Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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