Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 5,993,388 $ 9,686,698
Accounts receivable, net of allowance of $145,000 and $77,433, respectively 2,493,254 1,834,488
Inventory, net 668,525 665,654
Income tax receivable 1,229,795 260,347
Prepaid expenses 1,167,068 757,826
Other current assets 10,803 3,824
Total current assets 11,562,833 13,208,837
Property and equipment, net 116,724 144,909
Operating lease right-of-use assets 1,367,821 306,859
Assets deployed at client locations, net 232,156 405,522
Goodwill 1,091,000 1,091,000
Other intangible assets, net 16,086,896 7,430,643
Deferred tax assets, net   399,283
Other assets, net 117,164  
Total assets 30,574,594 22,987,053
Current liabilities:    
Accounts payable 467,792 766,305
Accrued expenses 1,286,333 1,450,879
Revenue contract liability 29,167 29,167
Current portion of long-term debt 2,222,392 1,634,527
Current portion of operating lease liabilities 195,411 276,963
Total current liabilities 4,201,095 4,157,841
Long-term operating lease liabilities 1,215,680 30,325
Long-term liabilities, net 49,691,184 46,291,014
Interest rate swap liability 66,009 140,495
Deferred tax liabilities, net 197,591  
Total liabilities 55,371,559 50,619,675
Commitments and Contingencies (See Note 11)
Stockholders’ 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; 21,970,638 and 18,017,944 shares issued and outstanding, respectively 21,971 18,018
Additional paid-in capital 10,798,536 5,795,636
Accumulated deficit (35,655,163) (33,446,276)
Accumulated other comprehensive income 37,691  
Total stockholders’ deficit (24,796,965) (27,632,622)
Total liabilities and stockholders’ deficit $ 30,574,594 $ 22,987,053