Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Current Period Unaudited)

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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,628,648 $ 3,009,864
Restricted cash 157,470 334,394
Accounts receivable, net 1,277,862 1,021,733
Income taxes receivable 3,054 42,014
Notes receivable - current portion 128,781 40,826
Deferred franchise costs - current portion 617,131 748,300
Prepaid expenses and other current assets 604,777 499,525
Total current assets 5,417,723 5,696,656
Property and equipment, net 3,849,952 4,724,706
Notes receivable, net of current portion and reserve 295,779
Deferred franchise costs, net of current portion 811,350 836,350
Intangible assets, net 1,888,607 2,338,922
Goodwill 2,750,338 2,750,338
Deposits and other assets 634,257 707,889
Total assets 15,648,006 17,054,861
Current liabilities:    
Accounts payable 718,412 1,054,946
Accrued expenses 131,665 299,997
Co-op funds liability 98,188 73,246
Payroll liabilities 533,881 750,421
Notes payable - current portion 100,000 331,500
Deferred rent - current portion 147,496 215,450
Deferred revenue - current portion 2,325,728 3,077,430
Other current liabilities 54,455 60,894
Total current liabilities 4,109,825 5,863,884
Notes payable, net of current portion 1,000,000
Deferred rent, net of current portion 840,163 1,400,790
Deferred revenue, net of current portion 4,233,334 2,231,712
Deferred tax liability 187,397 120,700
Other liabilities 583,915 512,362
Total liabilities 10,954,634 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 September 30, 2017, and December 31, 2016
Common stock, $0.001 par value; 20,000,000 shares authorized, 13,499,684 shares issued and 13,485,600 shares outstanding as of September 30, 2017 and 13,317,393 shares issued and 13,020,889 outstanding as of December 31, 2016 13,499 13,317
Additional paid-in capital 36,811,327 36,398,588
Treasury stock 14,084 shares as of September 30, 2017 and 296,504 shares as of December 31, 2016, at cost (86,045) (503,118)
Accumulated deficit (32,045,409) (28,983,374)
Total stockholders' equity 4,693,372 6,925,413
Total liabilities and stockholders' equity $ 15,648,006 $ 17,054,861