Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.19.3.a.u2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Sep. 30, 2019
CURRENT ASSETS:    
Cash $ 2,139 $ 4,055
Accounts receivable, less allowances ($242 and $515, respectively) 20,211 20,826
Prepaid expenses and other current assets 1,334 2,221
Total current assets 23,684 27,102
Property and equipment, net 830 852
Goodwill 72,293 72,293
Intangible assets, net 22,483 23,881
Right-of-use assets 5,470
Other long-term assets 396 353
TOTAL ASSETS 125,156 124,481
CURRENT LIABILITIES:    
Accounts payable 2,944 3,733
Acquisition deposit for working capital guarantee 383 783
Accrued compensation 4,357 5,212
Short-term portion of term loan, net of discount 1,194 4,668
Subordinated debt 1,000
Current operating lease liabilities 1,555
Other current liabilities 2,999 3,172
Total current liabilities 13,432 18,568
Deferred taxes 358 300
Revolving credit facility 14,307 14,215
Term loan, net of discounts 39,204 36,029
Subordinated debt 1,000
Subordinated convertible debt (includes $1,347 and $1,269, net of discount, respectively, due to related parties) 18,032 17,954
Noncurrent operating lease liabilities 4,389
Other long-term liabilities 136 595
Total long-term liabilities 77,426 69,093
Commitments and contingencies
MEZZANINE EQUITY    
Total mezzanine equity 27,653 27,611
SHAREHOLDERS' EQUITY    
Common stock, no-par value; authorized - 200,000 shares; issued and outstanding - 13,090 shares at December 31, 2019 and 12,538 shares at September 30, 2019, respectively
Additional paid in capital 50,989 49,990
Accumulated deficit (44,344) (40,781)
Total shareholders' equity 6,645 9,209
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 125,156 124,481
Series A Preferred Stock [Member]    
SHAREHOLDERS' EQUITY    
Preferred stock
Series B Preferred Stock [Member]    
SHAREHOLDERS' EQUITY    
Preferred stock 27,551 27,551
Series C Preferred Stock [Member]    
SHAREHOLDERS' EQUITY    
Preferred stock $ 102 $ 60