Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 1,787,850 $ 1,597,782
Accounts receivable, net 5,326,175 4,959,822
Inventory 1,386,965 1,308,851
Other current assets 2,317,835 1,811,787
Due from related parties, net 708,411 415,773
Total current assets 11,527,236 10,094,015
Property and equipment, net 37,302,061 36,815,239
Investments 3,110,868 3,065,557
Deferred tax assets 51,890 51,031
Security deposits 2,210,346 2,203,837
Other assets 627,751 661,936
Total assets 54,830,152 52,891,615
Current liabilities:    
Cash overdraft 1,316,115 679,938
Long term debt, current portion 4,057,042 3,153,666
Accounts payable 6,146,020 3,761,823
Accrued expenses 4,279,913 5,549,638
Deferred license revenue 109,957 109,957
Deferred revenue 754,742 612,574
Total current liabilities 16,663,789 13,867,596
Deferred license revenue, long-term 1,550,843 1,109,635
Due to related parties, long term 1,197,375 1,197,375
Long term debt, net of current portion 12,429,710 13,167,867
Deferred rent payable 16,135,555 16,170,605
Total liabilities 47,977,272 45,513,078
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.0001 par value, 75,000,000 shares authorized; 25,050,628 shares issued and outstanding at March 31, 2017 (unaudited) and December 31, 2016 2,505 2,505
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2017 (unaudited) and December 31, 2016 0 0
Additional paid-in capital 37,537,582 37,384,243
Accumulated deficit (28,164,960) (27,763,194)
Accumulated other comprehensive loss (1,600,129) (1,543,951)
Total stockholders’ equity 7,774,998 8,079,603
Noncontrolling interest (922,118) (701,066)
Total stockholders’ equity including noncontrolling interest 6,852,880 7,378,537
Total liabilities and stockholders’ equity $ 54,830,152 $ 52,891,615