Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash $ 4,048,131 $ 132,229
Restricted cash 66,510 66,510
Accounts receivable 3,000,000 0
Prepayment on acquisition 0 3,744,517
Prepaid expenses and other 1,224,009 247,298
Total current assets 8,338,650 4,190,554
Property and equipment, net 42,366 62,021
Goodwill 3,283,379 3,283,379
Indefinite-lived intangible assets 9,243,128 9,243,128
Other assets 66,342 129,306
Total assets 20,973,865 16,908,388
Current liabilities:    
Accounts payable 1,006,903 1,788,521
Accrued expenses 838,888 1,487,046
Hybrid debt instruments, net of accumulated amortization of $0 and $108,527 at December 31, 2016 and 2015, respectively 0 3,652,749
Other current liabilities 20,205 19,098
Loans due to related parties 0 395,000
Total current liabilities 1,865,996 7,342,414
Deferred tax liability 2,918,518 2,918,518
Other liabilities 19,876 38,791
Total liabilities 4,804,390 10,299,723
Stockholders' equity:    
Common stock, $0.001 par value; 45,454,546 shares authorized as of December 31, 2016 and 2015; 8,731,029 and 4,909,685 shares issued as of December 31, 2016 and December 31, 2015, respectively; 8,407,144 and 4,585,800 shares outstanding as of December 31, 2016 and December 31, 2015, respectively 8,730 4,909
Additional paid in capital 163,522,921 99,763,101
Accumulated deficit (142,338,005) (88,131,899)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 16,169,475 6,608,665
Total liabilities and stockholders' equity 20,973,865 16,908,388
Preferred Class A [Member]    
Stockholders' equity:    
Preferred stock 970 0
Preferred Class B [Member]    
Stockholders' equity:    
Preferred stock $ 2,305 $ 0