Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets    
Cash $ 460,059 $ 1,188,485
Restricted cash   1,000,000
Accounts receivable, net of allowance for doubtful accounts of $2,280 and $15,503, respectively 885,743 1,244,484
Other current assets 209,536 179,376
Total current assets 1,555,338 3,612,345
Goodwill 803,118 803,118
Intangible assets, net 676,436 627,119
Other assets 88,916 109,776
TOTAL ASSETS 3,123,808 5,152,358
Current liabilities    
Accounts payable 1,096,003 701,347
Accrued interest 1,168 2,020
Accrued and deferred personnel compensation 590,500 671,677
Deferred revenue and customer deposits 1,429,266 160,023
Notes payable, net - current maturities 2,236,224 1,011,910
Other current liabilities 226,355 115,051
Total current liabilities 5,579,516 2,662,028
Non-current liabilities    
Notes payable, net - long term 180,810 361,166
Total non-current liabilities 180,810 361,166
Total liabilities 5,760,326 3,023,194
Commitments and Contingencies (See Note 11)
Stockholders' (deficit) equity    
Common stock, $0.001 par value; 100,000,000 shares authorized; 37,025,124 and 36,388,981, shares issued and outstanding 37,025 36,389
Equity payable 100,862 100,862
Additional paid-in capital 77,910,842 76,698,383
Accumulated other comprehensive loss (65,764) (32,999)
Accumulated deficit (80,619,483) (74,673,471)
Total stockholders' (deficit) equity (2,636,518) 2,129,164
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 3,123,808 $ 5,152,358