in evaluating these statements , you should consider various factors , including the risks set forth in the section entitled “ risk factors . ” key transactions and events during 2014 , we were impacted by the following key transactions and events that also affect comparability of our results to other periods : ● implemented a significant new contract with a united states government agency . ● announced and began a comprehensive merger and acquisition strategy to enhance our service offering , diversify our operations and expand our global opportunities , which resulted in the acquisitions described below . ● acquired the outstanding capital stock of rev solutions , inc. and revtech solutions india private limited ( collectively “ rev ” ) on september 3 , 2014. the results of operations of rev have been included in our consolidated financial statements since the acquisition date . ● acquired the outstanding capital stock of livearealabs , inc. ( “ lal ” ) on september 22 , 2014. the results of operations of lal have been included in our consolidated financial statements since the acquisition date . during 2015 , we were impacted by the following key transactions and events that also affect comparability of our results to prior periods : ● acquired the outstanding capital stock of moda superbe limited ( “ moda ” ) on june 11 , 2015. the results of operations of moda have been included in our consolidated financial statements since the acquisition date . ● completed an asset purchase agreement with crossview , inc. ( “ crossview ” ) and its shareholders on august 5 , 2015. the results of operations of crossview have been included in our consolidated financial statements since the acquisition date . overview we are a global provider of omni-channel commerce solutions . comprised of a broad range of technology , critical infrastructure and professional services , we provide our clients with best-of-breed capabilities offered as a complete end-to-end solution or on an à la carte basis . we provide these solutions and services to major brand name companies and others seeking to optimize their supply chain and to enhance their online and traditional business channels and initiatives . we derive our revenues from providing a broad range of services using three different seller services financial models : 1 ) the service fee model , 2 ) the agent ( or flash ) model and 3 ) the retail model . 32 we refer to the standard pfsweb seller services financial model as the service fee model . in this model , our clients own the inventory and are the merchants of record and engage us to provide various infrastructure , technology and digital agency services i n support of their business operations . we derive our service fee revenues from a broad range of service offerings that include digital agency and marketing , ecommerce technologies , system integration , order management , customer care , logistics and fulfill ment , financial management and professional consulting . we offer our services as an integrated solution , which enables our clients to outsource their complete ecommerce needs to a single source and to focus on their core competencies , though clients are al so able to select individual or groupings of our various service offerings on an à la carte basis . we currently provide services to clients that operate in a range of vertical markets , including technology manufacturing , computer products , cosmetics , fragi le goods , coins and collectibles , apparel , telecommunications , consumer electronics and consumer packaged goods , among others . in the service fee model , we typically charge for our services on a cost-plus basis , a percent of shipped revenue basis , a time and materials , project or retainer basis for our professional services or a per-transaction basis , such as a per-labor hour basis for web-enabled customer contact center services and a per-item basis for fulfillment services . additional fees are billed for other services . we price our services based on a variety of factors , including the depth and complexity of the services provided , the amount of capital expenditures or systems customization required , the length of contract and other factors . many of our service fee contracts involve third-party vendors who provide additional services , such as package delivery . the costs we are charged by these third-party vendors for these services are often passed on to our clients . our billings for reimbursements of these costs and other ‘ out-of-pocket ' expenses include travel , shipping and handling costs and telecommunication charges and are included in pass-through revenue . as an additional service , we offer the agent , or flash , financial model , in which our clients maintain ownership of the product inventory stored at our locations as in the service fee model . when a customer orders the product from our clients , a “ flash ” sale transaction passes product ownership to us for each order and we in turn immediately re-sell the product to the customer . the “ flash ” ownership exchange establishes us as the merchant of record , which enables us to use our existing merchant infrastructure to process sales to end customers , removing the need for the clients to establish these business processes internally , but permitting them to control the sales process to end customers . in this model , based on the terms of our current client arrangements , we record product revenue net of cost of product revenue as a component of service fee revenue in our consolidated statement of operations . finally , our retail model allows us to purchase inventory from the client . in this model , we place the initial and replenishment purchase orders with the client and take ownership of the product upon delivery to our facility . story_separator_special_tag we recorded a tax provision associated with state income taxes and the majority of our international operations . a valuation allowance was provided for the majority of our domestic net deferred tax assets , which are primarily related to our net operating loss carryforwards , and for certain foreign deferred tax assets . in 2014 we recorded a deferred tax benefit applicable to a change in our valuation allowance following our rev and lal acquisitions under the related purchase accounting adjustments . we expect we will continue to record an income tax provision associated with state income taxes and the majority of our international operations . supplies distributors and its subsidiaries we conduct a portion of our retail business model operations through supplies distributors and its subsidiaries , which act as distributors/resellers of various ricoh and other products . we conduct these services through transaction management services agreements under which pfs provides transaction management and fulfillment services to supplies distributors and its subsidiaries . in addition to supplies distributors being our wholly-owned subsidiary , we have also provided supplies distributors with a subordinated loan that , as of december 31 , 2015 , had an outstanding balance of $ 2.5 million . 37 supplies distributors paid us dividends of $ 0.9 million , $ 1 . 8 million and $ 1 . 5 million in 2015 , 201 4 and 201 3 , respectively . supplies distributors has received lender approval to pay dividends of approximately $ 0.9 million in 201 6 . in addition , no distribution may be made if , after giving effect thereto , supplies d istributors or its subsidiaries would be in noncompliance with its financial covenants under its current facilities . story_separator_special_tag operating or capital leases or additional equity . we may elect to modify or defer a portion of such anticipated investments in the event that we do not obtain the financing results necessary to support such investments . during 2015 , our working capital decreased to $ 12.4 million from $ 17.8 million at december 31 , 2014. our net working capital was positively impacted by ( i ) $ 28.6 million of net proceeds from our new revolver and term loan facility , ( ii ) $ 13.8 million of income from operations before working capital changes and ( iii ) $ 1.5 million of proceeds from the issuance of common stock . however , this was more than offset primarily by our purchase of long-term assets , including goodwill , of $ 40.9 million applicable to the moda and crossview acquisitions and $ 4.5 million of purchases of other property and equipment . the purchase prices for rev and lal included performance-based contingent payments for future earn-out payments payable in 2016 based on rev 's and lal 's 2015 financial targets , of which $ 3.8 million is the aggregate maximum contractual earn-out for rev and lal combined . the purchase price for moda includes performance-based contingent payments for future earn-out payments payable in 2016 and 2017 based on moda 's 2015 and 2016 financial targets , of which £1,000,000 is the aggregate maximum contractual earn-out . the purchase price for crossview includes performance-based contingent payments for future earn-out payments payable in 2016 , 2017 and 2018 based on crossview 's achievement of certain 2015 , 2016 and 2017 financial targets , of which $ 18.0 million is the aggregate maximum contractual earn-out . as of december 31 , 2015 , we have accrued $ 14.2 million for future performance-based contingent payments applicable to all of these acquisitions ( as compared to the aggregate maximum remaining contingent earn-out payment of $ 23.3 million ) , of which $ 11.7 million is expected to be paid in 2016. to obtain additional financing in the future , in addition to our current cash position , we plan to evaluate various financing alternatives including the sale of equity , utilizing capital or operating leases , borrowing under our credit facilities , expanding our current credit facilities or entering into new debt agreements . no assurances can be given we will be successful in obtaining any additional financing or the terms thereof . we currently believe our cash position , financing available under our credit facilities and funds generated from operations will satisfy our presently known operating cash needs , our working capital and capital expenditure requirements , our current debt and lease obligations , and additional loans to our subsidiaries , if necessary , for at least the next twelve months . as of december 31 , 2015 , we have entered into secured term and revolving loan facilities described below which contain both financial and non-financial covenants . to the extent we fail to comply with our debt covenants , including the financial covenant requirements and we are not able to obtain a waiver , the lenders would be entitled to accelerate the repayment of any outstanding credit facility obligations , and exercise all other rights and remedies , including sale of collateral . an acceleration of the repayment of our credit facility obligations will have a material adverse impact on our financial condition and results of operations . we can provide no assurance we will have the financial ability to repay all such obligations . as of december 31 , 2015 , we were in compliance with all debt covenants . further , non-renewal of any of our credit facilities may have a material adverse impact on our business and financial condition . other than performance-based contingent payments applicable to our acquisitions , and our capital and operating lease 39 commitments , we do not have any other material financial commitments , although future client contracts may require capital expenditures and lease commitments to support the services provided to such clients . we receive municipal tax abatements in certain locations . in prior years we received notice from a municipality that we did not satisfy certain criteria necessary to maintain the

liquidity and capital resources during 2015 , we generated $ 22.0 million of cash from operating activities , primarily due to : - $ 14.1 million increase in accounts payable , deferred revenue , accrued expenses and other liabilities in part due to increased business activity and timing of payments to clients of customer collections related to strong holiday volume , partially offset by the impact of reduced product purchases ; - $ 13.8 million of cash income from operations before working capital changes ; and - $ 1.1 million decrease in inventories primarily as a result of the reduction in our ricoh related product revenue business . these proceeds were partially offset by a $ 5.6 million increase in accounts receivable primarily due to increased business activity and timing of client receipts applicable to service fee activity . during 2014 , we generated $ 13.3 million of cash from operating activities , which resulted primarily due to a : - $ 3.4 million decrease in inventories primarily applicable to reduced ricoh related business volumes ; - $ 5.8 million increase in accounts payable , deferred revenue , accrued expenses and other liabilities in part due to increased business activity and timing of payments to clients of customer collections related to higher holiday volume , partially offset by the impact of reduced product purchases ; and - $ 9.6 million of cash income from operations before working capital changes .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources during 2015 , we generated $ 22.0 million of cash from operating activities , primarily due to : - $ 14.1 million increase in accounts payable , deferred revenue , accrued expenses and other liabilities in part due to increased business activity and timing of payments to clients of customer collections related to strong holiday volume , partially offset by the impact of reduced product purchases ; - $ 13.8 million of cash income from operations before working capital changes ; and - $ 1.1 million decrease in inventories primarily as a result of the reduction in our ricoh related product revenue business . these proceeds were partially offset by a $ 5.6 million increase in accounts receivable primarily due to increased business activity and timing of client receipts applicable to service fee activity . during 2014 , we generated $ 13.3 million of cash from operating activities , which resulted primarily due to a : - $ 3.4 million decrease in inventories primarily applicable to reduced ricoh related business volumes ; - $ 5.8 million increase in accounts payable , deferred revenue , accrued expenses and other liabilities in part due to increased business activity and timing of payments to clients of customer collections related to higher holiday volume , partially offset by the impact of reduced product purchases ; and - $ 9.6 million of cash income from operations before working capital changes .
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 Suspicious Activity Report : in evaluating these statements , you should consider various factors , including the risks set forth in the section entitled “ risk factors . ” key transactions and events during 2014 , we were impacted by the following key transactions and events that also affect comparability of our results to other periods : ● implemented a significant new contract with a united states government agency . ● announced and began a comprehensive merger and acquisition strategy to enhance our service offering , diversify our operations and expand our global opportunities , which resulted in the acquisitions described below . ● acquired the outstanding capital stock of rev solutions , inc. and revtech solutions india private limited ( collectively “ rev ” ) on september 3 , 2014. the results of operations of rev have been included in our consolidated financial statements since the acquisition date . ● acquired the outstanding capital stock of livearealabs , inc. ( “ lal ” ) on september 22 , 2014. the results of operations of lal have been included in our consolidated financial statements since the acquisition date . during 2015 , we were impacted by the following key transactions and events that also affect comparability of our results to prior periods : ● acquired the outstanding capital stock of moda superbe limited ( “ moda ” ) on june 11 , 2015. the results of operations of moda have been included in our consolidated financial statements since the acquisition date . ● completed an asset purchase agreement with crossview , inc. ( “ crossview ” ) and its shareholders on august 5 , 2015. the results of operations of crossview have been included in our consolidated financial statements since the acquisition date . overview we are a global provider of omni-channel commerce solutions . comprised of a broad range of technology , critical infrastructure and professional services , we provide our clients with best-of-breed capabilities offered as a complete end-to-end solution or on an à la carte basis . we provide these solutions and services to major brand name companies and others seeking to optimize their supply chain and to enhance their online and traditional business channels and initiatives . we derive our revenues from providing a broad range of services using three different seller services financial models : 1 ) the service fee model , 2 ) the agent ( or flash ) model and 3 ) the retail model . 32 we refer to the standard pfsweb seller services financial model as the service fee model . in this model , our clients own the inventory and are the merchants of record and engage us to provide various infrastructure , technology and digital agency services i n support of their business operations . we derive our service fee revenues from a broad range of service offerings that include digital agency and marketing , ecommerce technologies , system integration , order management , customer care , logistics and fulfill ment , financial management and professional consulting . we offer our services as an integrated solution , which enables our clients to outsource their complete ecommerce needs to a single source and to focus on their core competencies , though clients are al so able to select individual or groupings of our various service offerings on an à la carte basis . we currently provide services to clients that operate in a range of vertical markets , including technology manufacturing , computer products , cosmetics , fragi le goods , coins and collectibles , apparel , telecommunications , consumer electronics and consumer packaged goods , among others . in the service fee model , we typically charge for our services on a cost-plus basis , a percent of shipped revenue basis , a time and materials , project or retainer basis for our professional services or a per-transaction basis , such as a per-labor hour basis for web-enabled customer contact center services and a per-item basis for fulfillment services . additional fees are billed for other services . we price our services based on a variety of factors , including the depth and complexity of the services provided , the amount of capital expenditures or systems customization required , the length of contract and other factors . many of our service fee contracts involve third-party vendors who provide additional services , such as package delivery . the costs we are charged by these third-party vendors for these services are often passed on to our clients . our billings for reimbursements of these costs and other ‘ out-of-pocket ' expenses include travel , shipping and handling costs and telecommunication charges and are included in pass-through revenue . as an additional service , we offer the agent , or flash , financial model , in which our clients maintain ownership of the product inventory stored at our locations as in the service fee model . when a customer orders the product from our clients , a “ flash ” sale transaction passes product ownership to us for each order and we in turn immediately re-sell the product to the customer . the “ flash ” ownership exchange establishes us as the merchant of record , which enables us to use our existing merchant infrastructure to process sales to end customers , removing the need for the clients to establish these business processes internally , but permitting them to control the sales process to end customers . in this model , based on the terms of our current client arrangements , we record product revenue net of cost of product revenue as a component of service fee revenue in our consolidated statement of operations . finally , our retail model allows us to purchase inventory from the client . in this model , we place the initial and replenishment purchase orders with the client and take ownership of the product upon delivery to our facility . story_separator_special_tag we recorded a tax provision associated with state income taxes and the majority of our international operations . a valuation allowance was provided for the majority of our domestic net deferred tax assets , which are primarily related to our net operating loss carryforwards , and for certain foreign deferred tax assets . in 2014 we recorded a deferred tax benefit applicable to a change in our valuation allowance following our rev and lal acquisitions under the related purchase accounting adjustments . we expect we will continue to record an income tax provision associated with state income taxes and the majority of our international operations . supplies distributors and its subsidiaries we conduct a portion of our retail business model operations through supplies distributors and its subsidiaries , which act as distributors/resellers of various ricoh and other products . we conduct these services through transaction management services agreements under which pfs provides transaction management and fulfillment services to supplies distributors and its subsidiaries . in addition to supplies distributors being our wholly-owned subsidiary , we have also provided supplies distributors with a subordinated loan that , as of december 31 , 2015 , had an outstanding balance of $ 2.5 million . 37 supplies distributors paid us dividends of $ 0.9 million , $ 1 . 8 million and $ 1 . 5 million in 2015 , 201 4 and 201 3 , respectively . supplies distributors has received lender approval to pay dividends of approximately $ 0.9 million in 201 6 . in addition , no distribution may be made if , after giving effect thereto , supplies d istributors or its subsidiaries would be in noncompliance with its financial covenants under its current facilities . story_separator_special_tag operating or capital leases or additional equity . we may elect to modify or defer a portion of such anticipated investments in the event that we do not obtain the financing results necessary to support such investments . during 2015 , our working capital decreased to $ 12.4 million from $ 17.8 million at december 31 , 2014. our net working capital was positively impacted by ( i ) $ 28.6 million of net proceeds from our new revolver and term loan facility , ( ii ) $ 13.8 million of income from operations before working capital changes and ( iii ) $ 1.5 million of proceeds from the issuance of common stock . however , this was more than offset primarily by our purchase of long-term assets , including goodwill , of $ 40.9 million applicable to the moda and crossview acquisitions and $ 4.5 million of purchases of other property and equipment . the purchase prices for rev and lal included performance-based contingent payments for future earn-out payments payable in 2016 based on rev 's and lal 's 2015 financial targets , of which $ 3.8 million is the aggregate maximum contractual earn-out for rev and lal combined . the purchase price for moda includes performance-based contingent payments for future earn-out payments payable in 2016 and 2017 based on moda 's 2015 and 2016 financial targets , of which £1,000,000 is the aggregate maximum contractual earn-out . the purchase price for crossview includes performance-based contingent payments for future earn-out payments payable in 2016 , 2017 and 2018 based on crossview 's achievement of certain 2015 , 2016 and 2017 financial targets , of which $ 18.0 million is the aggregate maximum contractual earn-out . as of december 31 , 2015 , we have accrued $ 14.2 million for future performance-based contingent payments applicable to all of these acquisitions ( as compared to the aggregate maximum remaining contingent earn-out payment of $ 23.3 million ) , of which $ 11.7 million is expected to be paid in 2016. to obtain additional financing in the future , in addition to our current cash position , we plan to evaluate various financing alternatives including the sale of equity , utilizing capital or operating leases , borrowing under our credit facilities , expanding our current credit facilities or entering into new debt agreements . no assurances can be given we will be successful in obtaining any additional financing or the terms thereof . we currently believe our cash position , financing available under our credit facilities and funds generated from operations will satisfy our presently known operating cash needs , our working capital and capital expenditure requirements , our current debt and lease obligations , and additional loans to our subsidiaries , if necessary , for at least the next twelve months . as of december 31 , 2015 , we have entered into secured term and revolving loan facilities described below which contain both financial and non-financial covenants . to the extent we fail to comply with our debt covenants , including the financial covenant requirements and we are not able to obtain a waiver , the lenders would be entitled to accelerate the repayment of any outstanding credit facility obligations , and exercise all other rights and remedies , including sale of collateral . an acceleration of the repayment of our credit facility obligations will have a material adverse impact on our financial condition and results of operations . we can provide no assurance we will have the financial ability to repay all such obligations . as of december 31 , 2015 , we were in compliance with all debt covenants . further , non-renewal of any of our credit facilities may have a material adverse impact on our business and financial condition . other than performance-based contingent payments applicable to our acquisitions , and our capital and operating lease 39 commitments , we do not have any other material financial commitments , although future client contracts may require capital expenditures and lease commitments to support the services provided to such clients . we receive municipal tax abatements in certain locations . in prior years we received notice from a municipality that we did not satisfy certain criteria necessary to maintain the

