Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.7.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 6,642,153 $ 7,221,910
Accounts receivable, net of allowance for doubtful accounts of approximately $690,000 and $427,000, respectively 12,316,401 9,359,876
Prepaid expenses and other current assets 1,590,928 1,084,209
Total current assets 20,549,482 17,665,995
Property and equipment, net 13,520,740 14,248,915
Security deposits 630,373 630,373
Restricted cash 27,153 27,153
Goodwill 35,286,629 35,689,215
Intangible assets, net 63,190,659 63,617,471
Other assets 68,822 77,117
TOTAL ASSETS 133,273,858 131,956,239
Current liabilities:    
Term loan - current portion 4,062,500 2,979,167
Obligations under asset purchase agreements - current portion 912,212 546,488
Equipment financing obligations 1,041,466 1,002,578
Accounts payable and accrued expenses 23,347,554 19,722,838
Total current liabilities 29,363,732 24,251,071
Long-term liabilities:    
Notes payable - non-related parties, net of discount 31,561,993 31,431,602
Notes payable - related parties 889,413 875,750
Term Loan 58,900,945 60,731,204
Indebtedness under revolving credit facility 3,000,000 3,000,000
Obligations under asset purchase agreements 1,315,811 890,811
Equipment financing obligations 974,701 1,237,083
Derivative liabilities 376,321 348,650
Total liabilities 126,382,916 122,766,171
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 14,341 and 17,299 shares issued and outstanding 143 174
Common stock, $0.01 par value, 90,000,000 and 50,000,000 shares authorized, 22,412,403 and 20,642,028 shares issued and outstanding 224,124 206,422
Capital in excess of par value 193,398,183 192,233,032
Accumulated deficit (186,731,508) (183,249,560)
Total stockholders' equity 6,890,942 9,190,068
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 133,273,858 $ 131,956,239