Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Balance Sheets

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Unaudited Condensed Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 13,064,656 $ 15,026,068
Short term investments 18,765,236 21,287,064
Trade accounts receivable 7,388,688 8,418,132
Inventory 1,217,831 741,557
Prepaid expenses and other current assets 876,183 609,786
Total current assets 41,312,594 46,082,607
Property and equipment, net 1,366,309 1,036,860
Goodwill 3,700,447 3,700,447
Customer relationships, net 3,713,668 4,075,918
Intangible assets, net 906,545 1,052,333
Other assets 339,000 349,743
Total assets 51,338,563 56,297,908
Current liabilities:    
Accounts payable 3,879,235 3,969,083
Accrued bonus 2,378,805 2,224,517
Accrued liabilities 696,482 1,121,833
Deferred purchase price   1,000,000
Long-term notes payable 333,333 1,333,333
Current portion of deferred rent obligation under operating lease 81,332 81,332
Total current liabilities 7,369,187 9,730,098
Deferred tax liability 29,887 7,971
Deferred rent obligation under operating lease 247,157 334,860
Total liabilities 7,646,231 10,072,929
Stockholders’ equity:    
Common shares, par value $0.0001, 200,000,000 shares authorized at September 30, 2018 and December 31, 2017; 9,914,711 and 9,616,992 shares issued at September 30, 2018 and December 31, 2017, respectively, and 9,586,188 and 9,481,992 shares outstanding at September 30, 2018 and December 31, 2017, respectively 991 961
Additional paid in capital 93,060,369 89,907,766
Treasury stock, at cost: 328,523 shares and 135,000 shares at September 30, 2018 and December 31, 2017, respectively (3,093,974) (1,257,100)
Accumulated other comprehensive loss (6,434) (16,907)
Accumulated deficit (46,268,620) (42,409,741)
Total stockholders’ equity 43,692,332 46,224,979
Commitments and contingencies (note 13)
Total liabilities and stockholders’ equity $ 51,338,563 $ 56,297,908