Financials

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

Source

v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenues $ 35,811,876 $ 33,794,249
Cost of revenues, exclusive of depreciation and amortization, shown separately below 19,270,913 20,531,511
Gross profit 16,540,963 13,262,738
Depreciation and amortization 3,837,148 2,916,263
Selling, general and administrative expenses (including stock-based compensation of $224,647 and $198,884) 14,134,875 11,424,786
Operating loss (1,431,060) (1,078,311)
Other (expenses) income:    
Interest expense (2,092,312) (1,627,964)
(Loss) gain on change in fair value of derivative liabilities (40,445) 182,400
Loss on disposal of property and equipment (26,800) 0
Other income, net 116,480 (9,670)
Total other expenses (2,043,077) (1,455,234)
Loss before income taxes (3,474,137) (2,533,545)
Provision for income taxes (7,811) 0
Net loss (3,481,948) (2,533,545)
Preferred stock dividends (1,254,109) (1,531,982)
Net loss attributable to common stockholders $ (4,736,057) $ (4,065,527)
Basic and diluted loss per common share $ (0.23) $ (0.30)
Weighted average common shares outstanding:    
Basic and diluted 20,707,699 13,741,366

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (3,481,948) $ (2,533,545)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,837,148 2,916,263
Loss on disposal of property and equipment 26,800 60,822
Stock-based compensation 224,647 198,884
Stock issued for services rendered or in settlement of liabilities 164,450 51,900
Amortization of debt discount and deferred financing fees 209,628 158,878
Gain in the change in fair value of derivative liability 40,445 (182,400)
Changes in operating assets and liabilities:    
Accounts receivable (2,403,196) (519,098)
Prepaid expenses and other current assets (874,327) (930,554)
Other assets 8,295 9,807
Accounts payable and accrued expenses 3,617,302 390,727
Net cash provided by (used in) operating activities 1,369,244 (378,316)
Cash flows from investing activities:    
Purchase of property and equipment (984,642) (988,768)
Proceeds from the sale of property and equipment 40,680 23,961
Payment for acquisitions, net of cash acquired (558,329) 16,895
Net cash used in investing activities (1,502,291) (947,912)
Cash flows from financing activities:    
Proceeds from the exercise of common stock purchase warrants 780,951 0
Repayments of term loan (812,500) 0
Payments for obligations under asset purchase agreements (191,668) 0
Repayments of notes payable - related parties 0 (238,111)
Payments on equipment financing obligations (223,493) (241,099)
Net cash used in financing activities (446,710) (479,210)
Net change in cash and cash equivalents (579,757) (1,805,438)
Cash and cash equivalents, including restricted cash, beginning of period 7,249,063 7,705,666
Cash and cash equivalents, including restricted cash, end of period $ 6,669,306 $ 5,900,228

Source