Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets    
Cash $ 1,188,485 $ 634,129
Restricted cash 1,000,000  
Accounts receivable, net of allowance for doubtful accounts of $15,503 and $237,383, respectively 1,244,484 700,356
Other current assets 179,376 131,345
Total current assets 3,612,345 1,465,830
Goodwill 803,118 1,921,072
Intangible assets, net 627,119 2,373,689
Other assets 109,776 173,022
TOTAL ASSETS 5,152,358 5,933,613
Current liabilities    
Accounts payable 701,347 375,363
Accrued interest 2,020  
Accrued and deferred personnel compensation 671,677 414,314
Deferred revenue and customer deposits 160,023 72,624
Notes payable, net - current maturities 1,011,910  
Other current liabilities 115,051 197,145
Total current liabilities 2,662,028 1,059,446
Non-current liabilities    
Notes payable, net - long term 361,166  
Total non-current liabilities 361,166  
Total liabilities 3,023,194 1,059,446
Commitments and Contingencies (See Note 11)
Stockholders' equity (deficit)    
Common stock, $0.001 par value; 100,000,000 shares authorized; 36,388,981 and 28,787,991, shares issued and outstanding 36,389 28,788
Equity payable 100,862 100,862
Additional paid-in capital 76,698,383 69,903,527
Accumulated other comprehensive loss (32,999)  
Accumulated deficit (74,673,471) (65,159,010)
Total stockholders' equity (deficit) 2,129,164 4,874,167
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 5,152,358 $ 5,933,613