Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash $ 3,541,070 $ 4,362,232
Accounts receivable - net of allowance for doubtful accounts of $206,000 and $185,000 at March 31, 2018 and December 31, 2017, respectively 3,776,959 3,879,463
Contract asset 1,389,763
Current assets - related party 25,203 25,203
Prepaid expenses and other current assets 721,390 662,822
Total current assets 9,454,385 8,929,720
Property and equipment - net 1,339,675 1,385,743
Intangible assets - net 2,091,878 2,509,544
Goodwill 12,263,943 12,263,943
Other assets 469,916 436,713
TOTAL ASSETS 25,619,797 25,525,663
CURRENT LIABILITIES:    
Accounts payable 730,239 991,859
Accrued compensation 960,720 1,137,351
Accrued expenses 828,581 616,778
Deferred rent (current portion) 85,791 81,826
Deferred revenue (current portion) 41,191 62,104
Accrued liability to related party 10,663 10,675
Notes payable - other (current portion) 89,635 168,718
Contingent consideration (current portion) 503,066 505,557
Dividend payable 767,463 747,147
Total current liabilities 4,017,349 4,322,015
Notes payable - other 106,908 120,899
Deferred rent 295,907 333,788
Deferred revenue 27,639 28,615
Contingent consideration 84,983 97,854
Deferred tax liability 410,072 372,072
Total liabilities 4,942,858 5,275,243
COMMITMENTS AND CONTINGENCIES (Note 7)
SHAREHOLDERS' EQUITY:    
Preferred stock, par value $0.001 per share - authorized 2,000,000 shares; issued and outstanding 1,116,289 and 1,086,739 shares at March 31, 2018 and December 31, 2017, respectively 1,116 1,087
Common stock, $0.001 par value - authorized 19,000,000 shares; issued 12,405,973 and 12,271,390 shares at March 31, 2018 and December 31, 2017, respectively; outstanding, 11,665,174 and 11,530,591 shares at March 31, 2018 and December 31, 2017, respectively 12,406 12,272
Additional paid-in capital 44,239,862 45,129,517
Accumulated deficit (21,990,229) (23,509,386)
Accumulated other comprehensive loss (924,216) (721,070)
Less: 740,799 common shares held in treasury, at cost at March 31, 2018 and December 31, 2017 (662,000) (662,000)
Total shareholders' equity 20,676,939 20,250,420
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 25,619,797 $ 25,525,663