Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash $ 3,476,880 $ 8,039,562
Accounts receivable - net of allowance for doubtful accounts of $156,000 and $250,000 at December 31, 2016 and December 31, 2015, respectively 4,330,901 2,211,979
Current assets - related party 13,200 13,200
Prepaid expenses and other current assets 618,501 621,492
Total current assets 8,439,482 10,886,233
Property and equipment - net 1,588,937 1,372,283
Intangible assets - net 5,833,706 5,379,404
Goodwill 12,178,868 8,971,994
Other assets 282,713 66,984
TOTAL ASSETS 28,323,706 26,676,898
CURRENT LIABILITIES:    
Accounts payable 1,905,131 370,441
Accrued compensation 2,009,911 627,450
Accrued expenses 1,236,609 650,221
Deferred rent (current portion) 61,437 37,987
Deferred revenue (current portion) 41,666 73,520
Accrued liability to related party 16,626 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) 5,181,459 582,023
Contingent consideration (current portion) 535,477 746,560
Dividend payable 202,579 159,236
Total current liabilities 15,857,562 5,758,138
Long - term debt, net of discount and debt issuance costs 4,033,668 4,836,384
Notes payable - other 166,184 66,539
Deferred rent 433,186 490,588
Deferred revenue 26,673 36,082
Contingent consideration 394,072 425,948
Deferred tax liability 345,530 171,269
Total liabilities 21,256,875 11,784,948
SHAREHOLDERS' EQUITY:    
Preferred stock, par value $0.001 per share - authorized 2,000,000 and 1,000,000 shares at December 31, 2016 and December 31, 2015, respectively; issued and outstanding 294,656 and 231,616 shares at December 31, 2016 and December 31, 2015, respectively 295 232
Common stock, $0.001 par value - authorized 19,000,000 shares; issued 10,792,352 and 10,345,351 shares at December 31, 2016 and December 31, 2015, respectively; outstanding, 10,051,553 and 10,244,013 shares at December 31, 2016 and December 31, 2015, respectively 10,793 10,346
Additional paid-in capital 26,038,063 24,549,889
Accumulated deficit (17,944,230) (9,147,507)
Accumulated other comprehensive loss (376,090) (398,979)
Less: 740,799 and 101,338 common shares held in treasury, at cost at December 31, 2016 and December 31, 2015, respectively (662,000) (122,031)
Total shareholders' equity 7,066,831 14,891,950
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 28,323,706 $ 26,676,898