Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 1,597,782 $ 1,841,872
Accounts receivable 4,959,822 4,063,516
Inventory 1,308,851 1,152,119
Other current assets 1,811,787 3,559,053
Due from related parties, net 415,773 1,337,356
Total current assets 10,094,015 11,953,916
Property & equipment, net 36,815,239 27,952,327
Investments 3,065,557 2,910,362
Deferred tax assets 51,031 10,093,672
Other assets 661,936 691,551
Security deposits 2,203,837 2,444,482
Total assets 52,891,615 56,046,310
Current liabilities:    
Cash overdraft 679,938 973,754
Long term debt, current portion 3,153,666 2,680,116
Accounts payable 3,761,823 2,501,622
Accrued expenses 5,549,638 4,635,584
Deferred license revenue 109,957 54,978
Derivative liability 0 100,000
Due to related parties 0 0
Deferred revenue 612,574 204,033
Total current liabilities 13,867,596 11,150,087
Deferred license revenue, long-term 1,109,635 1,044,592
Due to related parties, long-term 1,197,375 0
Long term debt net of current portion 13,167,867 9,956,647
Deferred rent payable 16,170,605 14,290,010
Total liabilities 45,513,078 36,441,336
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.0001 par value, 75,000,000 shares authorized; 25,050,628 and 24,972,515 shares issued and outstanding at December 31, 2016 and 2015, respectively 2,505 2,497
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2016 and 2015 0 0
Additional paid-in capital 37,384,243 31,778,266
Accumulated deficit (27,763,194) (11,074,708)
Accumulated other comprehensive loss (1,543,951) (420,383)
Total stockholders’ equity 8,079,603 20,285,672
Noncontrolling interest (701,066) (680,698)
Total stockholders’ equity including noncontrolling interest 7,378,537 19,604,974
Total Liabilities and Stockholders’ Equity $ 52,891,615 $ 56,046,310