially offset by an approximately $1.2 million (or 17.2%) decrease in net revenues from our International Transaction Solutions segment as we continued reorganizing and combining our mobile payments operations with PayOnline. We have eliminated mobile payment operations staff and assigned current responsibilities to team members at PayOnline and TOT Group Russia and continue to explore partnership opportunities that can monetize our experience and relationships with mobile operators and local institutions.

United States accounted for 90.4% of total revenues for the third quarter and 88.5% for nine months ended September 30, 2018, while international revenues were 9.6% for the third quarter and 11.5% for the nine months ended September 30, 2018

  • Total dollars processed for the nine months ended September 30, 2018 increased 35% to $2.45 billion from $1.81 billion in transaction volume during the same period in 2017. Led by robust growth from our subsidiary Unified Payments, the North American Transaction Solutions segment saw the largest increase of 39% to $2.17 billion from $1.56 billion. International Transaction Solutions increased 10% to $283 million from $257 million.
  • Total transactions processed during the nine months ended September 30, 2018 increased 34% to 73.0 million compared to 54.6 million for the same period in 2017. The increase in transactions processed came primarily from North American Transaction Solutions segment, which saw an increase of 40% to 43.7 million from 31.1 million. International Transaction Solutions segment processed 29.3 million versus 23.1 million, which represents an increase of 25%. Growth in all segments was organic. The above results include the reorganization of the mobile payments segment into the International Transactions Solutions segment.

“We are pleased with our performance in the third quarter and the nine months period as we continue to deliver double digit net revenue growth with improved gross margin performance, underscoring the ongoing execution of our technology enabled, value-added strategy,” commented Oleg Firer, CEO of Net Element. “We continue to take steps that will enhance our long-term performance as we remain focused on growth and building value for our shareholders.”

Third Quarter 2018 Business Highlights:

  • Acquired recurring cash flow assets for a total of $2.7 million, which are expected to generate in excess of $5 million in gross profits over the next four years.
  • Launched subscription-based payment processing offering aimed at small businesses in the United States. The new offering targets the multi-billion dollar subscription economy and gains traction through a partnership agreement with Payment Club, projected to add over $1.5 million in gross profits over the next four years.

Results of Operations for the Three Months Ended September 30, 2018 Compared to the Three Months Ended September 30, 2017

We reported a net loss attributable to common stockholders of approximately $0.9 million or $0.23 per share loss for the three months ended September 30, 2018 as compared to a net loss of approximately $1.7 million or $0.90 per share loss for the prior year. The decrease in net loss attributable to stockholders of $0.8 million was primarily due to an increase in revenues.

Adjusting for non-cash compensation, we have a non-GAAP adjusted net loss attributable to common stockholders of approximately $0.9 million, or $0.22 loss per share, for the quarter ended September 30, 2018, as compared to a non-GAAP adjusted net loss attributable to common stockholders of approximately $1.6 million, or $0.82 loss per share, for the prior year.

           
Source of Revenues Three
Months Ended
September 30,
2018
 Mix Three
Months Ended
September 30,
2017
 Mix Increase /
(Decrease)
           
                     
North American Transaction Solution $15,590,832   90.4% $13,123,204   88.1% $2,467,628 
International Transaction Solutions  1,651,926   9.6%  1,777,927   11.9%  (126,001)
Total $17,242,758   100.0% $14,901,131   100.0% $2,341,627 


Gross Margin Three
Months Ended
September 30,
2018
 % of
revenues
 Three
Months Ended
September 30,
2017
 % of
revenues
 Increase /
(Decrease)
           
North American Transaction Solution $2,304,622   14.8% $1,844,106   14.1% $460,516 
International Transaction Solutions  378,328   22.9%  300,398   16.9%  (77,930)
Total $2,682,950   15.6% $2,144,504   14.4% $538.446 
                     

The gross margin for the three months ended September 30, 2018 was approximately $2.7 million, or 15.6% of net revenue, as compared to approximately $2.1 million, or 14.4% of net revenue, for prior year. The primary reason for the increase in the gross margin percentage was the result of North American Transaction Solutions negotiating favorable on-boarding contract terms and the processing of transactions utilizing our self-designated BIN/ICA.

Selling, general and administrative expenses remained flat at $2.4 million for the three months ended September 30, 2018 as compared to the prior year. The reduction of approximately $11,000 in selling, general and administrative expenses was primarily due to decreases in professional fees ($64,335), rent ($29,092) and office expenses ($29,561), offset by increases in salaries and benefits ($22,456), transaction losses ($31,297), and communications expenses ($52,959).

Selling, general and administrative expenses for the three months ended September 30, 2018 and 2017 consisted of operating expenses not otherwise delineated in our Condensed Consolidated Statements of Operations and Comprehensive Loss, as follows:

Category North
American
Transaction
Solutions
  International
Transaction
Solutions
  Corporate
Expenses &
Eliminations
  Total 
Salaries, benefits, taxes and contractor payments $(89,678) $5,595  $106,539  $22,456 
Professional fees  (71,146)  (153,926)  160,737   (64,335)
Rent     (21,640)  (7,452)  (29,092)
Business development  23,377   (7,830)  3,394   18,941 
Travel expense  6,983   (1,670)  12,198   17,511 
Filing fees        (6,448)  (6,448)
Transaction (gains) losses     31,297      31,297 
Office expenses  (12,216)  (15,507)  (1,838)  (29,561)
Communications expenses  27,566   12,406   12,987   52,959 
Insurance expense     (225)  3,959   3,734 
Other expenses  1,005   (2,420)  (26,967)  (28,382)
Total $(114,109) $(153,920) $257,109  $(10,920)

Salaries, benefits, taxes and contractor payments remained steady for the three months ended September 30, 2018 as compared to the prior year. This was primarily due to the Company’s continued monitoring of operations and the labor costs necessary to maintain or increase revenues.

Professional fees were approximately $0.6 million for the three months ended September 30, 2018 as compared to approximately $0.7 million for the prior year. The decrease was primarily due to the reorganization of mobile operations into PayOnline, which was offset by an increase in consulting fees relating to compliance training for the board of directors and internal control evaluation procedures.

Communications expenses for the three months ended September 30, 2018 were approximately $109,000 as compared to approximately $56,000 for the three months ended September 30, 2018. The difference was primarily due to increased web-hosting charges from our International Transaction Solutions segment.

All other operating expenses were relatively in line with the previous comparable quarter.

Results of Operations for the Nine Months Ended September 30, 2018 Compared to the Nine Months Ended September 30, 2017

We reported a net loss attributable to stockholders of approximately $3.4 million, or $0.88 per share loss, for the nine months ended September 30, 2018, as compared to a net loss attributable to stockholders of approximately $5.8 million, or $3.29 per share loss, for the prior year. The decrease in net loss attributable to stockholders of approximately $2.4 million was primarily due to an increase in revenues and other income, as well as, decreases in non-cash compensation.

Adjusting for non-cash compensation, we have a non-GAAP adjusted net loss attributable to common stockholders of approximately $3.3 million, or $0.84 loss per share, for the nine months ended September 30, 2018, as compared to a non-GAAP adjusted net loss attributable to common stockholders of approximately $5.1 million, or $2.88 loss per share, for the prior year.

           
Source of Revenues Nine
Months Ended
September 30,
2018
 Mix Nine
Months Ended
September 30,
2017
 Mix Increase /
(Decrease)
           
North American Transaction Solution $43,976,578   88.5% $37,701,136   84.5% $6,275,442 
International Transaction Solutions  5,713,292   11.5%  6,902,977   15.5%  (1,189,685)
Total $49,689,870   100.0% $44,604,113   100.0% $5,085,757 


Gross Margin Nine
Months Ended
September 30,
2018
 % of
revenues
 Nine
Months Ended
September 30,
2017
 % of
revenues
 Increase /
(Decrease)
           
North American Transaction Solution $6,482,502   14.7% $5,488,080   14.6% $994,422 
International Transaction Solutions  1,298,483   22.7%  1,581,022   22.9%  (282,539)
Total $7,780,985   15.7% $7,069,102   15.8% $711,883 
                     

Gross margin for the nine months ended September 30, 2018 was approximately $7.7 million, or 15.5% of net revenue, as compared to approximately $7.1 million, or 15.8% of net revenue, for prior year. The gross margin was slighter lower due to a decrease in our mobile payments operations in our International Transaction Solutions segment that had typically higher margins than our North America Transaction Solutions segment.

Selling, general and administrative expenses for the nine months ended September 30, 2018, were approximately $7.3 million as compared to approximately $7.8 million for the prior year. The approximately $500,000 reduction in general and administrative expenses was primarily due to decreases in salaries and benefits ($395,676), professional fees ($222,873) and rent ($167,138) offset by increases in transaction (gains) losses ($103,726), business development ($84,478) and communications expenses ($107,545). 

Selling, general and administrative variances increase / (decrease) for the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017, were as follows:

             
Category North
American
Transaction
Solutions
  International
Transaction
Solutions
  Corporate
Expenses &
Eliminations
  Total 
Salaries, benefits, taxes and contractor payments $(279,346) $(133,755) $20,425  $(392,676)
Professional fees  (112,975)  (494,471)  384,573   (222,873)
Rent     (124,147)  (42,991)  (167,138)
Business development  106,759   (25,092)  2,881   84,478 
Travel expense  (15,079)  (12,269)  (2,115)  (29,463)
Filing fees        2,562   2,562 
Transaction (gains) losses  (742)  106,110   (1,642)  103,726 
Office expenses  75,422   (47,181)  (67,764)  (29,523)
Communications expenses  52,638   29,998   24,909   107,545 
Insurance expense     (5,402)  (3,396)  (8,798)
Other expenses  (2,059)  2,619   66,317   66,877 
Total $(175,382) $(703,590) $383,689  $(495,283)
                 

Salaries, benefits, taxes and contractor payments were approximately $3.9 million for the nine months ended September 30, 2018 as compared to approximately $4.3 for the prior year.  The decrease in salaries and benefits of approximately $0.4 million was primarily the result of the Company’s continued monitoring of labor costs in relation to processing revenues and also our mobile payment operations being combined with PayOnline.

Professional fees were approximately $1.8 million for the nine months ended September 30, 2018 as compared to approximately $2 million for the prior year. The decrease was primarily the result of combining the mobile payment operations into PayOnline, which was offset by an increase in general legal fees in connection with certain litigation matters.

The decrease in rent for the nine months ending September 30, 2018 was the result of the office space lease for our mobile payment operations in Russia not being renewed as these operations were combined into PayOnline.

Communications expenses for the nine months ended September 30, 2018 increased by approximately $0.1 million, which was primarily due to due web-hosting and internet charges.

Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure

To supplement its consolidated financial statements presented in accordance with United States generally accepted accounting principles (“GAAP”), the Company provides additional measures of its operating results by disclosing its adjusted net loss attributable to Net Element, Inc. stockholders. Adjusted net loss attributable to Net Element stockholders is calculated as net loss attributable to Net Element stockholders excluding non-cash share-based compensation. Net Element discloses this amount on an aggregate and per share basis. These measures meet the definition of non-GAAP financial measures. The Company believes that application of these non-GAAP financial measures is appropriate to enhance the understanding by the Company’s investors of its historical performance through use of a metric that seeks to normalize period-to-period earnings.

This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Pursuant to Regulation G, a reconciliation of these non-GAAP financial measures with the comparable financial measures calculated in accordance with GAAP for the three months ended September 30, 2018, and 2017 is presented in the following Non-GAAP Financial Measures Table.

       
  GAAP Share-based
Compensation
 Adjusted Non-
GAAP
Three Months Ended September 30, 2018      
Net (loss) income attributable to Net Element Inc stockholders $(910,414) $22,500  $(887,914)
Basic and diluted earnings per share $(0.23) $0.01  $(0.22)
Basic and diluted shares used in computing earnings per share  3,901,218       3,901,218 


  GAAP Share-based
Compensation
 Adjusted Non-
GAAP
Three Months Ended September 30, 2017      
Net (loss) income attributable to Net Element Inc stockholders $(1,702,536) $128,537  $(1,573,999)
Basic and diluted earnings per share $(0.90) $0.07  $(0.82)
Basic and diluted shares used in computing earnings per share  1,891,023       1,891,023 


  GAAP Share-based
Compensation
 Adjusted Non-
GAAP
Nine Months Ended September 30, 2018      
Net (loss) income attributable to Net Element Inc stockholders $(3,424,989) $127,011  $(3,297,978)
Basic and diluted earnings per share $(0.88) $0.03  $(0.84)
Basic and diluted shares used in computing earnings per share  3,870,134       3,870,134 


  GAAP Share-based
Compensation
 Adjusted Non-
GAAP
Nine Months Ended September 30, 2017      
Net (loss) income attributable to Net Element Inc stockholders $(5,830,373) $724,941  $(5,105,432)
Basic and diluted earnings per share $(3.29) $0.41  $(2.88)
Basic and diluted shares used in computing earnings per share  1,770,947       1,770,947 
             

Additional information regarding Net Element’s results for its three months ended September 30, 2018, may be found in Net Element’s quarterly report on Form 10-Q, which was filed with the Security and Exchange Commission (SEC) on November 14, 2018, and may be obtained from the SEC’s Internet website at http://www.sec.gov

About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S., the Company aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, our cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest growing companies in North America on Deloitte's 2017 Technology Fast 500™ and recognized by South Florida Business Journal as one of 2016's fastest-growing technology companies. Further information is available at www.NetElement.com

Forward-Looking Statements
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to whether the Company will be successful in achieving further growth and financial improvement. Additional examples of such risks and uncertainties include, but are not limited to (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; and (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.

 
 
NET ELEMENT, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
 September 30,
2018
  December 31,
2017
 
ASSETS   
Current assets:      
Cash$2,563,104  $11,285,669 
Accounts receivable, net4,970,697   5,472,856 
Prepaid expenses and other assets1,679,092   2,282,614 
Total current assets, net9,212,893   19,041,139 
Equipment, net34,267   58,268 
Intangible assets, net5,354,237   3,127,760 
Goodwill9,643,752   9,643,752 
Other long term assets603,110   460,511 
Total assets24,848,259   32,331,430 
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable5,407,971   6,785,459 
Accrued expenses2,247,101   3,674,430 
Deferred revenue1,173,802   1,712,591 
Notes payable (current portion)484,490   2,493,973 
Due to related parties441,606   461,992 
Total current liabilities9,754,970   14,666,453 
Notes payable (net of current portion)5,072,396   4,521,449 
Total liabilities14,827,366   19,187,902 
       
STOCKHOLDERS’ EQUITY      
Series A convertible preferred stock ($.0001 par value, 1,000,000 shares authorized, no shares issued and outstanding at September 30, 2018 and December 31, 2017)    
Common stock ($.0001 par value, 100,000,000 shares authorized and 3,858,813 and 3,853,100 shares issued and outstanding at September 30, 2018 and December 31, 2017385   385 
Paid in capital183,223,732   183,119,222 
Accumulated other comprehensive loss(2,315,394)  (2,530,238)
Accumulated deficit(170,781,062)  (167,356,070)
Stock subscriptions receivable   (50,585)
Noncontrolling interest(106,768)  (39,186)
Total stockholders’ equity10,020,893   13,143,528 
Total liabilities and stockholders’ equity$24,848,259  $32,331,430 
        
        


NET ELEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
 
  Three Months Ended
September 30
  Nine Months Ended
September 30
 
  2018  2017  2018  2017 
Net revenues                
Service fees $17,242,758  $14,901,131  $49,689,870  $43,263,217 
Branded content  -   -   -   1,340,896 
Total Revenues  17,242,758   14,901,131   49,689,870   44,604,113 
                 
Costs and expenses:                
Cost of service fees  14,559,808   12,756,627   41,992,150   36,232,170 
Cost of branded content  -   -   -   1,302,841 
Selling, general and administrative  2,346,809   2,357,729   7,292,785   7,788,068 
Non-cash compensation  22,500   111,277   127,011   836,218 
Bad debt expense  611,897   319,690   1,611,068   1,465,311 
Depreciation and amortization  463,384   630,020   1,829,447   1,860,401 
Total costs and operating expenses  18,004,398   16,175,343   52,852,461   49,485,009 
Loss from operations  (761,640)  (1,274,212)  (3,162,591)  (4,880,896)
Interest expense, net  (215,935)  (302,813)  (694,910)  (894,553)
Other income (expense)  41,507   (92,904)  364,930   (148,099)
Net (loss) income before income taxes  (936,068)  (1,669,929)  (3,492,571)  (5,923,548)
Income taxes  -   -   -   - 
Net loss  (936,068)  (1,669,929)  (3,492,571)  (5,923,548)
Net (income) loss attributable to the non-controlling interest  25,654   (32,607)  67,582   93,175 
Net loss attributable to Net Element, Inc. stockholders  (910,414)  (1,702,536)  (3,424,989)  (5,830,373)
Foreign currency translation  145,867   92,191   214,845   (41,809)
Comprehensive loss attributable to common stockholders $(764,547) $(1,610,345) $(3,210,144) $(5,872,182)
                 
Loss per share - basic and diluted $(0.23) $(0.90) $(0.88) $(3.29)
                 
Weighted average number of common shares outstanding - basic and diluted  3,901,218   1,891,023   3,870,134   1,770,947 
                 
                 


NET ELEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 Nine Months Ended
September 30,
 
 2018  2017 
Cash flows from operating activities       
Net loss attributable to Net Element, Inc. stockholders$(3,424,989) $(5,830,373)
Adjustments to reconcile net loss to net cash used in operating activities       
Non-controlling interest (67,582)  (93,175)
Share based compensation 127,011   836,218 
Deferred revenue (536,041)  (159,228)
Depreciation and amortization 1,829,447   1,860,401 
Non cash interest 49,000   98,774 
Changes in assets and liabilities     - 
Accounts receivable 379,601   3,421,265 
Prepaid expenses and other assets 457,806   (352,551)
Accounts payable and accrued expenses (2,087,416)  (2,390,495)
Net cash used in operating activities (3,273,163)  (2,609,164)
        
Cash flows from investing activities       
        
Purchase of portfolios and client acquisition costs (3,851,596)  (1,380,661)
Purchase of equipment and changes in other assets (115,041)  77,430 
Net cash used in investing activities (3,966,637)  (1,303,231)
        
Cash flows from financing activities       
Proceeds from sale of common stock -   1,150,098 
Proceeds from indebtedness -   3,239,033 
Repayment of indebtedness (1,458,536)  (273,360)
Related party advances (39,265)  77,587 
Net cash (used in) provided by financing activities (1,497,801)  4,193,358 
        
Effect of exchange rate changes on cash 15,036   19,504 
Net (decrease) increase in cash (8,722,565)  300,467 
        
Cash at beginning of period 11,285,669   621,635 
Cash at end of period$2,563,104  $922,102 
        
Supplemental disclosure of cash flow information       
Cash paid during the period for:       
Interest$645,910  $795,779 
Taxes$44,932  $86,942 
        

Contact:
Net Element, Inc.
+1 (786) 923-0502
www.netelement.com 
Media@NetElement.com 

Corporate Communications Contact:
NetworkNewsWire (NNW) 
New York, New York 
+1 (212) 418-1217 
www.NetworkNewsWire.com 
Editor@NetworkNewsWire.com 

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Source: Net Element, Inc.