Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 951,249 $ 1,128,072
Restricted cash on deposit 31,277 63,000
Accounts receivable, net 2,263,347 1,460,422
Inventories 812,052 1,027,250
Prepaid expenses and other current assets 157,500 95,282
Total current assets 4,215,425 3,774,026
Property and equipment, net 142,004 131,750
Other assets:    
Goodwill 5,796,430 5,796,430
Intangible assets, net 775,257 1,016,937
Deposits 34,001 34,238
Deferred financing costs, net 14,633 33,582
Total other assets 6,620,321 6,881,187
Total Assets 10,977,750 10,786,963
Current liabilities:    
Accounts payable 1,754,566 1,680,692
Accrued liabilities and expenses 882,041 1,090,025
Notes payable - current 93,340 279,740
Line of credit 901,771 628,204
Deferred revenues 291,965 120,754
Deferred lease liability - current 15,214 0
Customer deposits 309,840 394,717
Total current liabilities 4,248,737 4,194,132
Long-term liabilities:    
Deferred lease liability - long term 103,804 140,575
Notes payable - long term 0 114,212
Deferred income taxes 734,047 534,661
Total long-term liabilities 837,851 789,448
Redeemable preferred stock: 15,000,000 shares authorized, par value $.001 per share: Series A; 215 shares issued, 185 shares outstanding at December 31, 2014, preference in liquidation of $1,303,859 as of December 31, 2014 0 1,303,859
Total redeemable preferred stock $ 0 $ 1,303,859
Commitments and contingencies
Stockholders' Equity    
Common stock, par value $.001 per share; 190,000,000 shares authorized; 127,054,848 and 125,035,612 shares issued and outstanding at December 31, 2015 and 2014, respectively $ 127,054 $ 125,035
Additional paid-in-capital 126,135,712 125,908,476
Accumulated deficit (122,095,121) (121,906,017)
Total stockholders' equity 5,891,162 4,499,524
Total Liabilities and Stockholders' Equity 10,977,750 10,786,963
Series A Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock value 1,340,566 0
Series B Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock value $ 382,951 $ 372,030