|
Consolidated Balance Sheets (Current Period Unaudited) (USD $)
|
Sep. 30, 2014
|
Dec. 31, 2013
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ 5,045,819 |
$ 8,235,566 |
| Accounts receivable, net |
11,565,009 |
22,731,678 |
| Inventory, net |
2,919,876 |
4,633,213 |
| Deferred tax assets |
18,884 |
63,617 |
| Other current assets |
2,113,491 |
2,224,547 |
| Total current assets |
21,663,079 |
37,888,621 |
| Property and equipment, net |
4,941,016 |
3,548,985 |
| Intangible assets, net |
18,330,125 |
38,782,000 |
| Goodwill |
20,798,027 |
28,642,398 |
| Loan origination fees |
800,243 |
971,726 |
| Other assets |
181,198 |
496,879 |
| Total assets |
66,713,688 |
110,330,609 |
| Current liabilities: |
|
|
| Accounts payable |
3,369,494 |
6,606,200 |
| Revenue share liabilities |
3,747,139 |
3,998,794 |
| Accrued liabilities |
3,789,117 |
4,510,848 |
| Loss on long-term contract |
2,204,424 |
|
| Deferred revenue |
7,714,130 |
10,074,420 |
| Total current liabilities |
20,824,304 |
25,190,262 |
| Notes payable – non current |
12,000,000 |
8,000,000 |
| Warrant liability |
1,929,743 |
4,573,123 |
| Deferred revenue – non current |
1,683,881 |
990,989 |
| Deferred tax liabilities |
6,173,925 |
6,430,853 |
| Loss on long-term contract – non current |
902,220 |
|
| Other |
986,872 |
392,558 |
| Total liabilities |
44,500,945 |
45,577,785 |
| Commitments and Contingencies |
|
|
| Stockholders’ equity: |
|
|
| Common stock, $.0001 par value, (250,000,000 shares authorized; 12,467,756 and 11,920,583 shares issued, 12,167,756 and 11,920,583 shares outstanding, at September 30, 2014 and December 31, 2013, respectively.) |
1,247 |
1,192 |
| Additional paid-in capital |
81,512,431 |
77,452,317 |
| Accumulated comprehensive income |
201,414 |
299,618 |
| Retained earnings (accumulated deficit) |
(59,022,349) |
(13,000,303) |
| Treasury stock (300,000 shares) |
(480,000) |
|
| Total stockholders’ equity |
22,212,743 |
64,752,824 |
| Total liabilities and stockholders’ equity |
$ 66,713,688 |
$ 110,330,609 |