Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Current Period Unaudited)

v3.5.0.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 6,118,763 $ 16,792,850
Restricted cash 565,175 385,282
Accounts receivable, net 1,807,783 743,239
Income taxes receivable 38,814 70,981
Notes receivable - current portion 46,500 60,908
Deferred franchise costs - current portion 578,800 605,850
Prepaid expenses and other current assets 359,695 366,033
Total current assets 9,515,530 19,025,143
Property and equipment, net 8,171,315 7,138,746
Notes receivable, net of current portion and reserve 18,327 15,823
Deferred franchise costs, net of current portion 1,252,950 1,534,700
Deferred tax asset
Intangible assets, net 2,727,232 2,542,269
Goodwill 2,945,263 2,466,937
Deposits and other assets 626,073 638,710
Total assets 25,256,690 33,362,328
Current liabilities:    
Accounts payable 1,135,052 1,996,971
Accrued expenses 107,093 375,529
Co-op funds liability 104,363 201,078
Payroll liabilities 538,688 1,493,375
Notes payable - current portion 550,400 451,850
Deferred rent - current portion 277,041 334,560
Deferred revenue - current portion 2,599,896 2,579,423
Other current liabilities 68,614 54,596
Total current liabilities 5,381,147 7,487,382
Notes payable, net of current portion 130,000
Deferred rent, net of current portion 1,391,965 457,290
Deferred revenue, net of current portion 3,499,387 4,369,702
Other liabilities 269,456 238,648
Total liabilities 10,541,955 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 June 30, 2016, and December 31, 2015
Common stock, $0.001 par value; 20,000,000 shares authorized, 13,262,016 shares issued and 12,728,016 shares outstanding as of June 30, 2016 and 13,070,180 shares issued and 12,536,180 outstanding as of December 31, 2015 13,262 13,070
Additional paid-in capital 36,089,128 35,267,376
Treasury stock (534,000 shares as of June 30, 2016 and December 31, 2015, at cost) (791,638) (791,638)
Accumulated deficit (20,596,017) (13,809,502)
Total stockholders' equity 14,714,735 20,679,306
Total liabilties and stockholders' equity $ 25,256,690 $ 33,362,328