we were also recognized in 2015 as a strong performer by forrester research , inc in its independence report , “ the forrester wave : through-channel marketing automation platforms , q3 2015 . ” in recent years , our iapps content manager and iapps commerce products were selected as finalists for the 2014 , 2013 , and 2012 codie awards for best content management solution and best electronic commerce solution , globally . in 2014 and 2013 , bridgeline digital won twenty-five horizon interactive awards for outstanding development of web applications and websites . also in 2013 , the web marketing association sponsored internet advertising competition honored bridgeline digital with three awards for iapps customer websites and b2b magazine selected bridgeline digital as one of the top interactive technology companies in the united states . kmworld magazine editors selected bridgeline digital as one of the 100 companies that matter in knowledge management and also selected iapps as a trend setting product in 2013. bridgeline digital was incorporated under the laws of the state of delaware on august 28 , 2000 . 18 locations the company 's corporate office is located in burlington , massachusetts . the company maintains regional field offices serving the following geographical locations : boston , ma ; chicago , il ; denver , co ; and tampa , fl . the company has one wholly-owned subsidiary , bridgeline digital pvt . ltd. located in bangalore , india . reverse stock split on june 29 , 2017 , the company 's shareholders and the board of directors approved a reverse stock split pursuant to which all classes of our issued and outstanding shares of common stock at the close of business on such date were combined and reconstituted into a smaller number of shares of common stock in a ratio of 1 share of common stock for every 5 shares of common stock ( “ 1-for-5 reverse stock split ” ) . the 1-for-5 reverse stock split was effective as of close of business on july 24 , 2017 and the company 's stock began trading on a split-adjusted basis on july 25 , 2017. the reverse stock split reduce d the number of shares of the company 's common stock currently outstanding from approximately 21 million shares to approximately 4.2 million shares . proportional adjustments have been made to the conversion and exercise prices of the company 's outstanding convertible preferred stock , warrants , restricted stock awards , and stock options , and to the number of shares issued and issuable under the company 's stock incentive plans . upon the effectiveness of the 1-for-5 reverse stock split , each five shares of the company 's issued and outstanding common stock were automatically combined and converted into one issued and outstanding share of common stock , par value $ .001. the company did not issue any fractional shares in connection with the reverse stock split . instead , fractional share interests were rounded up to the next largest whole share . the reverse stock split does not modify the rights or preferences of the common stock . the number of authorized shares of the company 's common stock remains at 50 million shares and the par value remains $ 0.001. our consolidated financial statements have been retroactively adjusted to reflect the effects of the 1-for-5 reverse stock split . sales and marketing bridgeline employs a direct sales force and each sale takes on average 2-6 months to complete . each franchise/multi-unit organization sale takes on average one year to complete . our direct sales force focuses its efforts selling to medium-sized and large companies . these companies are generally categorized in the following vertical markets : ( i ) financial services ; ( ii ) franchises/multi-unit organizations ; ( iii ) retail brand names ; ( iv ) health services and life sciences ; ( v ) technology ( software and hardware ) ; ( vi ) credit unions and regional banks and ( vii ) associations and foundations . we have five sales geographic locations in the united states . we have business development professionals dedicated to identifying and establishing strategic alliances for iapps and iappsds . we have maintained a strategic alliance with ups logistics since 2012. bridgeline and ups logistics signed a multi-year agreement to offer b2b and b2c ecommerce web stores with an end-to-end ecommerce offering comprised of bridgeline 's ecommerce fulfilled solution and ups logistics and fulfillment services . the combined bridgeline and ups logistics offering provides customers with the ability to manage the ecommerce and supply chain fulfillment needs and was designed to benefit mid-market and larger online web stores who seek end to end solutions . we continue to pursue significant strategic alliances that will enhance the sales and distribution opportunities of iapps related intellectual property . acquisitions bridgeline will continue to evaluate expanding its distribution of iapps and its interactive development capabilities through acquisitions . we may make additional acquisitions in the foreseeable future . these potential acquisitions will be consistent with our iapps platform distribution strategy and growth strategy by providing bridgeline with new geographical distribution opportunities , an expanded customer base , an expanded sales force and an expanded developer force . in addition , integrating acquired companies into our existing operations allows us to consolidate the finance , human resources , legal , marketing , research and development of the acquired businesses with our own internal resources , hence reducing the aggregate of these expenses for the combined businesses and resulting in improved operating results . 19 cust omer information we currently have over 3,000 active customers . for the year ended september 30 , 2017 , two customers each represented approximately 12 % of the company 's total revenue . for the year ended september 30 , 2016 , one customer represented approximately 10 % of the company 's total revenue . story_separator_special_tag revenue from perpetual licenses sold through resellers is recognized upon delivery to the end user as long as evidence of an arrangement exists , collectability is probable , and the fee is fixed and determinable . revenue for subscription licenses is recognized monthly as the services are delivered . digital e ngagement services digital engagement services include professional services primarily related to the company 's web development solutions that address specific customer needs such as digital strategy , information architecture and usability engineering , .net development , rich media development , back end integration , search engine optimization , quality assurance and project management . digital engagement services are contracted for on either a fixed price or time and materials basis . for its fixed price engagements , after assigning the relative selling price to the elements of the arrangement , the company applies the proportional performance model ( if not subject to contract accounting ) to recognize revenue based on cost incurred in relation to total estimated cost at completion . the company has determined that labor costs are the most appropriate measure to allocate revenue among reporting periods , as they are the primary input when providing application development services . customers are invoiced monthly or upon the completion of milestones . for milestone based projects , since milestone pricing is based on expected hourly costs and the duration of such engagements is relatively short , this input approach principally mirrors an output approach under the proportional performance model for revenue recognition on such fixed priced engagements . for time and materials contracts , revenues are recognized as the services are provided . digital engagement services also include retained professional services contracted for on an “ on call ” basis or for a certain number of hours each month . such arrangements generally provide for a guaranteed availability of a number of professional services hours each month on a “ use it or lose it ” basis . for retained professional services sold on a stand-alone basis the company recognizes revenue as the services are delivered or over the term of the contractual retainer period . these arrangements do not require formal customer acceptance and do not grant any future right to labor hours contracted for but not used . subscriptions and pe rpetual licenses the company licenses its software on either a perpetual or subscription basis . customers who license the software on a perpetual basis receive rights to use the software for an indefinite time period and an option to purchase post-customer support ( “ pcs ” ) . for arrangements that consist of a perpetual license and pcs , as long as vendor specific objective evidence ( “ vsoe ” ) exists for the pcs , then pcs revenue is recognized ratably on a straight-line basis over the period of performance and the perpetual license is recognized on a residual basis . under the residual method , the fair value of the undelivered elements is deferred and the remaining portion of the arrangement fee is allocated to the delivered elements and recognized as revenue , assuming all other revenue recognition criteria have been met . customers may also license the software on a subscription basis , which can be described as “ software as a service ” or “ saas ” . saas is a model of software deployment where an application is hosted as a service provided to customers across the internet . subscription agreements include access to the company 's software application via an internet connection , the related hosting of the application , and pcs . customers receive automatic updates and upgrades , and new releases of the products as soon as they become available . customers can not take possession of the software . subscription agreements are either annual or month-to-month arrangements that provide for termination for convenience by either party upon 90 days ' notice . revenue is recognized monthly as the services are delivered . set up fees paid by customers in connection with subscription services are deferred and recognized ratably over the longer of the life of subscription period or the expected lives of customer relationships . the company continues to evaluate the length of the amortization period of the set up fees as it gains more experience with customer contract renewals . 28 managed service hosting managed service hosting includes hosting arrangements that provide for the use of certain hardware and infrastructure for those customers who do not wish to host our applications independently . hosting agreements are either annual or month-to-month arrangements that provide for termination for convenience by either party generally upon 30-days ' notice . revenue is recognized monthly as the hosting services are delivered . set up fees paid by customers in connection with managed hosting services are deferred and recognized ratably over the life of the hosting period . m ultiple element arrangements in accounting for multiple element arrangements , the company follows either asc topic 605-985 revenue recognition software or asc topic 605-25 revenue recognition multiple element arrangements , as applicable . in october 2009 , the fasb issued accounting standards update no . 2009-13 , revenue recognition : multiple-deliverable revenue arrangements ( “ asu 2009-13 ” ) . asu 2009-13 provides amendments to certain paragraphs of previously issued asc subtopic 605-25 – revenue recognition : multiple-deliverable revenue arrangements . in accordance with asu 2009-13 , each deliverable within a multiple-deliverable revenue arrangement is accounted for as a separate unit of accounting if both of the following criteria are met ( 1 ) the delivered item has value to the customer on a standalone basis and ( 2 ) for an arrangement that includes a right of return relative to the delivered item , delivery or performance of the delivered item is considered probable and within our control . if the deliverables do not meet the criteria for being a separate unit of accounting then they are combined with a deliverable

liquidity and capital resources cash flows operating activities cash used in operating activities was $ 940 thousand for fiscal 2017 compared to cash used in operating activities of $ 2.7 million for fiscal 2016. this improvement was driven by higher accounts receivables collections and the increase in operating income . investing activities cash used in investing activities was $ 93 thousand for fiscal 2017 compared with $ 165 thousand for fiscal 2016. the decrease was primarily due to a significant reduction in purchases of capital equipment and software in fiscal 2017 than in fiscal 2016 due to the transition from our network operations center to a cloud-based amazon web services model . 25 financing activities cash provided by financing activities was $ 1.1 million for fiscal 2017 compared with $ 3.2 million for fiscal 2016. in fiscal 2017 , we raised a net of $ 852 thousand from sales of common stock and had net borrowings on our bank line of credit of $ 385 thousand . at september 30 , 2017 , we had an outstanding balance under our credit line with heritage bank of $ 2.5 million . capital resources and liquidity outloo k on october 10 , 2017 , the company entered into a loan and security agreement ( the “ loan agreement ” ) with montage capital ii , l.p. ( “ montage ” ) . the loan agreement has a thirty-six ( 36 ) month term which expires on october 10 , 2020. the loan agreement provides for up to $ 1.5 million of borrowing in the form of a non-revolving term loan which may be used by the company for working capital purposes ( the “ loan ” ) .


 Write a concise summary of the following text delimited by triple backquotes. Return your response as a narrative which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```we were also recognized in 2015 as a strong performer by forrester research , inc in its independence report , “ the forrester wave : through-channel marketing automation platforms , q3 2015 . ” in recent years , our iapps content manager and iapps commerce products were selected as finalists for the 2014 , 2013 , and 2012 codie awards for best content management solution and best electronic commerce solution , globally . in 2014 and 2013 , bridgeline digital won twenty-five horizon interactive awards for outstanding development of web applications and websites . also in 2013 , the web marketing association sponsored internet advertising competition honored bridgeline digital with three awards for iapps customer websites and b2b magazine selected bridgeline digital as one of the top interactive technology companies in the united states . kmworld magazine editors selected bridgeline digital as one of the 100 companies that matter in knowledge management and also selected iapps as a trend setting product in 2013. bridgeline digital was incorporated under the laws of the state of delaware on august 28 , 2000 . 18 locations the company 's corporate office is located in burlington , massachusetts . the company maintains regional field offices serving the following geographical locations : boston , ma ; chicago , il ; denver , co ; and tampa , fl . the company has one wholly-owned subsidiary , bridgeline digital pvt . ltd. located in bangalore , india . reverse stock split on june 29 , 2017 , the company 's shareholders and the board of directors approved a reverse stock split pursuant to which all classes of our issued and outstanding shares of common stock at the close of business on such date were combined and reconstituted into a smaller number of shares of common stock in a ratio of 1 share of common stock for every 5 shares of common stock ( “ 1-for-5 reverse stock split ” ) . the 1-for-5 reverse stock split was effective as of close of business on july 24 , 2017 and the company 's stock began trading on a split-adjusted basis on july 25 , 2017. the reverse stock split reduce d the number of shares of the company 's common stock currently outstanding from approximately 21 million shares to approximately 4.2 million shares . proportional adjustments have been made to the conversion and exercise prices of the company 's outstanding convertible preferred stock , warrants , restricted stock awards , and stock options , and to the number of shares issued and issuable under the company 's stock incentive plans . upon the effectiveness of the 1-for-5 reverse stock split , each five shares of the company 's issued and outstanding common stock were automatically combined and converted into one issued and outstanding share of common stock , par value $ .001. the company did not issue any fractional shares in connection with the reverse stock split . instead , fractional share interests were rounded up to the next largest whole share . the reverse stock split does not modify the rights or preferences of the common stock . the number of authorized shares of the company 's common stock remains at 50 million shares and the par value remains $ 0.001. our consolidated financial statements have been retroactively adjusted to reflect the effects of the 1-for-5 reverse stock split . sales and marketing bridgeline employs a direct sales force and each sale takes on average 2-6 months to complete . each franchise/multi-unit organization sale takes on average one year to complete . our direct sales force focuses its efforts selling to medium-sized and large companies . these companies are generally categorized in the following vertical markets : ( i ) financial services ; ( ii ) franchises/multi-unit organizations ; ( iii ) retail brand names ; ( iv ) health services and life sciences ; ( v ) technology ( software and hardware ) ; ( vi ) credit unions and regional banks and ( vii ) associations and foundations . we have five sales geographic locations in the united states . we have business development professionals dedicated to identifying and establishing strategic alliances for iapps and iappsds . we have maintained a strategic alliance with ups logistics since 2012. bridgeline and ups logistics signed a multi-year agreement to offer b2b and b2c ecommerce web stores with an end-to-end ecommerce offering comprised of bridgeline 's ecommerce fulfilled solution and ups logistics and fulfillment services . the combined bridgeline and ups logistics offering provides customers with the ability to manage the ecommerce and supply chain fulfillment needs and was designed to benefit mid-market and larger online web stores who seek end to end solutions . we continue to pursue significant strategic alliances that will enhance the sales and distribution opportunities of iapps related intellectual property . acquisitions bridgeline will continue to evaluate expanding its distribution of iapps and its interactive development capabilities through acquisitions . we may make additional acquisitions in the foreseeable future . these potential acquisitions will be consistent with our iapps platform distribution strategy and growth strategy by providing bridgeline with new geographical distribution opportunities , an expanded customer base , an expanded sales force and an expanded developer force . in addition , integrating acquired companies into our existing operations allows us to consolidate the finance , human resources , legal , marketing , research and development of the acquired businesses with our own internal resources , hence reducing the aggregate of these expenses for the combined businesses and resulting in improved operating results . 19 cust omer information we currently have over 3,000 active customers . for the year ended september 30 , 2017 , two customers each represented approximately 12 % of the company 's total revenue . for the year ended september 30 , 2016 , one customer represented approximately 10 % of the company 's total revenue . story_separator_special_tag revenue from perpetual licenses sold through resellers is recognized upon delivery to the end user as long as evidence of an arrangement exists , collectability is probable , and the fee is fixed and determinable . revenue for subscription licenses is recognized monthly as the services are delivered . digital e ngagement services digital engagement services include professional services primarily related to the company 's web development solutions that address specific customer needs such as digital strategy , information architecture and usability engineering , .net development , rich media development , back end integration , search engine optimization , quality assurance and project management . digital engagement services are contracted for on either a fixed price or time and materials basis . for its fixed price engagements , after assigning the relative selling price to the elements of the arrangement , the company applies the proportional performance model ( if not subject to contract accounting ) to recognize revenue based on cost incurred in relation to total estimated cost at completion . the company has determined that labor costs are the most appropriate measure to allocate revenue among reporting periods , as they are the primary input when providing application development services . customers are invoiced monthly or upon the completion of milestones . for milestone based projects , since milestone pricing is based on expected hourly costs and the duration of such engagements is relatively short , this input approach principally mirrors an output approach under the proportional performance model for revenue recognition on such fixed priced engagements . for time and materials contracts , revenues are recognized as the services are provided . digital engagement services also include retained professional services contracted for on an “ on call ” basis or for a certain number of hours each month . such arrangements generally provide for a guaranteed availability of a number of professional services hours each month on a “ use it or lose it ” basis . for retained professional services sold on a stand-alone basis the company recognizes revenue as the services are delivered or over the term of the contractual retainer period . these arrangements do not require formal customer acceptance and do not grant any future right to labor hours contracted for but not used . subscriptions and pe rpetual licenses the company licenses its software on either a perpetual or subscription basis . customers who license the software on a perpetual basis receive rights to use the software for an indefinite time period and an option to purchase post-customer support ( “ pcs ” ) . for arrangements that consist of a perpetual license and pcs , as long as vendor specific objective evidence ( “ vsoe ” ) exists for the pcs , then pcs revenue is recognized ratably on a straight-line basis over the period of performance and the perpetual license is recognized on a residual basis . under the residual method , the fair value of the undelivered elements is deferred and the remaining portion of the arrangement fee is allocated to the delivered elements and recognized as revenue , assuming all other revenue recognition criteria have been met . customers may also license the software on a subscription basis , which can be described as “ software as a service ” or “ saas ” . saas is a model of software deployment where an application is hosted as a service provided to customers across the internet . subscription agreements include access to the company 's software application via an internet connection , the related hosting of the application , and pcs . customers receive automatic updates and upgrades , and new releases of the products as soon as they become available . customers can not take possession of the software . subscription agreements are either annual or month-to-month arrangements that provide for termination for convenience by either party upon 90 days ' notice . revenue is recognized monthly as the services are delivered . set up fees paid by customers in connection with subscription services are deferred and recognized ratably over the longer of the life of subscription period or the expected lives of customer relationships . the company continues to evaluate the length of the amortization period of the set up fees as it gains more experience with customer contract renewals . 28 managed service hosting managed service hosting includes hosting arrangements that provide for the use of certain hardware and infrastructure for those customers who do not wish to host our applications independently . hosting agreements are either annual or month-to-month arrangements that provide for termination for convenience by either party generally upon 30-days ' notice . revenue is recognized monthly as the hosting services are delivered . set up fees paid by customers in connection with managed hosting services are deferred and recognized ratably over the life of the hosting period . m ultiple element arrangements in accounting for multiple element arrangements , the company follows either asc topic 605-985 revenue recognition software or asc topic 605-25 revenue recognition multiple element arrangements , as applicable . in october 2009 , the fasb issued accounting standards update no . 2009-13 , revenue recognition : multiple-deliverable revenue arrangements ( “ asu 2009-13 ” ) . asu 2009-13 provides amendments to certain paragraphs of previously issued asc subtopic 605-25 – revenue recognition : multiple-deliverable revenue arrangements . in accordance with asu 2009-13 , each deliverable within a multiple-deliverable revenue arrangement is accounted for as a separate unit of accounting if both of the following criteria are met ( 1 ) the delivered item has value to the customer on a standalone basis and ( 2 ) for an arrangement that includes a right of return relative to the delivered item , delivery or performance of the delivered item is considered probable and within our control . if the deliverables do not meet the criteria for being a separate unit of accounting then they are combined with a deliverable
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 Narrative : liquidity and capital resources cash flows operating activities cash used in operating activities was $ 940 thousand for fiscal 2017 compared to cash used in operating activities of $ 2.7 million for fiscal 2016. this improvement was driven by higher accounts receivables collections and the increase in operating income . investing activities cash used in investing activities was $ 93 thousand for fiscal 2017 compared with $ 165 thousand for fiscal 2016. the decrease was primarily due to a significant reduction in purchases of capital equipment and software in fiscal 2017 than in fiscal 2016 due to the transition from our network operations center to a cloud-based amazon web services model . 25 financing activities cash provided by financing activities was $ 1.1 million for fiscal 2017 compared with $ 3.2 million for fiscal 2016. in fiscal 2017 , we raised a net of $ 852 thousand from sales of common stock and had net borrowings on our bank line of credit of $ 385 thousand . at september 30 , 2017 , we had an outstanding balance under our credit line with heritage bank of $ 2.5 million . capital resources and liquidity outloo k on october 10 , 2017 , the company entered into a loan and security agreement ( the “ loan agreement ” ) with montage capital ii , l.p. ( “ montage ” ) . the loan agreement has a thirty-six ( 36 ) month term which expires on october 10 , 2020. the loan agreement provides for up to $ 1.5 million of borrowing in the form of a non-revolving term loan which may be used by the company for working capital purposes ( the “ loan ” ) .

