Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 7,540,543 $ 6,444,683
Accounts receivable, net of allowance for doubtful accounts of approximately $309,000 and $245,000, respectively 7,650,141 7,087,599
Prepaid expenses and other current assets 1,618,603 927,772
Total current assets 16,809,287 14,460,054
Property and equipment, net 14,055,493 13,478,912
Other assets:    
Security deposits 575,038 648,998
Restricted cash 165,123 1,164,381
Goodwill 27,060,297 10,397,460
Intangible assets, net 45,824,399 32,432,416
Other assets 1,262,629 1,165,273
Total other assets 74,887,486 45,808,528
TOTAL ASSETS 105,752,266 73,747,494
Current liabilities:    
Notes payable - non-related parties 685,780 1,225,000
Due to RootAxcess seller 300,000 0
Equipment financing obligations 959,380 662,131
Accounts payable and accrued expenses 13,129,225 10,471,514
Total current liabilities 15,074,385 12,358,645
Long-term liabilities:    
Notes payable - non-related parties, net of discount 31,777,329 41,263,934
Term Loan 25,000,000 0
Due to RootAxcess seller 333,333 0
Notes payable - related parties 1,074,829 1,292,878
Indebtedness under revolving credit facility 15,000,000 0
Equipment financing obligations 2,085,416 1,702,704
Derivative liabilities 953,005 3,839,569
Total liabilities 91,298,297 $ 60,457,730
Commitments and contingencies  
Stockholders' equity (deficit):    
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 23,324 and 26,793 shares issued and outstanding 234 $ 268
Common stock, $0.01 par value, 50,000,000 shares authorized, 12,788,971 and 7,345,028 shares issued and outstanding 127,890 73,449
Capital in excess of par value 184,859,082 175,519,459
Accumulated deficit (170,533,237) (162,303,412)
Total stockholders' equity 14,453,969 13,289,764
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 105,752,266 $ 73,747,494