Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.4.0.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash $ 4,900,806 $ 8,833,230
Accounts receivable, net 7,051,842 8,149,484
Prepaid expenses and other current assets 1,317,948 1,193,077
Income tax refunds receivable 2,516,028 2,415,013
Total current assets 15,786,624 20,590,804
Property and equipment, net 6,449,872 7,148,295
Other assets:    
Deposits 232,774 232,774
Total assets 22,469,270 27,971,873
Current liabilities:    
Accounts payable 3,436,654 4,360,035
Accrued expenses 4,600,474 5,285,455
Current portion of notes payable 5,269,031 269,031
Current portion of notes payable, related party 4,174,742 5,133,888
Current portion of capital lease obligation 1,323,708 1,323,708
Total current liabilities 18,804,609 16,372,117
Other liabilities:    
Notes payable, net of current portion 2,898,242 2,903,898
Capital lease obligations, net of current portion 2,070,990 2,394,171
Derivative liabilities 4,123,929 7,495,486
Total liabilities $ 27,897,770 $ 29,165,672
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.01 par value, 500,000,000 shares authorized, 14,782,557 shares issued and outstanding at March 31, 2016, 50,000,000 shares authorized, 14,651,837 shares issued and outstanding at December 31, 2015 $ 147,825 $ 143,951
Additional paid-in-capital 26,694,274 26,688,837
(Accumulated deficit) retained earnings (32,271,187) (28,027,177)
Total stockholders' equity (5,428,500) (1,193,799)
Total liabilities and stockholders' equity 22,469,270 27,971,873
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, 5,000,000 shares authorized: 50 50
Series C Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, 5,000,000 shares authorized: 88 90
Series E Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, 5,000,000 shares authorized: $ 450 $ 450