Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Sep. 30, 2016
Current Assets:    
Cash $ 3,277,602 $ 2,385,082
Accounts receivable, net of allowance for doubtful accounts of $38103 for 2017 and 2016 3,555,350 10,775,200
Income tax receivable   2,387
Inventory, net 2,767,924 2,492,644
Prepaid expenses and other current assets 697,097 634,588
TOTAL CURRENT ASSETS 10,297,973 16,289,901
PLANT AND EQUIPMENT    
Equipment, furniture and fixtures 4,067,896 4,625,472
Leasehold improvements 287,686 323,147
Less accumulated depreciation and amortization (3,800,043) (4,123,532)
Plant and equipment, net 555,539 825,087
Other trade receivables (Notes 1 and 14) 7,837,500 7,837,500
Other assets 156,431 189,219
Deferred income taxes 8,827,000 13,482,000
Intangible assets, net 20,752,991  
Goodwill 6,878,932
TOTAL ASSETS 55,306,366 38,623,707
Current Liabilities:    
Accounts payable 2,685,718 701,035
Unearned revenue 1,014,517  
Accrued expenses and other current liabilities 1,441,359 2,380,571
Accrued compensation 345,987 264,871
TOTAL CURRENT LIABILITIES 5,487,581 3,346,477
LONG-TERM LIABILITIES:    
Other liabilities 1,233,750 1,233,750
Deferred rent 131,830
Deferred income taxes   110,069
TOTAL LIABILITIES 6,853,161 4,690,296
Commitments and Contingencies
STOCKHOLDERS' EQUITY:    
Preferred stock; no shares issued and outstanding in 2017 or 2016
Common stock, par value $0.01 per share; 77,000,000 and 38,500,000 shares authorized, 55,392,193 and 31,273,954 shares issued and 53,208,489 and 29,090,250 shares outstanding in 2017 and 2016 respectively 553,922 312,740
Additional paid-in-capital 90,550,669 69,660,010
Accumulated other comprehensive loss (581,519) (581,519)
Accumulated deficit (34,263,262) (27,651,215)
Treasury stock, at cost (7,806,605) (7,806,605)
TOTAL STOCKHOLDERS' EQUITY 48,453,205 33,933,411
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 55,306,366 $ 38,623,707