Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 3,009,864 $ 16,792,850
Restricted cash 334,394 385,282
Accounts receivable, net 1,021,733 743,239
Income taxes receivable 42,014 70,981
Notes receivable - current portion 40,826 60,908
Deferred franchise costs - current portion 748,300 605,850
Prepaid expenses and other current assets 499,525 366,033
Total current assets 5,696,656 19,025,143
Property and equipment, net 4,724,706 7,138,746
Notes receivable, net of current portion and reserve 15,823
Deferred franchise costs, net of current portion 836,350 1,534,700
Intangible assets, net 2,338,922 2,542,269
Goodwill 2,750,338 2,466,937
Deposits and other assets 707,889 638,710
Total assets 17,054,861 33,362,328
Current liabilities:    
Accounts payable 1,054,946 1,996,971
Accrued expenses 299,997 375,529
Co-op funds liability 73,246 201,078
Payroll liabilities 750,421 1,493,375
Notes payable - current portion 331,500 451,850
Deferred rent - current portion 215,450 334,560
Deferred revenue - current portion 3,077,430 2,579,423
Other current liabilities 60,894 54,596
Total current liabilities 5,863,884 7,487,382
Notes payable, net of current portion 130,000
Deferred rent, net of current portion 1,400,790 457,290
Deferred revenue, net of current portion 2,231,712 4,369,702
Deferred tax liability 120,700
Other liabilities 512,362 238,648
Total liabilities 10,129,448 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 December 31, 2016, and December 31, 2015
Common stock, $0.001 par value; 20,000,000 shares authorized, 13,317,393 shares issued and 13,020,889 shares outstanding as of December 31, 2016 and 13,070,180 shares issued and 12,536,180 outstanding as of December 31, 2015 13,317 13,070
Additional paid-in capital 36,398,588 35,267,376
Treasury stock (296,504 shares as of December 31, 2016 and 534,000 as of December 31, 2015, at cost) (503,118) (791,638)
Accumulated deficit (28,983,374) (13,809,502)
Total stockholders' equity 6,925,413 20,679,306
Total liabilities and stockholders' equity $ 17,054,861 $ 33,362,328