Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2018
Sep. 30, 2017
CURRENT ASSETS:    
Cash $ 2,938 $ 2,785
Accounts receivable, less allowances (March - $1,047 and September - $1,712) 20,598 23,178
Other current assets 1,772 3,014
Total current assets 25,308 28,977
Property and equipment, net 918 914
Other long-term assets 19 282
Goodwill 76,593 76,593
Intangible assets, net 32,259 35,049
TOTAL ASSETS 135,097 141,815
CURRENT LIABILITIES:    
Revolving credit facility 9,900 7,904
Acquisition deposit for working capital guarantee 1,500 1,500
Accrued interest 1,151 2,175
Accounts payable 2,043 3,243
Accrued compensation 4,426 7,394
Other current liabilities 340 515
Short-term portion of subordinated debt 721 1,225
Short-term portion of term-note, net of discount 6,187 3,433
Total current liabilities 26,268 27,389
Deferred rent 238 334
Deferred taxes 1,596 958
Term-loan, net of debt discounts 38,336 42,018
Subordinated debt 1,000 1,000
Subordinated convertible debt 16,685 16,685
Other long-term liabilities 24 35
Total long-term liabilities 57,879 61,030
Commitments and contingencies
SHAREHOLDERS' EQUITY    
Common stock, no-par value; authorized - 200,000 shares; issued and outstanding - 10,446 shares at March 31, 2018 and 9,879 shares at September 30, 2017, respectively
Additional paid in capital 42,285 39,517
Accumulated deficit (20,123) (15,454)
Total shareholders' equity 22,162 24,063
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 135,097 141,815
Series A Preferred Stock    
CURRENT LIABILITIES:    
Preferred stock
Series B Convertible Preferred Stock    
CURRENT LIABILITIES:    
Preferred stock $ 28,788 $ 29,333