Financials

v3.7.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,407,317 $ 7,221,910
Accounts receivable, net of allowance for doubtful accounts of approximately $702,000 and $427,000, respectively 9,486,904 9,359,876
Prepaid expenses and other current assets 1,707,268 1,084,209
Total current assets 13,601,489 17,665,995
Property and equipment, net 13,850,574 14,248,915
Security deposits 612,299 630,373
Restricted cash 27,153 27,153
Goodwill 35,286,629 35,689,215
Intangible assets, net 60,975,789 63,617,471
Other assets 60,527 77,117
TOTAL ASSETS 124,414,460 131,956,239
Current liabilities:    
Term loan - current portion 4,875,000 2,979,167
Obligations under asset purchase agreements - current portion 911,370 546,488
Equipment financing obligations 1,238,986 1,002,578
Accounts payable and accrued expenses 20,692,741 19,722,838
Total current liabilities 27,718,097 24,251,071
Long-term liabilities:    
Notes payable - non-related parties, net of discount 31,692,383 31,431,602
Notes payable - related parties 903,583 875,750
Term Loan 57,341,519 60,731,204
Indebtedness under revolving credit facility 0 3,000,000
Obligations under asset purchase agreements 1,290,811 890,811
Equipment financing obligations 983,364 1,237,083
Derivative liabilities 262,542 348,650
Total liabilities 120,192,299 122,766,171
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, 22,505,365 and 20,642,028 shares issued and outstanding 225,054 206,422
Capital in excess of par value 193,605,847 192,233,032
Accumulated deficit (189,608,883) (183,249,560)
Total stockholders' equity 4,222,161 9,190,068
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 124,414,460 $ 131,956,239

Source

v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Revenues $ 38,089,006 $ 31,041,047 $ 73,900,882 $ 64,835,296
Cost of revenues, exclusive of depreciation and amortization, shown separately below 20,901,548 17,865,570 40,172,461 38,397,081
Gross profit 17,187,458 13,175,477 33,728,421 26,438,215
Depreciation and amortization 3,600,609 3,031,890 7,437,757 5,948,153
Selling, general and administrative expenses (including stock-based compensation of $224,647 and $198,884) 14,330,934 11,270,013 28,465,809 22,694,799
Total operating expenses 17,931,543 14,301,903 35,903,566 28,642,952
Operating loss (744,085) (1,126,426) (2,175,145) (2,204,737)
Other (expenses) income:        
Interest expense (2,172,084) (1,624,669) (4,264,396) (3,252,633)
Gain on change in fair value of derivative liabilities 113,779 45,642 73,334 228,042
Loss on disposal of property and equipment (65,250) (11,996) (92,050) (72,818)
Other income, net 13,365 37,111 129,845 88,263
Total other expenses (2,110,190) (1,553,912) (4,153,267) (3,009,146)
Loss before income taxes (2,854,275) (2,680,338) (6,328,412) (5,213,883)
Provision for income taxes (23,100) 0 (30,911) 0
Net loss (2,877,375) (2,680,338) (6,359,323) (5,213,883)
Preferred stock dividends (240,498) (284,839) (1,494,607) (1,816,821)
Net loss attributable to common stockholders $ (3,117,873) $ (2,965,177) $ (7,853,930) $ (7,030,704)
Basic and diluted loss per common share $ (0.14) $ (0.20) $ (0.36) $ (0.49)
Weighted average common shares outstanding:        
Basic and diluted 22,408,335 14,864,768 21,562,714 14,306,170

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (6,359,323) $ (5,213,883)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 7,437,757 5,948,153
Loss on disposal of property and equipment 92,050 72,818
Stock-based compensation 441,852 378,548
Stock issued for services rendered or in settlement of liabilities 164,450 79,948
Amortization of debt discount and deferred financing fees 419,762 318,125
Gain in the change in fair value of derivative liability (73,335) (228,043)
Changes in operating assets and liabilities:    
Accounts receivable 426,301 (124,925)
Prepaid expenses and other current assets (991,509) (1,230,504)
Other assets 16,590 (249,687)
Accounts payable and accrued expenses 953,879 (691,178)
Net cash provided by (used in) operating activities 2,528,474 (940,628)
Cash flows from investing activities:    
Purchase of property and equipment (2,341,272) (2,325,210)
Proceeds from the sale of property and equipment 73,962 23,961
(Payment) for acquisitions, net of cash acquired (558,329) 16,895
Escrow refund - PingTone acquisition 0 318,409
Return of security deposits 18,074 25,615
Net cash used in investing activities (2,807,565) (1,940,330)
Cash flows from financing activities:    
Proceeds from the exercise of common stock purchase warrants 780,951 0
Repayments of term loan (1,625,000) (501,222)
Repayments of revolving debt, net (3,000,000) 0
Payments for obligations under asset purchase agreements (216,668) 0
Payments on equipment financing obligations (474,785) (497,422)
Net cash used in financing activities (4,535,502) (998,644)
Net change in cash and cash equivalents (4,814,593) (3,879,602)
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 $ 2,434,470 $ 3,826,064

Source