XML 15 R2.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 431,400 $ 1,371,331
Accounts receivable 6,384,148 7,871,422
Other current assets 783,606 818,600
Total current assets 7,599,154 10,061,353
Other assets:    
Property and equipment, net 83,128 58,892
Intangible assets, net 3,584,221 5,778,036
Goodwill 13,729,770 13,729,770
Operating lease right of use asset, net 286,161
Deferred income tax assets, net 8,879 9,399
Total other assets 17,692,161 19,576,097
Total assets 25,291,313 29,637,450
Current liabilities:    
Line of credit 2,881,061 3,950,681
Accounts payable 4,696,352 4,377,794
Other accrued expenses 1,989,894 1,697,636
Current portion - operating lease liability 120,052
Current portion - long-term notes 6,450
Convertible notes 1,000,000 1,250,000
Debentures 1,000,000
Consideration payable - cash 2,496,000 2,696,000
Consideration payable - equity 605,223
Dividend payable - Preferred stock 320,298 105,181
Total current liabilities 14,503,657 14,688,965
Long-term liabilities:    
Operating lease liability - net 169,897
Warrant liability 4,189,388
Total long-term liabilities 169,897 4,189,388
Total liabilities 14,673,554 18,878,353
Stockholders' equity:    
Preferred stock, $0.01 par value; 1,000,000 authorized, 424,938 and 420,720 issued and outstanding as of December 31, 2019 and December 31, 2018, respectively 4,249 4,207
Common stock, $0.01 par value; 100,000,000 shares authorized, 2,522,095 and 1,693,165 issued and outstanding as of December 31, 2019 and December 31, 2018, respectively 25,221 16,932
Additional paid-in capital 51,040,296 45,129,214
Accumulated deficit (40,512,019) (34,478,253)
Accumulated other comprehensive income (loss) 60,012 86,997
Total stockholders' equity 10,617,759 10,759,097
Total liabilities and stockholders' equity $ 25,291,315 $ 29,637,450