Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 4,216,221 $ 3,009,864
Restricted cash 103,819 334,394
Accounts receivable, net 1,138,380 1,021,733
Income taxes receivable 42,014
Notes receivable - current portion 171,928 40,826
Deferred franchise costs - current portion 484,081 748,300
Prepaid expenses and other current assets 542,342 499,525
Total current assets 6,656,771 5,696,656
Property and equipment, net 3,800,466 4,724,706
Notes receivable, net of current portion and reserve 351,857
Deferred franchise costs, net of current portion 812,600 836,350
Intangible assets, net 1,760,042 2,338,922
Goodwill 2,916,426 2,750,338
Deposits and other assets 611,808 707,889
Total assets 16,909,970 17,054,861
Current liabilities:    
Accounts payable 1,068,669 1,054,946
Accrued expenses 86,959 299,997
Co-op funds liability 89,681 73,246
Payroll liabilities 867,430 750,421
Notes payable - current portion 100,000 331,500
Deferred rent - current portion 152,198 215,450
Deferred revenue - current portion 2,553,818 3,077,430
Other current liabilities 48,534 60,894
Total current liabilities 4,967,289 5,863,884
Notes payable, net of current portion 1,000,000
Deferred rent, net of current portion 802,492 1,400,790
Deferred revenue, net of current portion 4,693,441 2,231,712
Deferred tax liability 136,434 120,700
Other liabilities 411,497 512,362
Total liabilities 12,011,153 10,129,448
Commitments and contingencies
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of December 31, 2017, and December 31, 2016
Common stock, $0.001 par value; 20,000,000 shares authorized, 13,600,338 shares issued and 13,586,254 shares outstanding as of December 31, 2017 and 13,317,393 shares issued and 13,020,889 outstanding as of December 31, 2016 13,600 13,317
Additional paid-in capital 37,229,869 36,398,588
Treasury stock 14,084 shares as of December 31, 2017 and 296,504 shares as of December 31, 2016, at cost (86,045) (503,118)
Accumulated deficit (32,258,607) (28,983,374)
Total stockholders' equity 4,898,817 6,925,413
Total liabilities and stockholders' equity $ 16,909,970 $ 17,054,861