Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 1,213,665 $ 1,841,872
Accounts receivable, net 4,074,448 4,063,516
Inventory 1,110,210 1,152,119
Other current assets 3,582,094 3,559,053
Due from related parties 1,442,632 1,337,356
Total current assets 11,423,049 11,953,916
Property and equipment, net 31,411,972 27,952,327
Investments 2,887,547 2,910,362
Deferred tax assets 9,752,169 10,093,672
Other assets 951,005 691,551
Security deposits 2,447,707 2,444,482
Total assets 58,873,449 56,046,310
Current liabilities:    
Cash overdraft 965,806 973,754
Long term debt, current portion 3,021,908 2,680,116
Accounts payable 2,655,659 2,501,622
Accrued expenses 3,860,353 4,635,584
Derivative liability 0 100,000
Deferred revenue 333,052 204,033
Total current liabilities 10,836,778 11,095,109
Deferred license revenue, long-term 1,099,570 1,099,570
Long term debt, net of current portion 9,470,719 9,956,647
Deferred rent payable 14,496,721 14,290,010
Total liabilities 35,903,788 36,441,336
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 March 31, 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 March 31, 2016 (unaudited) and December 31, 2015, respectively 0 0
Additional paid-in capital 35,785,221 31,778,266
Accumulated deficit (11,531,611) (11,074,708)
Accumulated other comprehensive loss (441,788) (420,383)
Total stockholders’ equity 23,814,321 20,285,672
Noncontrolling interest (844,660) (680,698)
Total stockholders’ equity including noncontrolling interest 22,969,661 19,604,974
Total Liabilities and Stockholders’ Equity $ 58,873,449 $ 56,046,310