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) - Scenario, Unspecified [Domain] - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 12,579,991 $ 20,796,783
Restricted cash 281,968 224,576
Accounts receivable, net 458,914 704,905
Income taxes receivable 292,730 395,814
Note receivable - current portion 17,768 27,528
Deferred franchise costs - current portion 597,970 622,800
Deferred tax asset - current portion 208,800 208,800
Prepaid expenses and other current assets 97,195 375,925
Total current assets 14,535,336 23,357,131
Property and equipment, net 2,691,042 1,134,452
Note receivable, net of current portion and reserve 27,942 31,741
Deferred franchise costs, net of current portion 1,894,930 2,574,450
Intangible assets, net 2,021,136 153,000
Goodwill 2,747,668 636,104
Deposits and other assets 118,073 585,150
Total assets 24,036,127 28,472,028
Current liabilities:    
Accounts payable and accrued expenses 1,452,076 1,271,405
Co-op funds liability 281,857 186,604
Payroll liabilities 874,825 $ 617,944
Notes payable - current portion 479,400  
Deferred rent - current portion 98,053 $ 93,398
Deferred revenue - current portion 2,080,787 1,957,500
Other current liabilities 48,691 50,735
Total current liabilities 5,315,689 $ 4,177,586
Notes payable, net of current portion 140,000  
Deferred rent, net of current portion 410,755 $ 451,766
Deferred revenue, net of current portion 5,734,709 7,915,918
Other liabilities 277,715 299,405
Total liabilities $ 11,878,868 $ 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 June 30, 2015, and December 31, 2014    
Common stock, $0.001 par value; 20,000,000 shares authorized, 10,333,534 shares issued and 9,799,534 shares outstanding as of June 30, 2015 and 10,196,502 shares issued and 9,662,502 outstanding as of December 31, 2014 $ 10,333 $ 10,197
Additional paid-in capital 21,710,338 21,420,975
Treasury stock (534,000 shares as of June 30, 2015 and December 31, 2014, at cost) (791,638) (791,638)
Accumulated deficit (8,771,774) (5,012,181)
Total stockholders' equity 12,157,259 15,627,353
Total liabilities and stockholders' equity $ 24,036,127 $ 28,472,028