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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 12,576 $ 15,444
Accounts receivable, net of allowance for doubtful accounts of $1,047 and $1,467 at September 30, 2019 and December 31, 2018, respectively 15,199 16,028
Inventory 5,061 3,117
Prepaid expenses and other current assets 3,437 3,120
Total current assets before funds held for clients 36,273 37,709
Funds held for clients 88,210 122,206
Total current assets 124,483 159,915
Property and equipment, net 10,636 8,948
Goodwill 115,957 111,387
Intangible assets, net 72,472 76,760
Other assets, net 11,878 4,090
Total assets 335,426 361,100
Current liabilities:    
Current portion of notes payable, net of debt issuance cost 4,220 4,733
Revolving line of credit 4,000 0
Accounts payable 3,943 3,662
Accrued compensation and benefits 2,894 2,824
Other accrued liabilities 4,965 2,234
Deferred revenue 12,362 11,849
Total current liabilities before client fund obligations 32,384 25,302
Client fund obligations 88,470 123,170
Total current liabilities 120,854 148,472
Long-term liabilities:    
Deferred revenue 470 876
Deferred tax liability 1,965 1,566
Notes payable, net of current portion and debt issuance cost 112,473 107,229
Other liabilities 6,015 439
Total long-term liabilities 120,923 110,110
Total liabilities 241,777 258,582
Commitments
Stockholders’ equity:    
Preferred stock, $.01 par value; 1,500 shares authorized; none issued or outstanding 0 0
Common stock, $.01 par value; 22,000 and 22,000 shares authorized; 15,970 and 15,666 shares issued, 15,586 and 15,282 shares outstanding at September 30, 2019 and December 31, 2018, respectively 160 157
Treasury stock at cost, 384 shares at September 30, 2019 and December 31, 2018 (5,017) (5,017)
Additional paid-in capital 394,810 391,927
Accumulated deficit (294,860) (283,643)
Accumulated other comprehensive loss (1,444) (906)
Total stockholders’ equity 93,649 102,518
Total liabilities and stockholders’ equity $ 335,426 $ 361,100