|
CONSOLIDATED BALANCE SHEETS (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Current assets |
|
|
| Cash |
$ 3,137,153 |
$ 3,381,018 |
| Restricted cash |
0 |
301,158 |
| Accounts receivable, net of allowance for doubtful accounts of $62,845 and $231,542, respectively |
3,609,825 |
5,400,290 |
| Unbilled revenue |
24,472 |
58,219 |
| Intangible assets - current, net of accumulated amortization |
0 |
328,665 |
| Prepaid expenses and other current assets |
510,968 |
467,957 |
| Total current assets |
7,282,418 |
9,937,307 |
| Property and equipment, net |
1,188,566 |
2,110,771 |
| Other assets |
|
|
| Goodwill |
5,760,808 |
5,760,808 |
| Intangible assets, net of accumulated amortization |
10,324,326 |
11,138,330 |
| Other assets |
379,513 |
182,387 |
| Total other assets |
16,464,647 |
17,081,525 |
| Total assets |
24,935,631 |
29,129,603 |
| Current liabilities |
|
|
| Accounts payable |
6,235,533 |
10,196,930 |
| Accrued expenses and other current liabilities |
2,386,226 |
1,872,722 |
| Term and credit notes payable - current portion |
2,548,333 |
1,333,333 |
| Total current liabilities |
11,170,092 |
13,402,985 |
| Long-term liabilities |
|
|
| Deferred tax liability |
3,788,903 |
4,099,000 |
| Term and credit notes payable - long term |
3,595,300 |
6,488,889 |
| Other long-term liabilities |
1,039,470 |
932,377 |
| Total long-term liabilities |
8,423,673 |
11,520,266 |
| Stockholders’ equity |
|
|
| Preferred stock, $.001 par value: Authorized shares - 500,000 - none issued and outstanding |
0 |
0 |
| Common stock, $.001 par value: Authorized shares - 40,000,000, issued shares 23,763,307and 23,586,186, respectively Outstanding shares - 23,386,780 and 23,209,659 respectively |
23,763 |
23,586 |
| Additional paid-in capital |
127,908,328 |
127,249,789 |
| Accumulated deficit |
(121,193,666) |
(121,670,882) |
| Accumulated other comprehensive income |
0 |
418 |
| Treasury stock, at cost - 376,527 shares |
(1,396,559) |
(1,396,559) |
| Total stockholders' equity |
5,341,866 |
4,206,352 |
| Total liabilities and stockholders' equity |
$ 24,935,631 |
$ 29,129,603 |