Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash $ 7,110,495 $ 8,039,562
Accounts receivable - net of allowance for doubtful accounts of $291,000 and $250,000 at September 30, 2016 and December 31, 2015, respectively 2,136,747 2,211,979
Current assets - related party 24,988 13,200
Prepaid expenses and other current assets 658,117 621,492
Total current assets 9,930,347 10,886,233
Property and equipment - net 1,401,099 1,372,283
Intangible assets - net 3,929,856 5,379,404
Goodwill 9,473,765 8,971,994
Other assets 97,147 66,984
TOTAL ASSETS 24,832,214 26,676,898
CURRENT LIABILITIES:    
Accounts payable 592,381 370,441
Accrued compensation 587,668 627,450
Accrued expenses 564,823 650,221
Deferred rent (current portion) 56,877 37,987
Deferred revenue (current portion) 54,869 73,520
Accrued liability to related party 10,700 10,700
Borrowings under line of credit 2,000,000 2,000,000
Current portion of long-term debt 2,666,667 500,000
Notes payable - other (current portion) 380,076 582,023
Contingent consideration (current portion) 541,134 746,560
Dividend payable 202,578 159,236
Total current liabilities 7,657,773 5,758,138
Long - term debt, net of discount and debt issuance costs 4,645,216 4,836,384
Notes payable - other 161,610 66,539
Deferred rent 445,649 490,588
Deferred revenue 21,821 36,082
Contingent consideration 547,965 425,948
Deferred tax liability 286,162 171,269
Total liabilities 13,766,196 11,784,948
COMMITMENTS AND CONTINGENCIES (Note 10)
SHAREHOLDERS' EQUITY:    
Preferred stock, par value $0.001 per share - authorized 2,000,000 and 1,000,000 shares at September 30, 2016 and December 31, 2015, respectively; issued and outstanding 294,656 and 231,616 shares at September 30, 2016 and December 31, 2015, respectively 295 232
Common stock, $0.001 par value - authorized 19,000,000 shares; issued 10,789,019 and 10,345,351 shares at September 30, 2016 and December 31, 2015, respectively; outstanding, 10,046,745 and 10,244,013 shares at September 30, 2016 and December 31, 2015, respectively 10,789 10,346
Additional paid-in capital 26,025,496 24,549,889
Accumulated deficit (13,920,103) (9,147,507)
Accumulated other comprehensive loss (386,674) (398,979)
Less: 742,274 and 101,338 common shares held in treasury, at cost at September 30, 2016 and December 31, 2015, respectively (663,785) (122,031)
Total shareholders' equity 11,066,018 14,891,950
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 24,832,214 $ 26,676,898