Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash $ 132,229 $ 2,507,401
Restricted cash 66,510 66,000
Prepayment on acquisition 3,744,517 0
Prepaid expenses and other 247,298 204,012
Total current assets 4,190,554 2,777,413
Property and equipment, net 62,021 119,449
Goodwill 3,283,379 3,465,157
Indefinite-lived intangible assets 9,243,128 9,754,857
Other assets 129,306 199,270
Total assets 16,908,388 16,316,146
Current liabilities:    
Accounts payable 1,788,521 852,760
Accrued expenses 1,487,046 1,409,691
Hybrid debt instrument, net 3,652,749 0
Other current liabilities 19,098 41,472
Loans due to related parties 395,000 395,000
Total current liabilities 7,342,414 2,698,923
Deferred tax liability 2,918,518 3,080,097
Other liabilities 38,791 56,383
Total liabilities 10,299,723 5,835,403
Stockholders' equity:    
Common stock, $0.001 par value; 1,500,000,000 and 215,456,000 shares authorized as of December 31, 2015 and December 31, 2014, respectively; 162,013,011 and 149,985,476 shares issued as of December 31, 2015 and December 31, 2014, respectively; 151,324,817 and 139,297,282 shares outstanding as of December 31, 2015 and December 31, 2014, respectively 162,013 149,986
Additional paid in capital 99,605,997 90,660,689
Accumulated deficit (88,131,899) (75,624,428)
Accumulated other comprehensive income 253,734 575,676
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 6,608,665 10,480,743
Total liabilities and stockholders' equity $ 16,908,388 $ 16,316,146