Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash $ 1,249,850 $ 3,476,880
Accounts receivable - net of allowance for doubtful accounts of $272,000 and $156,000 at March 31, 2017 and December 31, 2016, respectively 3,917,773 4,330,901
Current assets - related party 13,200 13,200
Prepaid expenses and other current assets 531,186 618,501
Total current assets 5,712,009 8,439,482
Property and equipment - net 1,526,952 1,588,937
Intangible assets - net 4,569,773 5,833,706
Goodwill 12,178,868 12,178,868
Other assets 384,657 282,713
TOTAL ASSETS 24,372,259 28,323,706
CURRENT LIABILITIES:    
Accounts payable 1,756,410 1,905,131
Accrued compensation 1,692,412 2,009,911
Accrued expenses 1,306,964 1,236,609
Deferred rent (current portion) 62,225 61,437
Deferred revenue (current portion) 26,207 41,666
Accrued liability to related party 16,626 16,626
Borrowings under line of credit 2,000,000 2,000,000
Current portion of long-term debt 2,666,667 2,666,667
Notes payable - other (current portion) 5,099,971 5,181,459
Contingent consideration (current portion) 506,961 535,477
Dividend payable 202,579 202,579
Total current liabilities 15,337,022 15,857,562
Long - term debt, net of discount and debt issuance costs 3,422,820 4,033,668
Notes payable - other 149,252 166,184
Deferred rent 416,425 433,186
Deferred revenue 27,027 26,673
Contingent consideration 387,750 394,072
Deferred tax liability 399,530 345,530
Total liabilities 20,139,826 21,256,875
SHAREHOLDERS' EQUITY:    
Preferred stock, par value $0.001 per share - authorized 2,000,000 shares; issued and outstanding 294,656 shares at March 31, 2017 and December 31, 2016 295 295
Common stock, $0.001 par value - authorized 19,000,000 shares; issued 10,915,685 and 10,792,352 shares at March 31, 2017 and December 31, 2016, respectively; outstanding, 10,174,886 and 10,051,553 shares at March 31, 2017 and December 31, 2016, respectively 10,916 10,793
Additional paid-in capital 25,954,149 26,038,063
Accumulated deficit (20,652,175) (17,944,230)
Accumulated other comprehensive loss (418,752) (376,090)
Less: 740,799 common shares held in treasury, at cost at March 31, 2017 and December 31, 2016 (662,000) (662,000)
Total shareholders' equity 4,232,433 7,066,831
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 24,372,259 $ 28,323,706