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As a result, the Company recorded a restructuring charge of $0.6 million in the second quarter to realize the streamlining initiatives. The streamlining efforts will continue for the second half of the year as well. In addition, for the period ended June 30, 2016, the goodwill in relation to the Company's investments in ViascanQdata was impaired by $2.3 million. The impairment charge is non cash and was driven by certain economic factors related to the operations of ViascanQdata. The Company expects to retain the services of an independent valuation firm to determine the fair value of these identifiable intangible assets acquired as part of the business acquisition. "We also took proactive steps to improve our balance sheet and capital structure," added Mr. Gaudreault. "The conversion of $4.5 million in debt into a new Series C Preferred Stock and the forbearance of $0.6 million in notes helped to reduce the debt load and improve the debt to equity ratio of the Company. The debt reduction efforts were completed in the latter part of June, so we expect to report reductions in our interest expense in the second half of the year. With an increasingly solid balance sheet, a streamlined capital structure and strong sales and delivery organizations, we are well-positioned to grow our business profitably." Second Quarter and Year-to-Date Financial Results Revenues Revenues for the three months ended June 30, 2016 increased 39% to $18.9 million compared to $13.6 million for the three months ended June 30, 2015.

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