Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.5.0.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 882,040 $ 7,540,543
Accounts receivable, net of allowance for doubtful accounts of $366,422 and $308,813, respectively 8,199,522 7,650,141
Prepaid expenses and other current assets 2,457,736 1,618,603
Total current assets 11,539,298 16,809,287
Property and equipment, net 12,929,148 14,055,493
Other assets:    
Security deposits 548,288 575,038
Restricted cash 27,153 165,123
Goodwill 28,049,775 27,060,297
Intangible assets, net 42,727,552 45,824,399
Other assets 302,053 281,045
Total other assets 71,654,821 73,905,902
TOTAL ASSETS 96,123,267 104,770,682
Current liabilities:    
Notes payable - non-related parties 685,780 685,780
Due to RootAxcess seller 333,334 300,000
Due to TFB seller 100,000
Equipment financing obligations 997,089 959,380
Accounts payable and accrued expenses 12,610,885 13,129,225
Total current liabilities 14,727,088 15,074,385
Long-term liabilities:    
Notes payable - non-related parties, net of discount 30,672,580 30,795,745
Term Loan 25,000,000 25,000,000
Indebtedness under revolving credit facility 15,000,000 15,000,000
Due to RootAxcess Seller 333,333
Due to TFB seller 861,606
Notes payable - related parties 1,112,445 1,074,829
Equipment financing obligations 1,492,558 2,085,416
Derivative liabilities 233,934 953,005
Total liabilities 89,100,211 90,316,713
Stockholders' equity (deficit):    
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 17,299 and 23,324 shares issued and outstanding 173 233
Common stock, $0.01 par value, 50,000,000 shares authorized, 15,064,953 and 12,788,971 shares issued and outstanding 150,650 127,889
Capital in excess of par value 185,764,507 184,859,084
Accumulated deficit (178,892,274) (170,533,237)
Total stockholders' equity 7,023,056 14,453,969
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 96,123,267 $ 104,770,682