Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 1,540,936 $ 1,597,782
Accounts receivable, net 4,515,429 4,959,822
Inventory 1,412,091 1,308,851
Other current assets 1,743,819 1,811,787
Due from related parties, net 0 415,773
Total current assets 9,212,275 10,094,015
Property and equipment, net 39,067,118 36,815,239
Investments 2,957,278 3,065,557
Deferred tax assets 0 51,031
Security deposits 2,211,952 2,203,837
Other assets 733,593 661,936
Total assets 54,182,216 52,891,615
Current liabilities:    
Cash overdraft 620,905 679,938
Long term debt, current portion 3,745,901 3,153,666
Accounts payable 6,166,044 3,761,823
Accrued expenses 6,139,657 5,549,638
Deferred license revenue 109,957 109,957
Due to related parties 359,302 0
Deferred revenue 403,221 612,574
Total current liabilities 17,544,987 13,867,596
Deferred license revenue, long-term 1,523,354 1,109,635
Due to related parties, long term 1,197,375 1,197,375
Long term debt, net of current portion 11,671,400 13,167,867
Deferred rent payable 17,044,305 16,170,605
Total liabilities 48,981,421 45,513,078
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.0001 par value, 75,000,000 shares authorized; 25,228,278 and 25,050,628shares issued and outstanding at June 30, 2017 (unaudited) and December 31, 2016 2,522 2,505
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2017 (unaudited) and December 31, 2016 0 0
Additional paid-in capital 37,928,645 37,384,243
Accumulated deficit (30,465,407) (27,763,194)
Accumulated other comprehensive loss (1,460,419) (1,543,951)
Total stockholders’ equity 6,005,341 8,079,603
Noncontrolling interest (804,546) (701,066)
Total stockholders’ equity including noncontrolling interest 5,200,795 7,378,537
Total liabilities and stockholders’ equity $ 54,182,216 $ 52,891,615