Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets    
Cash $ 1,035,863 $ 634,129
Restricted cash 1,000,000  
Accounts receivable, net of allowance for doubtful accounts of $233,599 and $237,383, respectively 860,674 700,356
Other current assets 199,210 131,345
Total current assets 3,095,747 1,465,830
Goodwill 3,044,341 1,921,072
Intangible assets, net 2,451,247 2,373,689
Other assets 190,901 173,022
TOTAL ASSETS 8,782,236 5,933,613
Current liabilities    
Accounts payable 557,567 375,363
Accrued interest 3,026  
Accrued and deferred personnel compensation 444,520 414,314
Deferred revenue and customer deposits 295,240 72,624
Notes payable 1,189,911  
Other current liabilities 129,994 197,145
Total current liabilities 2,620,258 1,059,446
Non-current liabilities    
Notes payable 225,217  
Total non-current liabilities 225,217  
Total liabilities 2,845,475 1,059,446
Commitments and Contingencies (See Note 9)
Stockholders' equity    
Common stock, $0.001 par value; 50,000,000 shares authorized; 33,058,991 and 28,787,991, shares issued and outstanding 33,059 28,788
Equity payable 100,862 100,862
Additional paid-in capital 73,362,549 69,903,527
Accumulated other comprehensive loss (45,322)  
Accumulated deficit (67,514,387) (65,159,010)
Total stockholders' equity 5,936,761 4,874,167
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,782,236 $ 5,933,613