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, 2019
Sep. 30, 2018
CURRENT ASSETS:    
Cash $ 2,761 $ 3,213
Accounts receivable, less allowances ($302 and $302, respectively) 19,992 20,755
Prepaid expenses and other current assets 2,382 2,266
Total current assets 25,135 26,234
Property and equipment, net 843 891
Goodwill 76,593 76,593
Intangible assets, net 26,674 29,467
Other long-term assets 354 416
TOTAL ASSETS 129,599 133,601
CURRENT LIABILITIES:    
Accounts payable 3,897 2,523
Acquisition deposit for working capital guarantee 883 883
Accrued compensation 4,836 5,212
Short-term portion of subordinated debt 106
Short-term portion of term loan, net of discount 1,194 2,331
Other current liabilities 2,174 2,064
Subordinated  debt 1,000
Total current liabilities 13,984 13,119
Deferred taxes 648 146
Revolving credit facility 13,147 11,925
Term loan, net of discounts 40,100 40,253
Subordinated debt 1,000
Subordinated convertible debt 16,685 16,685
Other long-term liabilities 553 583
Total long-term liabilities 71,133 70,592
Commitments and contingencies
SHAREHOLDERS' EQUITY    
Common stock, no-par value; authorized - 200,000 shares; issued and outstanding - 11,721 shares at March 31, 2019 and 10,783 shares at September 30, 2018, respectively
Additional paid in capital 47,291 44,120
Accumulated deficit (30,360) (23,018)
Total shareholders' equity 16,931 21,102
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 129,599 133,601
Series A Preferred Stock    
CURRENT LIABILITIES:    
Preferred stock
Series B Preferred Stock    
CURRENT LIABILITIES:    
Preferred stock $ 27,551 $ 28,788