Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash $ 6,618,921 $ 8,039,562
Accounts receivable - net of allowance for doubtful accounts of $298,000 and $250,000 at June 30, 2016 and December 31, 2015, respectively 2,156,152 2,211,979
Current assets - related party 24,738 13,200
Prepaid expenses and other current assets 452,798 621,492
Total current assets 9,252,609 10,886,233
Property and equipment - net 1,446,953 1,372,283
Intangible assets - net 4,660,520 5,379,404
Goodwill 9,430,994 8,971,994
Other assets 182,576 66,984
TOTAL ASSETS 24,973,652 26,676,898
CURRENT LIABILITIES:    
Accounts payable 548,707 370,441
Accrued compensation 686,127 627,450
Accrued expenses 493,674 650,221
Deferred rent 50,203 37,987
Deferred revenue 83,546 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 2,000,000 500,000
Notes payable - other (current portion) 221,118 582,023
Contingent consideration (current portion) 652,542 746,560
Dividend payable 159,236 159,236
Total current liabilities 6,905,853 5,758,138
Long - term debt, net of discount and debt issuance costs 5,334,470 4,836,384
Notes payable - other 179,543 66,539
Deferred rent 460,571 490,588
Deferred revenue 27,826 36,082
Contingent consideration 470,952 425,948
Deferred tax liability 244,610 171,269
Total liabilities 13,623,825 11,784,948
COMMITMENTS AND CONTINGENCIES (Note 10)
SHAREHOLDERS' EQUITY:    
Preferred stock, par value $0.001 per share - authorized 2,000,000 and 1,000,000 shares at June 30, 2016 and December 31, 2015, respectively; issued and outstanding 231,616 shares at June 30, 2016 and December 31, 2015 232 232
Common stock, $0.001 par value - authorized 19,000,000 shares; issued 10,734,518 and 10,345,351 shares at June 30, 2016 and December 31, 2015, respectively; outstanding, 9,988,615 and 10,244,013 shares at June 30, 2016 and December 31, 2015, respectively 10,735 10,346
Additional paid-in capital 24,820,597 24,549,889
Accumulated deficit (12,425,398) (9,147,507)
Accumulated other comprehensive loss (388,163) (398,979)
Less: 745,903 and 101,338 common shares held in treasury, at cost at June 30, 2016 and December 31, 2015, respectively (668,176) (122,031)
Total shareholders' equity 11,349,827 14,891,950
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 24,973,652 $ 26,676,898