Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash $ 8,039,562 $ 1,048,660
Accounts receivable - net of allowance for doubtful accounts of $250,000 and $165,000 at December 31, 2015 and December 31, 2014, respectively 2,211,979 3,007,314
Current assets - related party 13,200 24,284
Prepaid expenses and other current assets 621,492 504,442
Total current assets 10,886,233 4,584,700
Property and equipment - net 1,372,283 1,444,334
Intangible assets - net 5,379,404 8,377,837
Goodwill 8,971,994 8,560,336
Other assets 66,984 140,053
TOTAL ASSETS 26,676,898 23,107,260
CURRENT LIABILITIES:    
Accounts payable 370,441 1,082,342
Accrued compensation 627,450 836,525
Accrued expenses 650,221 1,113,108
Deferred rent 37,987 12,683
Deferred revenue 73,520 37,508
Accrued liability to related party 10,700 153,931
Borrowings under line of credit 2,000,000 1,215,000
Note payable - related party 0 470,089
Current portion of long-term debt 500,000 0
Notes payable - other (current portion) 582,023 596,616
Contingent consideration (current portion) 746,560 2,626,323
Dividends payable 159,236 0
Total current liabilities 5,758,138 8,144,125
Long - term debt, net of discount and debt issuance costs 4,836,384 0
Notes payable - other 66,539 48,564
Deferred rent 490,588 551,343
Deferred revenue 36,082 42,631
Contingent consideration 425,948 0
Deferred tax liability 171,269 0
Total liabilities $ 11,784,948 $ 8,786,663
COMMITMENTS AND CONTINGENCIES (Note 11)
SHAREHOLDERS' EQUITY:    
Preferred stock, par value $0.001 per share; authorized 1,000,000 shares; issued and outstanding 231,616 shares at December 31, 2015 and none at December 31, 2014 $ 232 $ 0
Common stock, $0.001 par value - authorized 19,000,000 shares; issued 10,345,351 and 9,711,604 shares at December 31, 2015 and 2014, respectively; outstanding, 10,244,013 and 9,711,604 shares at December 31, 2015 and 2014, respectively 10,346 9,712
Additional paid-in capital 24,549,889 18,979,976
Accumulated deficit (9,147,507) (4,460,129)
Accumulated other comprehensive loss (398,979) (208,962)
Less: 101,338 common shares held in treasury, at cost (122,031) 0
Total shareholders' equity 14,891,950 14,320,597
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 26,676,898 $ 23,107,260