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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 4,238,225 $ 1,976,594
Accounts receivable, net 6,769,476 8,191,391
Inventories 6,222,457 4,584,844
Deferred financing costs 1,350,900 0
Other 562,783 834,076
Total current assets 19,143,841 15,586,905
Property, plant, and equipment, net 2,201,942 2,554,822
Goodwill 18,749,888 18,749,888
Other intangible assets, net 10,073,436 11,846,009
Deferred tax assets and other 300,286 269,121
Total assets 50,469,393 49,006,745
Current liabilities:    
Accounts payable 3,084,807 2,209,473
Income taxes payable 35,749 20,866
Accrued liabilities:    
Compensation 5,075,767 3,281,809
Deferred revenue 504,274 307,936
Accrued legal fees 488,824 57,515
Accrued foreign and domestic sales tax/VAT 262,399 242,832
Accrued employee expenses 116,479 39,753
Other 486,447 301,461
Total current liabilities 10,054,746 6,461,645
Convertible debt - related party, net 24,173,141 23,336,854
Interest payable 1,019,120 757,615
Accrued pension liability 663,034 663,071
Deferred rent 647,876 671,088
Other 119,865 157,453
Total liabilities 36,677,782 32,047,726
Shareholders' equity:    
Preferred stock, $0.01 par value 5,000,000 shares authorized; none issued or outstanding at September 30, 2016 and December 31, 2015, respectively 0 0
Common stock $0.01 par value; 100,000,000 shares authorized, 26,538,000 and 26,057,327 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 265,382 260,574
Additional paid-in capital 76,863,499 76,485,650
Accumulated deficit (62,435,568) (58,910,707)
Accumulated other comprehensive loss (901,702) (876,498)
Total shareholders' equity 13,791,611 16,959,019
Total liabilities and shareholders' equity $ 50,469,393 $ 49,006,745