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 ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 10,367,496 $ 16,792,850
Restricted cash 457,267 385,282
Accounts receivable, net 1,645,429 743,239
Income taxes receivable 38,960 70,981
Notes receivable - current portion 48,763 60,908
Deferred franchise costs - current portion 630,900 605,850
Prepaid expenses and other current assets 445,030 366,033
Total current assets 13,633,845 19,025,143
Property and equipment, net 7,968,588 7,138,746
Notes receivable, net of current portion and reserve 10,710 15,823
Deferred franchise costs, net of current portion 1,342,148 1,534,700
Intangible assets, net 2,607,342 2,542,269
Goodwill 2,466,937 2,466,937
Deposits and other assets 642,049 638,710
Total assets 28,671,619 33,362,328
Current liabilities:    
Accounts payable 1,564,406 1,996,971
Accrued expenses 288,424 375,529
Co-op funds liability 104,532 201,078
Payroll liabilities 663,442 1,493,375
Notes payable - current portion 461,350 451,850
Deferred rent - current portion 279,251 334,560
Deferred revenue - current portion 2,714,134 2,579,423
Other current liabilities 96,290 54,596
Total current liabilities $ 6,171,829 7,487,382
Notes payable, net of current portion 130,000
Deferred rent, net of current portion $ 1,140,780 457,290
Deferred revenue, net of current portion 3,799,867 4,369,702
Other liabilities 206,744 238,648
Total liabilities $ 11,319,220 $ 12,683,022
Commitments and contingencies
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of March 31, 2016, and December 31, 2015 $ 0 $ 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 13,118,336 shares issued and 12,584,336 shares outstanding as of March 31, 2016 and 13,070,180 shares issued and 12,536,180 outstanding as of December 31, 2015 13,118 13,070
Additional paid-in capital 35,465,555 35,267,376
Treasury stock (534,000 shares as of March 31, 2016 and December 31, 2015, at cost) (791,638) (791,638)
Accumulated deficit (17,334,636) (13,809,502)
Total stockholders' equity 17,352,399 20,679,306
Total liabilities and stockholders' equity $ 28,671,619 $ 33,362,328