Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash $ 1,613,242 $ 1,048,660
Accounts receivable - net of allowance for doubtful accounts of $194,633 and $165,000 at September 30, 2015 and December 31, 2014, respectively 2,384,888 3,007,314
Current assets - related party 24,534 24,284
Prepaid expenses and other current assets 742,686 504,442
Total current assets 4,765,350 4,584,700
Property and equipment - net 1,447,687 1,444,334
Intangible assets - net 5,978,684 8,377,837
Goodwill 8,980,252 8,560,336
Other assets 409,602 140,053
TOTAL ASSETS 21,581,575 23,107,260
CURRENT LIABILITIES:    
Accounts payable 758,879 1,082,342
Accrued compensation 546,077 836,525
Accrued expenses 768,521 1,113,108
Deferred rent 31,988 12,683
Deferred revenue 85,015 37,508
Accrued liability to related party 39,631 153,931
Borrowings under line of credit 2,000,000 1,215,000
Note payable - related party 0 470,089
Notes payable - other (current portion) 291,005 596,616
Contingent consideration (current portion) 2,025,845 2,626,323
Total current liabilities 6,546,961 8,144,125
Long - term debt, net of discount and debt issuance costs 3,393,004 0
Notes payable - other 68,742 48,564
Deferred rent 504,308 551,343
Deferred revenue 34,053 42,631
Contingent consideration 452,507 0
Total liabilities $ 10,999,575 $ 8,786,663
COMMITMENTS AND CONTINGENCIES (Note 8)
SHAREHOLDERS' EQUITY:    
Preferred stock, par value $0.001 per share; authorized 1,000,000 shares; issued and outstanding none at September 30, 2015 and December 31, 2014 $ 0 $ 0
Common stock, $0.001 par value - authorized, 19,000,000 shares; issued and outstanding, 9,775,223 and 9,711,604 shares at September 30, 2015 and December 31, 2014, respectively 9,775 9,712
Additional paid-in capital 19,283,324 18,979,976
Accumulated deficit (8,346,742) (4,460,129)
Accumulated other comprehensive loss (364,357) (208,962)
Total shareholders' equity 10,582,000 14,320,597
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 21,581,575 $ 23,107,260