Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 16,058,714 $ 5,993,388
Accounts receivable, net of allowance of $348,695 and $145,000, respectively 4,377,165 2,493,254
Inventory 770,248 668,525
Income tax receivable 1,536,682 1,229,795
Prepaid expenses 1,125,777 1,167,068
Other current assets 21,536 10,803
Total current assets 23,890,122 11,562,833
Property and equipment, net 98,594 116,724
Operating lease right-of-use assets 1,167,903 1,367,821
Assets deployed at client locations, net 360,735 232,156
Goodwill 1,091,000 1,091,000
Other intangible assets, net 13,677,264 16,086,896
Other assets, net 167,087 117,164
Total assets 40,452,705 30,574,594
Current liabilities:    
Accounts payable 374,323 467,792
Accrued expenses 2,666,073 1,333,032
Revenue contract liability 37,500 29,167
Current portion of long-term debt 1,100,369 2,222,392
Current portion of operating lease liabilities 222,806 195,411
Total current liabilities 4,401,071 4,247,794
Long-term operating lease liabilities 1,019,029 1,215,680
Long-term debt and liabilities, net 52,143,810 49,691,184
Interest rate swap liability   66,009
Deferred tax liabilities, net 175,218 150,892
Total liabilities 57,739,128 55,371,559
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; 23,523,969 and 21,970,638 shares issued and outstanding, respectively 23,524 21,971
Additional paid-in capital 16,380,597 10,798,536
Accumulated deficit (33,543,351) (35,655,163)
Accumulated other comprehensive (loss) income (147,193) 37,691
Total stockholders’ deficit (17,286,423) (24,796,965)
Total liabilities and stockholders’ deficit $ 40,452,705 $ 30,574,594