Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 19,052,145 $ 20,762,084
Restricted cash 75,000 2,210,902
Accounts receivable, net of allowance for doubtful accounts of $9,882 at March 31, 2021 and December 31, 2020 3,880,494 2,692,540
Prepaid expenses and other current assets 1,084,456 1,103,505
Total current assets 24,092,095 26,769,031
Property and equipment, net 947,784 992,374
Restricted cash - noncurrent 209,796
Deposits 173,140 173,183
Total assets 25,422,815 27,934,588
Current liabilities:    
Note payable, current portion 2,893,667
Subordinated note payable, current portion 3,719,265
Accounts payable 1,004,055 258,916
Accrued expenses and other current liabilities 2,356,119 3,109,293
Deferred revenue 5,374,568 5,438,555
Customer deposits 1,052,900 1,052,900
Total current liabilities 9,787,642 16,472,596
Note payable, net of current portion 2,180,300 2,180,300
Subordinated note payable, net of current portion 6,158,082
Loan payable 14,384,956
Deferred rent, net of current portion 63,535
Total liabilities 26,416,433 24,810,978
Commitments and contingencies (Note 10)
Stockholders’ (deficit) equity:    
Preferred stock, $0.0001 par value; 10,000,000 authorized, no shares issued and outstanding
Common stock, $0.0001 par value; 500,000,000 shares authorized; 26,864,058 and 26,859,850 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 2,686 2,686
Additional paid-in capital 87,834,496 87,051,058
Accumulated deficit (88,782,168) (83,877,972)
Accumulated other comprehensive loss (48,632) (52,162)
Total stockholders’ (deficit) equity (993,618) 3,123,610
Total liabilities and stockholders’ (deficit) equity $ 25,422,815 $ 27,934,588