Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 1,798,886 $ 1,597,782
Accounts receivable, net 5,062,652 4,959,822
Inventory 1,168,438 1,308,851
Other current assets 1,714,866 1,811,787
Due from related parties, net 26,367 415,773
Total current assets 9,771,209 10,094,015
Property and equipment, net 38,304,639 36,815,239
Investments 3,221,282 3,065,557
Deferred tax assets 43,854 51,031
Security deposits 2,212,589 2,203,837
Other assets 413,469 661,936
Total assets 53,967,042 52,891,615
Current liabilities:    
Cash overdraft 1,563,087 679,938
Long term debt, current portion 3,516,289 3,153,666
Accounts payable 5,945,871 3,761,823
Accrued expenses 7,025,229 5,549,638
Deferred license revenue 109,957 109,957
Deferred revenue 1,027,617 612,574
Total current liabilities 19,188,050 13,867,596
Deferred license revenue, long-term 1,495,865 1,109,635
Due to related parties, long term 1,197,375 1,197,375
Long term debt, net of current portion 10,923,862 13,167,867
Deferred rent 17,055,924 16,170,605
Total liabilities 49,861,076 45,513,078
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.0001 par value, 75,000,000 shares authorized; 25,228,278 and 25,050,628 shares issued and outstanding at September 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 September 30, 2017 (unaudited) and December 31, 2016 0 0
Additional paid-in capital 38,128,154 37,384,243
Accumulated deficit (31,631,481) (27,763,194)
Accumulated other comprehensive loss (1,353,631) (1,543,951)
Total stockholders’ equity 5,145,564 8,079,603
Noncontrolling interest (1,039,598) (701,066)
Total stockholders’ equity including noncontrolling interest 4,105,966 7,378,537
Total liabilities and stockholders’ equity $ 53,967,042 $ 52,891,615