Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash $ 8,395,321 $ 19,994,134
Accounts receivable - net of allowance for doubtful accounts of $505,000 and $256,000 at and , respectively 9,315,411 6,995,343
Contract asset 2,884,737 2,385,334
Inventory 486,114 491,088
Current assets - related party 13,200 13,200
Prepaid expenses and other current assets 2,310,902 1,123,036
Total current assets 23,405,685 31,002,135
Property and equipment - net 3,447,181 2,907,516
Operating lease right-of-use assets 6,430,634 3,526,315
Intangible assets - net 17,337,093 5,977,225
Goodwill 38,351,775 12,633,696
Other assets 860,277 356,578
TOTAL ASSETS 89,832,645 56,403,465
CURRENT LIABILITIES:    
Accounts payable 6,762,423 3,490,834
Accrued compensation 1,900,616 1,836,309
Accrued expenses 3,024,696 2,111,515
Operating lease liability (current portion) 2,824,729 1,688,772
Deferred revenue (current portion) 23,787 20,277
Accrued liability to related party 663 663
Notes payable (current portion) 183,152 283,675
Contingent consideration 1,050,000
Dividend payable 2,407,305 1,745,791
Total current liabilities 18,177,371 11,177,836
Notes payable 44,770 83,275
Borrowings under line of credit 9,750,000
Operating lease liability 4,208,244 2,040,772
Deferred revenue 195,789 18,745
Deferred tax liability 259,512 244,512
Total liabilities 32,635,686 13,565,140
COMMITMENTS AND CONTINGENCIES (NOTE 8)
SHAREHOLDERS' EQUITY:    
Preferred stock, $0.001 par value - authorized 7,000,000 shares at March 31, 2020 and December 31, 2019; issued and outstanding 3,328,195 and 2,539,325 shares at March 31, 2020 and December 31, 2019, respectively 3,328 2,539
Common stock, $0.001 par value - authorized 29,000,000 shares at March 31, 2020 and December 31, 2019; issued 13,108,092 and 12,978,485 shares at March 31, 2020 and December 31, 2019, respectively; 12,367,293 and 12,237,686 shares outstanding at March 31, 2020 and December 31, 2019, respectively 13,108 12,979
Additional paid-in capital 86,853,138 69,403,366
Accumulated deficit (27,577,315) (25,075,545)
Accumulated other comprehensive loss (1,433,300) (843,014)
Less: 740,799 common shares held in treasury, at cost at March 31, 2020 and December 31, 2019 (662,000) (662,000)
Total shareholders' equity 57,196,959 42,838,325
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 89,832,645 $ 56,403,465