Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets    
Cash $ 470,807 $ 372,989
Accounts receivable, net of allowance for doubtful accounts of $225,000. 5,796,515 7,529,785
Prepaid expenses and other current assets 353,795 243,888
Total current assets 6,621,117 8,146,662
Property and equipment, net 1,315,633 1,374,152
Other assets    
Intangible assets, net of accumulated amortization 9,985,217 10,451,593
Goodwill 9,853,342 9,853,342
Right of use assets - operating lease 646,727 756,115
Right of use assets - finance lease 476,209 88,178
Other assets 20,886 20,886
Total other assets 20,982,381 21,170,114
Total assets 28,919,131 30,690,928
Current liabilities    
Accounts payable 8,115,326 7,520,567
Accrued expenses and other current liabilities 3,759,314 3,614,433
Lease liability - operating lease 301,641 362,130
Lease liability - finance lease 211,285 80,777
Line of credit 1,503,147 0
Financed receivables 0 3,381,364
Convertible promissory note 271,108 536,806
Derivative liability 149,400 182,250
Total current liabilities 14,311,221 15,678,327
Long-term liabilities    
Deferred tax liability 2,019,200 2,019,200
Lease liability - operating lease 345,596 394,889
Lease liability - finance lease 142,986 0
Other long-term liabilities 520,846 57,162
Total long-term liabilities 3,028,628 2,471,251
Preferred stock:    
Preferred stock, $.001 par value 0 0
Common stock:    
Common stock, $.001 par value 60,730 52,223
Additional paid-in capital 146,698,348 144,843,687
Accumulated deficit (133,783,237) (130,958,001)
Treasury stock, at cost - 376,527 shares (1,396,559) (1,396,559)
Total stockholders' equity 11,579,282 12,541,350
Total liabilities and stockholders' equity 28,919,131 30,690,928
Allowance for doubtful accounts $ 225,000 $ 225,000
Common stock shares authorized 100,000,000 100,000,000