Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 6,859,030 $ 8,658,401
Escrow accounts receivable 575,000 1,150,000
Accounts receivable, net of allowance of $375,000 1,966,582 2,529,545
Unbilled services 660,962 183,484
Prepaid expenses and other current assets 295,489 455,434
Total current assets 10,357,063 12,976,864
Property and equipment, net 625,852 712,627
Operating lease right-of-use assets 1,375,542 698,840
Intangible assets, net 2,423,355 2,607,301
Goodwill 891,000 891,000
Deferred tax assets 1,126,262 874,482
Deposits and other assets 191,804 192,158
Total assets 16,990,878 18,953,272
Current liabilities:    
Accounts payable 1,612,286 2,210,618
Accrued expenses 1,482,412 1,189,746
Accrued dividend 0 2,250,636
Accrued interest 15,751 15,378
Income taxes payable 325,355 152,355
Long term debt – current portion 69,100 131,795
Long term convertible debt – current portion 279,888 277,106
Finance lease obligations – current portion 136,861 162,625
Operating lease liabilities – current portion 434,523 262,020
Deferred revenue 2,317,871 2,006,983
Total current liabilities 6,674,047 8,659,262
Long term debt net of current portion 34,656 64,072
Long term convertible debt net of current portion 576,839 717,482
Finance lease obligations net of current portion 121,460 180,976
Operating lease liabilities net of current portion 941,019 436,820
Total liabilities 8,348,021 10,058,612
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, value
Common stock, value 46 46
Additional paid-in capital 9,536,996 9,530,198
Accumulated deficit (894,185) (635,584)
Total stockholders’ equity 8,642,857 8,894,660
Total liabilities and stockholders’ equity 16,990,878 18,953,272
Series A Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock, value $ 0 $ 0