Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

v3.5.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 2,399,001 $ 1,841,872
Accounts receivable, net 4,151,675 4,063,516
Inventory 1,144,729 1,152,119
Other current assets 2,799,572 3,559,053
Due from related parties, net 705,294 1,232,356
Total current assets 11,200,271 11,848,916
Property and equipment, net 33,179,801 27,952,327
Investments 3,039,699 2,910,362
Deferred tax assets 10,219,534 10,093,672
Other assets 622,167 691,551
Security deposits 2,492,194 2,444,482
Total assets 60,753,666 55,941,310
Current liabilities:    
Cash overdraft 620,221 973,754
Long term debt, current portion 3,026,324 2,680,116
Accounts payable 3,189,503 2,396,622
Accrued expenses 5,436,718 4,635,584
Derivative liability 0 100,000
Deferred revenue 457,431 204,033
Total current liabilities 12,730,197 10,990,109
Deferred license revenue, long-term 1,224,570 1,099,570
Long term debt, net of current portion 9,588,207 9,956,647
Deferred rent payable 15,320,662 14,290,010
Total liabilities 38,863,636 36,336,336
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.0001 par value, 75,000,000 shares authorized; 24,989,560 and 24,972,515 shares issued and outstanding at June 30, 2016 (unaudited) and December 31, 2015, respectively 2,499 2,497
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2016 (unaudited) and December 31, 2015, respectively 0 0
Additional paid-in capital 36,146,182 31,778,266
Accumulated deficit (13,091,882) (11,074,708)
Accumulated other comprehensive loss (438,763) (420,383)
Total stockholders’ equity 22,618,036 20,285,672
Noncontrolling interest (728,006) (680,698)
Total stockholders’ equity including noncontrolling interest 21,890,030 19,604,974
Total Liabilities and Stockholders’ Equity $ 60,753,666 $ 55,941,310