Annual report pursuant to Section 13 and 15(d)

Condensed Balance Sheets

v3.20.1
Condensed Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash, cash equivalents and restricted cash $ 9,686,698 $ 6,311,563
Accounts receivable, net of allowance of $77,433 and $54,136, respectively 3,099,586 2,849,861
Inventory, net 665,654 531,814
Income tax receivable 260,347  
Prepaid expense and other current assets 761,650 513,606
Total current assets 14,473,935 10,206,844
Property and equipment, net 144,909 199,585
Operating lease right-of-use assets 37,689  
Assets deployed at client locations, net 405,522 471,562
Goodwill 1,091,000 1,091,000
Other intangible assets, net 7,430,643 8,890,252
Deferred tax assets, net 399,283 334,482
Total assets 23,982,981 21,193,725
Current liabilities:    
Accounts payable 766,305 681,936
Accrued expenses 1,450,879 1,377,661
Revenue contract liability 1,294,265 1,438,492
Deferred rent, current portion   14,025
Current portion of long-term debt 1,634,527 1,456,847
Current portion of operating lease liabilities 19,140  
Other current liabilities   21,654
Total current liabilities 5,165,116 4,990,615
Long-term operating lease liabilities 18,978  
Long-term debt, net 46,291,014 8,649,828
Interest rate swap liability 140,495 96,181
Total liabilities 51,615,603 13,736,624
Commitments and Contingencies (See Note 11)
Stockholders’ equity (deficit)    
Preferred stock, 10,000,000 shares authorized, $0.001 par value; 0 shares issued and outstanding, respectively
Common stock, 65,000,000 shares authorized; $0.001 par value; 18,017,944 and 39,921,591 shares issued and outstanding, respectively 18,018 39,922
Additional paid-in capital 5,795,636 4,733,701
Accumulated earnings (deficit) (33,446,276) 2,683,478
Total stockholders’ equity (deficit) (27,632,622) 7,457,101
Total liabilities and stockholders’ equity (deficit) $ 23,982,981 $ 21,193,725