Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 1,841,872 $ 7,905,004
Accounts receivable 4,063,516 3,720,090
Inventory 1,152,119 1,139,305
Other current assets 3,559,053 2,585,442
Due from related parties 1,337,356 1,197,390
Total current assets 11,953,916 16,547,231
Property & equipment, net 27,952,327 18,815,625
Investments 2,910,362 2,802,443
Deferred tax assets 10,093,672 35,418
Other assets 691,551 793,002
Security deposits 2,444,482 2,368,422
Total assets 56,046,310 41,362,141
Current liabilities:    
Cash overdraft 973,754 85,598
Long term debt, current portion 2,680,116 1,495,000
Accounts payable 2,501,622 3,433,198
Accrued expenses 4,635,584 2,004,704
Derivative liability 100,000 0
Due to related parties 0 19,608
Deferred revenue 204,033 127,950
Total current liabilities 11,095,109 7,166,058
Other long term liabilities 0 67,277
Deferred license revenue, long-term 1,099,570 0
Derivative liability 0 6,241,000
Long term debt net of current portion 9,956,647 5,980,000
Deferred rent payable 14,290,010 9,435,109
Total liabilities $ 36,441,336 $ 28,889,444
Commitments and contigencies
Stockholders’ equity:    
Common stock, $0.0001 par value, 75,000,000 shares authorized; 24,972,515 and 24,940,195 shares issued and outstanding at December 31, 2015 and 2014, respectively $ 2,497 $ 2,494
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2015 and 2014, respectively 0 0
Additional paid-in capital 31,778,266 30,966,611
Accumulated deficit (11,074,708) (18,005,401)
Accumulated other comprehensive loss (420,383) (230,696)
Total stockholders’ equity 20,285,672 12,733,008
Noncontrolling interest (680,698) (260,311)
Total stockholders’ equity including noncontrolling interest 19,604,974 12,472,697
Total Liabilities and Stockholders’ Equity $ 56,046,310 $ 41,362,141