Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash $ 3,680,711 $ 3,946,804
Accounts receivable, net of allowance for doubtful accounts of $164,000 and $23,000, respectively. 7,677,784 7,586,129
Prepaid expenses and other current assets 439,519 293,113
Total current assets 11,798,014 11,826,046
Property and equipment, net 1,676,931 1,615,223
Other assets    
Goodwill 9,773,842 5,760,808
Intangible assets, net of accumulated amortization 11,717,661 8,343,876
Other assets 107,392 15,186
Total other assets 21,598,895 14,119,870
Total assets 35,073,840 27,561,139
Current liabilities    
Accounts payable 9,433,277 9,280,779
Accrued expenses and other current liabilities 3,212,415 2,689,640
Revolving credit line - current portion 2,500,000 0
Total current liabilities 15,145,692 11,970,419
Long-term liabilities    
Deferred tax liability 3,738,500 3,738,500
Revolving credit line - long term 2,500,000 0
Other long-term liabilities 193,839 326,428
Total long-term liabilities 6,432,339 4,064,928
Preferred stock:    
Preferred stock, $.001 par value: Authorized shares 500,000, none issued and outstanding 0 0
Common stock:    
Common stock, $.001 par value: Authorized shares 40,000,000; issued shares 28,726,069 and 25,300,189, respectively; outstanding shares 28,446,907 and 24,923,662, respectively 28,823 25,300
Additional paid-in capital 135,334,693 130,418,413
Accumulated deficit (120,596,787) (117,521,362)
Treasury stock, at cost - 279,162 and 376,527 shares, respectively (1,270,920) (1,396,559)
Total stockholders' equity 13,495,809 11,525,792
Total liabilities and stockholders' equity $ 35,073,840 $ 27,561,139