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 $ 2,235,347 $ 1,621,049
Accounts receivable, net of allowance of $375,000 2,336,481 2,501,621
Unbilled services 428,208 463,563
Prepaid expenses and other current assets 403,911 331,094
Total current assets 5,403,947 4,917,327
Property and equipment, net 567,532 466,202
Intangible assets, net 2,640,457 2,431,111
Goodwill 401,000 401,000
Deferred tax assets 1,363,000 2,414,902
Deposits and other assets 36,312 28,887
Total assets 10,412,248 10,659,429
Current liabilities:    
Bank line of credit 0 0
Accounts payable 2,094,297 1,822,071
Accrued expenses 1,071,515 823,591
Accrued interest 16,283 15,533
Income taxes payable 97,097 177,466
Contingent consideration – current portion 63,380 180,029
Long term debt – current portion 257,846 306,677
Capital lease obligations – current portion 94,443 94,714
Deferred revenue 2,150,771 1,690,147
Total current liabilities 5,845,632 5,110,228
Contingent consideration net of current portion 42,255 31,685
Long term debt net of current portion 228,626 486,473
Capital lease obligations net of current portion 68,614 60,127
Total liabilities 6,185,127 5,688,513
Commitments and Contingencies
Stockholders’ equity:    
Preferred stock, value 0 0
Common stock, value 46 46
Additional paid-in capital 11,919,316 12,176,642
Accumulated deficit (7,692,242) (7,205,773)
Total stockholders’ equity 4,227,121 4,970,916
Total liabilities and stockholders’ equity 10,412,248 10,659,429
Series A Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock, value 0 0
Series B Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock, value $ 1 $ 1