Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 7,221,910 $ 7,540,543
Accounts receivable, net of allowance for doubtful accounts of approximately $427,000 and $309,000, respectively 9,359,876 7,650,141
Prepaid expenses and other current assets 1,160,184 1,618,603
Total current assets 17,741,970 16,809,287
Property and equipment, net 14,248,915 14,055,493
Other assets:    
Security deposits 630,373 575,038
Restricted cash 27,153 165,123
Goodwill 36,652,124 27,060,297
Intangible assets, net 63,617,471 45,824,399
Other assets 77,117 9,808
Total other assets 101,004,238 73,634,665
TOTAL ASSETS 132,995,123 104,499,445
Current liabilities:    
Notes payable - non-related parties 2,979,167 685,780
Obligations under asset purchase agreements - current portion 622,463 300,000
Equipment financing obligations 1,002,578 959,380
Accounts payable and accrued expenses 19,722,838 13,129,225
Total current liabilities 24,327,046 15,074,385
Long-term liabilities:    
Notes payable - non-related parties, net of discount 31,431,602 30,795,746
Notes payable - related parties 875,750 1,074,829
Term Loan 60,731,204 24,728,762
Indebtedness under revolving credit facility 3,000,000 15,000,000
Obligations under asset purchase agreements 890,811 333,333
Equipment financing obligations 1,237,083 2,085,416
Derivative liabilities 348,650 953,005
Total liabilities 122,842,146 90,045,476
Stockholders' equity (deficit):    
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 17,299 and 23,324 shares issued and outstanding 174 234
Common stock, $0.01 par value, 90,000,000 and 50,000,000 shares authorized, 20,642,028 and 12,788,971 shares issued and outstanding 206,422 127,890
Capital in excess of par value 192,233,032 184,859,082
Accumulated deficit (182,286,651) (170,533,237)
Total stockholders' equity (deficit) 10,152,977 14,453,969
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 132,995,123 $ 104,499,445

Source

v3.6.0.2
Consolidated Statements Of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Consolidated Statements Of Operations    
Revenues $ 122,045,320 $ 101,694,516
Cost of revenues, exclusive of depreciation and amortization, shown separately below 68,058,432 56,724,121
Gross profit 53,986,888 44,970,395
Depreciation and amortization 13,096,587 12,975,981
Selling general and administrative expenses (including stock-based compensation of $878,343 and $639,296 for the years ended December 31, 2016 and 2015, respectively) 48,524,923 41,009,107
Total operating expenses 61,621,510 53,985,088
Operating loss (7,634,622) (9,014,693)
Other (expenses) income:    
Interest expense (6,742,143) (6,062,923)
Loss on extinguishment of debt (214,294) (2,720,355)
Gain on change in fair value of derivative liabilities 265,383 1,843,997
Loss on disposal of property and equipment (129,119) (37,444)
Other income, net 128,987 101,057
Total other expenses (6,691,186) (6,875,668)
Loss before income taxes (14,325,808) (15,890,361)
Income tax benefit 2,572,394 7,660,536
Net Loss (11,753,414) (8,229,825)
Preferred stock dividends in arrears (2,388,007) (1,578,220)
Net loss attributable to common stockholders $ (14,141,421) $ (9,808,045)
Loss applicable to common stockholders    
Basic and diluted loss per common share $ (0.92) $ (1.32)
Weighted average common shares outstanding:    
Basic and diluted 15,406,184 8,873,766

Source

v3.6.0.2
Condensed Consolidated Interim Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (11,753,414) $ (8,229,825)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 13,096,587 12,975,981
Loss on extinguishment on debt 214,294 1,682,035
Loss on accounts receivable settlement exchanged for equipment   111,659
Deferred taxes (2,632,394) (7,710,536)
Loss on disposal of property and equipment 129,119 37,444
Bad debt expense 387,667 435,376
Stock-based compensation 878,343 639,296
Stock and warrants issued for services rendered or in settlement of liabilities 118,150 245,290
Amortization of debt discount and deferred financing fees 663,046 849,307
Gain in the change in fair value of derivative liability (265,383) (1,843,997)
Changes in operating assets and liabilities:    
Accounts receivable (311,432) (883,253)
Prepaid expenses and other current assets 585,928 (22,351)
Other assets (31,678) (444,661)
Accounts payable and accrued expenses (1,254,445) 2,005,632
Net cash used in operating activities (175,612) (152,603)
Cash flows from investing activities:    
Purchase of property and equipment (4,766,214) (3,440,450)
Proceeds from the sale of property and equipment 234,753 35,469
Payment for acquisitions, net of cash acquired (23,273,892) (28,457,739)
Payments for obligations under asset purchase agreements (641,665) 0
Refunds of purchase price from acquisitions 764,582 0
Payment of security deposits (55,335) 0
Change in restricted cash 137,970 999,258
Net cash used in investing activities (27,599,801) (30,863,462)
Cash flows from financing activities:    
Proceeds from sale of common stock, net of offering costs 2,345,146 5,630,000
Proceeds from notes payable - non-related parties 68,000,000 49,000,000
Proceeds from accounts receivable factoring arrangement 0 1,789,094
Repayments of borrowings to accounts receivable factoring arrangement 0 (1,789,094)
Payments on equipment financing obligations (993,632) (887,864)
Payment of financing fees (1,323,250) (623,745)
Repayments of notes payable - non-related parties (40,571,484) (21,006,466)
Net cash provided by financing activities 27,456,780 32,111,925
Net change in cash and cash equivalents (318,633) 1,095,860
Cash and cash equivalents, beginning of year 7,540,543 6,444,683
Cash and cash equivalents, end of year $ 7,221,910 $ 7,540,543

Source