Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash $ 12,526,647 $ 14,472,483
Accounts receivable - net of allowance for doubtful accounts of $184,000 and $189,000 at March 31, 2019 and December 31, 2018, respectively 7,807,867 7,331,474
Contract asset 2,356,314 2,608,631
Inventory 364,219 444,437
Current assets - related party 13,200 25,203
Prepaid expenses and other current assets 907,120 1,191,445
Total current assets 23,975,367 26,073,673
Property and equipment - net 2,148,604 1,832,187
Operating lease right-of-use assets 4,031,254
Intangible assets - net 6,083,516 6,634,003
Goodwill 12,593,795 12,593,795
Other assets 469,072 489,703
TOTAL ASSETS 49,301,608 47,623,361
CURRENT LIABILITIES:    
Accounts payable 2,066,091 2,438,267
Accrued compensation 1,651,735 1,731,063
Accrued expenses 2,063,614 1,589,009
Deferred rent (current portion) 90,657
Operating lease liability (current portion) 1,681,064
Deferred revenue (current portion) 21,354 25,355
Accrued liability to related party 10,663 10,663
Notes payable - (current portion) 185,944 277,776
Contingent consideration 307,385 526,432
Dividend payable 1,486,709 1,468,724
Total current liabilities 9,474,559 8,157,946
Notes payable 201,574 222,400
Deferred rent 189,366
Operating lease liability 2,482,853
Deferred revenue 19,215 18,949
Deferred tax liability 108,814 164,346
Total liabilities 12,287,015 8,753,007
COMMITMENTS AND CONTINGENCIES (Note 8)
SHAREHOLDERS' EQUITY:    
Preferred stock, $0.001 par value - authorized 4,000,000 shares; issued and outstanding 2,162,449 and 2,136,289 shares at March 31, 2019 and December 31, 2018, respectively 2,162 2,136
Common stock, $0.001 par value - authorized 19,000,000 shares; issued 12,750,541 and 12,570,557 shares at March 31, 2019 and December 31, 2018, respectively; outstanding, 12,009,742 and 11,829,758 shares at March 31, 2019 and December 31, 2018, respectively 12,751 12,571
Additional paid-in capital 63,372,839 65,142,460
Accumulated deficit (24,499,436) (24,203,745)
Accumulated other comprehensive loss (1,211,723) (1,421,068)
Less: 740,799 common shares held in treasury, at cost at March 31, 2019 and December 31, 2018 (662,000) (662,000)
Total shareholders' equity 37,014,593 38,870,354
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 49,301,608 $ 47,623,361