Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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