XML 33 R2.htm IDEA: XBRL DOCUMENT v3.20.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 1,267,352 $ 431,400
Accounts receivable 8,101,751 6,384,148
Other current assets 874,856 783,606
Total current assets 10,243,959 7,599,154
Other assets:    
Property and equipment, net 115,521 83,128
Intangible assets, net 3,035,580 3,584,221
Goodwill 13,729,770 13,729,770
Deferred income tax assets, net 11,349 8,879
Total other assets 16,892,220 17,405,998
Total assets 27,136,179 25,005,152
Current liabilities:    
Line of credit 4,553,492 2,881,061
Accounts payable 5,254,231 4,696,352
Other accrued expenses 2,177,206 1,989,894
Convertible notes 1,000,000 1,000,000
Debentures 1,500,000 1,000,000
Consideration payable - cash 1,000,000 2,496,000
Short term Loans 1,000,000 0
Dividend payable - Preferred stock 428,133 320,298
Total current liabilities 16,913,062 14,383,605
Long-term liabilities:    
Total liabilities 16,913,062 14,383,605
Stockholders' equity:    
Preferred stock, $0.01 par value; 1,000,000 authorized, 424,938 issued and outstanding as of March 31, 2020 and December 31, 2019. 4,249 4,249
Common stock, $0.01 par value; 100,000,000 shares authorized, 3,246,705 and 2,522,095 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively 32,467 25,221
Additional paid-in capital 52,562,485 51,040,296
Accumulated deficit (42,400,593) (40,508,231)
Accumulated other comprehensive income (loss) 24,509 60,012
Total stockholders' equity 10,223,117 10,621,547
Total liabilities and stockholders' equity $ 27,136,179 $ 25,005,152