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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 1,317,374 $ 475,881
Accounts receivable, net 196,160 131,561
Prepaid expenses and other current assets 138,114 124,257
Total current assets 1,651,648 731,699
Property and equipment, net 63,533 89,707
Other intangible assets, net 3,593,580 4,048,572
Operating lease right-of-use assets 96,891 121,440
Total assets 5,405,652 4,991,418
Current liabilities:    
Accounts payable 1,103,937 876,260
Finance leases - current portion 5,230 9,951
Accrued expenses 334,246 207,786
Contract liabilities 9,472 5,338
Operating lease - current portion 31,492 30,255
Total current liabilities 1,484,377 1,129,590
Long term liabilities:    
Finance leases - net of current portion 0 2,797
Operating lease obligations - net of current portion 67,077 93,642
Deferred tax liability, net 1,041,438 1,070,189
Total liabilities 2,592,892 2,296,218
Commitments and contingencies
Shareholders' equity:    
Series A Preferred stock, $0.001 par value, 5,000,000 shares authorized; none and 4,438,578 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively; liquidation value of $0 and $13,808,610 at September 30, 2020 and December 31, 2019, respectively 0 4,439
Common stock, $0.001 par value, 25,000,000 shares authorized; 6,489,004 shares issued and 6,455,164 shares outstanding at September 30, 2020, 1,648,657 shares issued and 1,614,817 outstanding at December 31, 2019 6,489 1,649
Additional paid-in capital 69,947,414 69,242,412
Accumulated other comprehensive income 441,496 512,894
Accumulated deficit (67,524,792) (67,008,347)
Common stock in treasury, at cost; 33,840 shares at September 30, 2020 and December 31, 2019 (57,847) (57,847)
Total shareholders' equity 2,812,760 2,695,200
Total liabilities and shareholders' equity $ 5,405,652 $ 4,991,418