Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited Sep 30, 2017)

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Condensed Consolidated Balance Sheets (Unaudited Sep 30, 2017) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash $ 2,789,382 $ 3,476,880
Accounts receivable - net of allowance for doubtful accounts of $268,000 and $156,000 at September 30, 2017 and December 31, 2016, respectively 3,535,673 4,330,901
Current assets - related party 25,203 13,200
Prepaid expenses and other current assets 758,785 618,501
Total current assets 7,109,043 8,439,482
Property and equipment - net 1,424,732 1,588,937
Intangible assets - net 2,997,211 5,833,706
Goodwill 12,263,943 12,178,868
Other assets 152,712 282,713
TOTAL ASSETS 23,947,641 28,323,706
CURRENT LIABILITIES:    
Accounts payable 1,017,774 1,905,131
Accrued compensation 848,571 2,009,911
Accrued expenses 758,357 1,236,609
Deferred rent (current portion) 79,150 61,437
Deferred revenue (current portion) 52,145 41,666
Accrued liability to related party 16,614 16,626
Borrowings under line of credit 2,000,000 2,000,000
Current portion of long-term debt 2,666,667
Notes payable - other (current portion) 246,603 5,181,459
Contingent consideration (current portion) 537,736 535,477
Dividend payable 638,905 202,579
Total current liabilities 6,195,855 15,857,562
Long - term debt, net of discount and debt issuance costs 4,033,668
Notes payable - other 137,550 166,184
Deferred rent 371,273 433,186
Deferred revenue 30,001 26,673
Contingent consideration 131,957 394,072
Deferred tax liability 510,530 345,530
Total liabilities 7,377,166 21,256,875
COMMITMENTS AND CONTINGENCIES (Note 8)
SHAREHOLDERS' EQUITY:    
Preferred stock, par value $0.001 per share - authorized 2,000,000 shares; issued and outstanding 929,299 and 294,656 shares at September 30, 2017 and December 31, 2016, respectively 929 295
Common stock, $0.001 par value - authorized 19,000,000 shares; issued 12,271,390 and 10,792,352 shares at September 30, 2017 and December 31, 2016, respectively; outstanding, 11,530,591 and 10,051,553 shares at September 30, 2017 and December 31, 2016, respectively 12,272 10,793
Additional paid-in capital 40,985,992 26,038,063
Accumulated deficit (23,325,897) (17,944,230)
Accumulated other comprehensive loss (440,821) (376,090)
Less: 740,799 common shares held in treasury, at cost at September 30, 2017 and December 31, 2016 (662,000) (662,000)
Total shareholders' equity 16,570,475 7,066,831
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 23,947,641 $ 28,323,706