Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2017
Sep. 30, 2016
CURRENT ASSETS:    
Cash $ 2,785 $ 2,528
Accounts receivable, less allowances ($1,712 and $191, respectively) 23,178 11,569
Other current assets 3,014 1,500
Total current assets 28,977 15,597
Property and equipment, net 914 611
Other long-term assets 282 34
Goodwill 76,593 18,590
Intangible assets, net 35,049 11,094
TOTAL ASSETS 141,815 45,926
CURRENT LIABILITIES:    
Revolving credit facility 7,904 7,073
Acquisition deposit for working capital guarantee 1,500
Accrued interest 2,175 54
Accounts payable 3,243 2,224
Accrued compensation 7,394 3,116
Other current liabilities 515 692
Short-term portion of subordinated debt 1,225 1,285
Short-term portion of term-note, net of discount 3,433
Contingent consideration 1,750
Total current liabilities 27,389 16,194
Deferred rent 334 162
Deferred taxes 958
Term-loan, net of debt discounts 42,018
Subordinated debt 1,000 4,981
Subordinated convertible debt 16,685
Other long-term liabilities 35 56
Total long-term liabilities 61,030 5,199
Commitments and contingencies
SHAREHOLDERS' EQUITY    
Common stock, no-par value; authorized - 200,000 shares; issued and outstanding - 9,879 shares at September 30, 2017 and 9,379 shares at September 30, 2016, respectively
Additional paid in capital 39,517 37,615
Accumulated deficit (15,454) (13,082)
Total shareholders' equity 24,063 24,533
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 141,815 45,926
Series A Preferred Stock [Member]    
CURRENT LIABILITIES:    
Preferred stock
Series B Convertible Preferred Stock [Member]    
CURRENT LIABILITIES:    
Preferred stock $ 29,333