Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash $ 4,362,232 $ 3,476,880
Accounts receivable - net of allowance for doubtful accounts of $185,000 and $156,000 at December 31, 2017 and December 31, 2016, respectively 3,879,463 4,330,901
Current assets - related party 25,203 13,200
Prepaid expenses and other current assets 662,822 618,501
Total current assets 8,929,720 8,439,482
Property and equipment - net 1,385,743 1,588,937
Intangible assets - net 2,509,544 5,833,706
Goodwill 12,263,943 12,178,868
Other assets 436,713 282,713
TOTAL ASSETS 25,525,663 28,323,706
CURRENT LIABILITIES:    
Accounts payable 991,859 1,905,131
Accrued compensation 1,137,351 2,009,911
Accrued expenses 616,778 1,236,609
Deferred rent (current portion) 81,826 61,437
Deferred revenue (current portion) 62,104 41,666
Accrued liability to related party 10,675 16,626
Borrowings under line of credit 2,000,000
Current portion of long-term debt 2,666,667
Notes payable - other (current portion) 168,718 5,181,459
Contingent consideration (current portion) 505,557 535,477
Dividend payable 747,147 202,579
Total current liabilities 4,322,015 15,857,562
Long - term debt, net of discount and debt issuance costs 4,033,668
Notes payable - other 120,899 166,184
Deferred rent 333,788 433,186
Deferred revenue 28,615 26,673
Contingent consideration 97,854 394,072
Deferred tax liability 372,072 345,530
Total liabilities 5,275,243 21,256,875
SHAREHOLDERS’ EQUITY:    
Preferred stock, par value $0.001 per share - authorized 2,000,000 shares; issued and outstanding 1,086,739 and 294,656 shares at December 31, 2017 and December 31, 2016, respectively 1,087 295
Common stock, $0.001 par value - authorized 19,000,000 shares; issued 12,271,390 and 10,792,352 shares at December 31, 2017 and December 31, 2016, respectively; outstanding, 11,530,591 and 10,051,553 shares at December 31, 2017 and December 31, 2016, respectively 12,272 10,793
Additional paid-in capital 45,129,517 26,038,063
Accumulated deficit (23,509,386) (17,944,230)
Accumulated other comprehensive loss (721,070) (376,090)
Less: 740,799 common shares held in treasury, at cost at December 31, 2017 and December 31, 2016 (662,000) (662,000)
Total shareholders’ equity 20,250,420 7,066,831
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 25,525,663 $ 28,323,706