Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 2,848,277 $ 7,905,004
Accounts receivable, net 5,156,139 4,408,396
Inventory 1,069,141 1,139,305
Other current assets 2,827,355 1,937,392
Due from related parties 1,481,089 1,157,134
Total current assets 13,382,001 16,547,231
Property and equipment, net 22,838,966 18,815,625
Investments 3,004,543 2,802,443
Deferred tax assets 7,364,982 35,418
Other assets 680,619 793,002
Security deposits 2,355,835 2,368,422
Total assets 49,626,946 41,362,141
Current liabilities:    
Cash overdraft 236,716 85,598
Current portion of long term debt 1,728,333 1,495,000
Accounts payable 2,462,662 3,433,198
Accrued expenses 4,384,487 2,004,704
Due to related parties 0 19,608
Deferred revenue 224,674 127,950
Total current liabilities 9,036,872 7,166,058
Other long-term liabilities 0 67,277
Derivative liability 3,463,000 6,241,000
Long term debt, net of current portion 6,101,715 5,980,000
Deferred rent payable 11,147,032 9,435,109
Total liabilities 29,748,619 28,889,444
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 June 30, 2015 (unaudited) and December 31, 2014, respectively 2,497 2,494
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2015 (unaudited) and December 31, 2014, respectively 0 0
Additional paid-in capital 31,471,008 30,966,611
Accumulated deficit (10,705,854) (18,005,401)
Accumulated other comprehensive income (461,539) (230,696)
Total stockholders’ equity 20,306,112 12,733,008
Noncontrolling interest (427,785) (260,311)
Total stockholders’ equity including noncontrolling interest 19,878,327 12,472,697
Total Liabilities and Stockholders’ Equity $ 49,626,946 $ 41,362,141