Based on my initial look it was the combination of the LA office opening (expenses before revenue) and the lower WAM revenue that hurt the quarterly results.
Nice to see the cash balance ramping up. They will be totally debt free within six months. If I'm reading the 10-Q right they have the option to pay the earnout (less that foreign tax liability maybe) in cash or stock. I would rather they pay in cash and they can retire that stock - I think...if I am reading it right.