Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 16,792,850 $ 20,796,783
Restricted cash 385,282 224,576
Accounts receivable, net 743,239 704,905
Income taxes receivable 70,981 395,814
Notes receivable - current portion 60,908 27,528
Deferred franchise costs - current portion 605,850 622,800
Prepaid expenses and other current assets 366,033 375,925
Total current assets 19,025,143 23,148,331
Property and equipment, net 7,138,746 1,134,452
Notes receivable, net of current portion and reserve 15,823 31,741
Deferred franchise costs, net of current portion $ 1,534,700 2,574,450
Deferred tax asset 208,800
Intangible assets, net $ 2,542,269 153,000
Goodwill 2,466,937 636,104
Deposits and other assets 638,710 585,150
Total assets 33,362,328 28,472,028
Current liabilities:    
Accounts payable 1,996,971 1,178,987
Accrued expenses 375,529 92,418
Co-op funds liability 201,078 186,604
Payroll liabilities 1,493,375 $ 617,944
Notes payable - current portion 451,850
Deferred rent - current portion 334,560 $ 93,398
Deferred revenue - current portion 2,579,423 1,957,500
Other current liabilities 54,596 50,735
Total current liabilities 7,487,382 $ 4,177,586
Notes payable, net of current portion 130,000
Deferred rent, net of current portion 457,290 $ 451,766
Deferred revenue, net of current portion 4,369,702 7,915,918
Other liabilities 238,648 299,405
Total liabilities 12,683,022 12,844,675
Commitments and contingencies $ 0 $ 0
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of December 31, 2015, and December 31, 2014
Common stock, $0.001 par value; 20,000,000 shares authorized, 13,070,180 shares issued and 12,536,180 shares outstanding as of December 31, 2015 and 10,196,510 shares issued and 9,662,510 outstanding as of December 31, 2014 $ 13,070 $ 10,197
Additional paid-in capital 35,267,376 21,420,975
Treasury stock (534,000 shares as of December 31, 2015 and December 31, 2014, at cost) (791,638) (791,638)
Accumulated deficit (13,809,502) (5,012,181)
Total stockholders' equity 20,679,306 15,627,353
Total liabilties and stockholders' equity $ 33,362,328 $ 28,472,028