Current assets
Cash and cash equivalents $ 24,636 $ 152,389
Accounts receivable - trade, net of allowance for doubtful accounts
of $1,861 and $3,812 , respectively 853,518 997,118
Receivable due from Axacore, Inc. - 202,407
Inventory 80,915 93,053
Prepaid expenses 123,452 79,558
Accrued interest income 3,541 1,028
Total current assets 1,086,063 1,525,554
Noncurrent assets
Related party notes receivable 308,556 208,556
Property and equipment, net of accumulated depreciation
of $1,742,596 and $1,049,437, respectively 1,196,247 611,164
Goodwill 1,380,632 1,380,632
Intangible Assets, net of accumulated amortization of $284,357 and $0, respectively 1,996,643 2,281,000
Total noncurrent assets 4,882,078 $ 4,481,352
Total assets $ 5,968,141 $ 6,006,906
Current liabilities
Current portion of notes payable; $ 291,200 $ 338,700
including $105,000 and $122,500 to related parties, respectively
Payable due to Axacore, Inc. - 634,927
Line of credit 237,600 -
Accounts payable - trade 213,122 410,012
Accrued payroll and payroll taxes - 43,532
Deferred revenue 1,009,993 704,269
Accrued interest expense 16,087 9,756
Other accrued expenses 203,242 36,709
Total current liabilities 1,971,244 2,177,905
Noncurrent liabilities
Long-term portion of notes payable; including $0 and $7,500 to a related party, respectively - 65,600
Capital lease liability 111,790 -
Total noncurrent liabilities 111,790 65,600
Total liabilities $ 2,083,034 $ 2,243,505
Commitments and contingencies - -
Shareholders’ equity
Preferred stock - $0.001 par value; 15,000,000 shares authorized:
Series A convertible preferred stock - 925,000 shares issued and outstanding
(liquidation preference of $925,000) 925 9 25
Series B convertible preferred stock - 454,547 shares issued and outstanding
(liquidation preference of $500,002) 454 454
Common stock - $0.001 par value; 55,000,000 shares authorized,
46,049,614 shares issued and outstanding 46,050 46,050
Additional paid-in capital 49,931,040 49,781,019
Accumulated deficit (46,093,362) ( 46,065,048)
Total shareholders’ equity 3,885,107 3,763,400
Total liabilities and shareholders’ equity $ 5,968,141 $ 6,006,906
