Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash $ 7,367,102 $ 8,039,562
Accounts receivable - net of allowance for doubtful accounts of $255,000 and $250,000 at March 31, 2016 and December 31, 2015, respectively 2,427,608 2,211,979
Current assets - related party 24,738 13,200
Prepaid expenses and other current assets 547,376 621,492
Total current assets 10,366,824 10,886,233
Property and equipment - net 1,432,824 1,372,283
Intangible assets - net 5,440,035 5,379,404
Goodwill 9,515,994 8,971,994
Other assets 146,020 66,984
TOTAL ASSETS 26,901,697 26,676,898
CURRENT LIABILITIES:    
Accounts payable 674,876 370,441
Accrued compensation 598,236 627,450
Accrued expenses 504,658 650,221
Deferred rent 44,391 37,987
Deferred revenue 62,406 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 1,333,333 500,000
Notes payable - other (current portion) 388,011 582,023
Contingent consideration (current portion) 988,709 746,560
Dividend payable 159,236 159,236
Total current liabilities 6,764,556 5,758,138
Long - term debt, net of discount and debt issuance costs 5,952,945 4,836,384
Notes payable - other 114,277 66,539
Deferred rent 476,945 490,588
Deferred revenue 33,162 36,082
Contingent consideration 533,497 425,948
Deferred tax liability 207,847 171,269
Total liabilities $ 14,083,229 $ 11,784,948
COMMITMENTS AND CONTINGENCIES (Note 10)
SHAREHOLDERS' EQUITY:    
Preferred stock, par value $0.001 per share; authorized 1,000,000 shares; issued and outstanding 231,616 shares at March 31, 2016 and December 31, 2015 $ 232 $ 232
Common stock, $0.001 par value - authorized 19,000,000 shares; issued 10,670,351 and 10,345,351 shares at March 31, 2016 and December 31, 2015, respectively; outstanding, 10,050,718 and 10,244,013 shares at March 31, 2016 and December 31, 2015, respectively 10,671 10,346
Additional paid-in capital 24,867,245 24,549,889
Accumulated deficit (11,131,093) (9,147,507)
Accumulated other comprehensive loss (379,433) (398,979)
Less: 619,633 and 101,338 common shares held in treasury, at cost at March 31, 2016 and December 31, 2015, respectively (549,154) (122,031)
Total shareholders' equity 12,818,468 14,891,950
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 26,901,697 $ 26,676,898