Annual report pursuant to Section 13 and 15(d)

Balance Sheets

v3.3.1.900
Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 570,623 $ 560,184
Restricted cash 97,859 107,913
Accounts receivables, net allowance for bad debts of $30,944 and $34,887 1,828,669 1,472,743
Prepaid expenses 106,338 80,440
Inventory 411,700 232,789
Note receivable - related party, current portion   383,298
Deferred tax asset 43,017 47,691
Other current assets 2,489 62,584
Total current assets 3,060,695 2,947,642
Intangible assets, net 13,261,636 14,756,648
Goodwill 1,091,000 1,091,000
Deferred tax assets, net of current portion 82,562 143,614
Other assets, net 41,793 45,416
Total assets 17,971,048 19,492,083
Current liabilities:    
Accounts payable 1,421,848 518,428
Accrued expenses 823,964 519,166
Income taxes payable 170,331 22,872
Deferred revenue 717,690 647,625
Jackpot liabilities 106,671 111,360
Capital lease obligations, current portion 59,196 66,273
Long-term debt, current portion 4,648,120 3,480,864
Deferred rent, current portion 6,197  
Total current liabilities 7,954,017 5,366,588
Deferred rent 52,643 56,242
Capital lease obligations, net of current portion 78,008 137,204
Long-term debt, net of debt discount, net of current portion 7,436,171 12,056,467
Total liabilities $ 15,520,839 $ 17,616,501
Commitments and Contingencies (See Note 12)
Stockholders’ equity    
Preferred stock, 10,000,000 shares, $.001 par value preferred stock authorized; 0 shares issued and outstanding
Common stock, 65,000,000 shares authorized; 39,215,591 and 38,990,591 shares issued and outstanding at December 31, 2015 and 2014, respectively $ 39,216 $ 38,991
Additional paid-in capital 2,963,841 2,844,488
Accumulated deficit (792,446) (980,300)
Accumulated other comprehensive income (loss) 239,598 (27,597)
Total stockholders’ equity 2,450,209 1,875,582
Total liabilities and stockholders’ equity 17,971,048 19,492,083
Property Plant and Equipment Excluding Assets Leased to Others    
Current assets:    
Property and equipment, net 298,877 382,098
Products Leased and Held for Lease, Net    
Current assets:    
Property and equipment, net $ 134,485 $ 125,665