Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.19.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash   $ 14,472,483
Accounts receivable - net of allowance for doubtful accounts of $194,000 and $189,000 at June 30, 2019 and December 31, 2018, respectively   7,331,474
Contract asset $ 2,473,671 2,608,631
Inventory   444,437
Current assets - related party   25,203
Prepaid expenses and other current assets   1,191,445
Total current assets   26,073,673
Property and equipment - net   1,832,187
Operating lease right-of-use assets 4,860,780
Intangible assets - net   6,634,003
Goodwill   12,593,795
Other assets   489,703
TOTAL ASSETS   47,623,361
CURRENT LIABILITIES:    
Accounts payable   2,438,267
Accrued compensation   1,731,063
Accrued expenses   1,589,009
Deferred rent (current portion)   90,657
Operating lease liability (current portion) 2,077,030
Deferred revenue (current portion)   25,355
Accrued liability to related party   10,663
Notes payable (current portion)   277,776
Contingent consideration   526,432
Dividend payable   1,468,724
Total current liabilities   8,157,946
Notes payable   222,400
Deferred rent   189,366
Operating lease liability 2,876,232
Deferred revenue   18,949
Deferred tax liability   164,346
Total liabilities   8,753,007
COMMITMENTS AND CONTINGENCIES (Note 8)  
SHAREHOLDERS' EQUITY:    
Preferred stock, $0.001 par value - authorized 7,000,000 and 4,000,000 shares at June 30, 2019 and December 31, 2018, respectively; issued and outstanding 2,162,449 and 2,136,289 shares at June 30, 2019 and December 31, 2018, respectively   2,136
Common stock, $0.001 par value - authorized 29,000,000 and 19,000,000 shares at June 30, 2019 and December 31, 2018, respectively; issued 12,769,041 and 12,570,557 shares at June 30, 2019 and December 31, 2018, respectively; outstanding, 12,028,242 and 11,829,758 shares at June 30, 2019 and December 31, 2018, respectively   12,571
Additional paid-in capital   65,142,460
Accumulated deficit   (24,203,745)
Accumulated other comprehensive loss   (1,421,068)
Less: 740,799 common shares held in treasury, at cost at June 30, 2019 and December 31, 2018   (662,000)
Total shareholders' equity 34,409,203 38,870,354
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 47,623,361
Unaudited [Member]    
CURRENT ASSETS:    
Cash 10,583,026  
Accounts receivable - net of allowance for doubtful accounts of $194,000 and $189,000 at June 30, 2019 and December 31, 2018, respectively 7,518,940  
Contract asset 2,473,671  
Inventory 402,570  
Current assets - related party 13,200  
Prepaid expenses and other current assets 843,428  
Total current assets 21,834,835  
Property and equipment - net 2,031,246  
Operating lease right-of-use assets 4,860,780  
Intangible assets - net 6,507,149  
Goodwill 12,633,696  
Other assets 412,101  
TOTAL ASSETS 48,279,807  
CURRENT LIABILITIES:    
Accounts payable 2,442,211  
Accrued compensation 2,181,733  
Accrued expenses 2,031,007  
Deferred rent (current portion)  
Operating lease liability (current portion) 2,077,030  
Deferred revenue (current portion) 16,225  
Accrued liability to related party 663  
Notes payable (current portion) 152,830  
Contingent consideration 279,565  
Dividend payable 1,486,708  
Total current liabilities 10,667,972  
Notes payable 158,874  
Deferred rent  
Operating lease liability 2,876,232  
Deferred revenue 18,360  
Deferred tax liability 149,166  
Total liabilities 13,870,604  
COMMITMENTS AND CONTINGENCIES (Note 8)  
SHAREHOLDERS' EQUITY:    
Preferred stock, $0.001 par value - authorized 7,000,000 and 4,000,000 shares at June 30, 2019 and December 31, 2018, respectively; issued and outstanding 2,162,449 and 2,136,289 shares at June 30, 2019 and December 31, 2018, respectively 2,162  
Common stock, $0.001 par value - authorized 29,000,000 and 19,000,000 shares at June 30, 2019 and December 31, 2018, respectively; issued 12,769,041 and 12,570,557 shares at June 30, 2019 and December 31, 2018, respectively; outstanding, 12,028,242 and 11,829,758 shares at June 30, 2019 and December 31, 2018, respectively 12,769  
Additional paid-in capital 62,300,966  
Accumulated deficit (25,270,408)  
Accumulated other comprehensive loss (1,974,286)  
Less: 740,799 common shares held in treasury, at cost at June 30, 2019 and December 31, 2018 (662,000)  
Total shareholders' equity 34,409,203  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 48,279,807