Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2019
Sep. 30, 2018
CURRENT ASSETS:    
Cash $ 4,055 $ 3,213
Accounts receivable, less allowances ($515 and $302, respectively) 20,826 20,755
Prepaid expenses and other current assets 2,221 2,266
Total current assets 27,102 26,234
Property and equipment, net 852 891
Goodwill 72,293 76,593
Intangible assets, net 23,881 29,467
Other long-term assets 353 416
TOTAL ASSETS 124,481 133,601
CURRENT LIABILITIES:    
Accounts payable 3,733 2,523
Acquisition deposit for working capital guarantee 783 883
Accrued compensation 5,212 5,212
Short-term portion of term loan, net of discount 4,668 2,331
Subordinated debt 1,000 106
Other current liabilities 3,172 2,064
Total current liabilities 18,568 13,119
Deferred taxes 300 146
Revolving credit facility 14,215 11,925
Term loan, net of discounts 36,029 40,253
Subordinated convertible debt (includes $1,269 and $0, net of discount, respectively, due to related parties) 17,954 17,685
Other long-term liabilities 595 583
Total long-term liabilities 69,093 70,592
Commitments and contingencies
SHAREHOLDERS' EQUITY    
Common stock, no-par value; authorized - 200,000 shares; issued and outstanding - 12,538 shares at September 30, 2019 and 10,783 shares at September 30, 2018
Additional paid in capital 49,990 44,120
Accumulated deficit (40,781) (23,018)
Total shareholders' equity 9,209 21,102
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 124,481 133,601
MEZZANINE EQUITY    
Total mezzanine equity 27,611 28,788
Series A Preferred Stock [Member]    
MEZZANINE EQUITY    
Preferred stock
Series B Preferred Stock [Member]    
MEZZANINE EQUITY    
Preferred stock 27,551 28,788
Series C Preferred Stock [Member]    
MEZZANINE EQUITY    
Preferred stock $ 60