Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Current Period Unaudited)

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 9,522,013 $ 20,796,783
Restricted cash 188,431 224,576
Accounts receivable, net 605,876 704,905
Income taxes receivable 449,803 395,814
Note receivable - current portion 61,533 27,528
Deferred franchise costs - current portion 548,400 622,800
Deferred tax asset - current portion 61,000 208,800
Prepaid expenses and other current assets 151,794 375,925
Total current assets 11,588,850 23,357,131
Property and equipment, net 3,602,217 1,134,452
Note receivable, net of current portion and reserve 26,024 31,741
Deferred franchise costs, net of current portion 1,799,000 2,574,450
Intangible assets, net 2,317,484 153,000
Goodwill 2,948,363 636,104
Deposits and other assets 203,244 585,150
Total assets 22,485,182 28,472,028
Current liabilities:    
Accounts payable and accrued expenses 1,436,350 1,271,405
Co-op funds liability 159,770 186,604
Payroll liabilities 1,397,215 $ 617,944
Notes payable - current portion 466,850
Deferred rent - current portion 101,498 $ 93,398
Deferred revenue - current portion 2,275,035 1,957,500
Other current liabilities 48,254 50,735
Total current liabilities 5,884,972 $ 4,177,586
Notes payable, net of current portion 167,500
Deferred rent, net of current portion 488,746 $ 451,766
Deferred revenue, net of current portion 4,820,259 7,915,918
Other liabilities 266,592 299,405
Total liabilities $ 11,628,069 $ 12,844,675
Commitments and contingencies
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of September 30, 2015, and December 31, 2014 $ 0 $ 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 10,402,047 shares issued and 9,868,047 shares outstanding as of September 30, 2015 and 10,196,502 shares issued and 9,662,502 outstanding as of December 31, 2014 10,402 10,197
Additional paid-in capital 22,066,847 21,420,975
Treasury stock (534,000 shares as of September 30, 2015 and December 31, 2014, at cost) (791,638) (791,638)
Accumulated deficit (10,428,498) (5,012,181)
Total stockholders' equity 10,857,113 15,627,353
Total liabilities and stockholders' equity $ 22,485,182 $ 28,472,028