Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 5,533,062 $ 4,048,131
Restricted cash 66,510 66,510
Accounts receivable 0 3,000,000
Prepaid expenses and other 285,005 1,224,009
Total current assets 5,884,577 8,338,650
Property and equipment, net 27,846 42,366
Goodwill 3,283,379 3,283,379
Indefinite-lived intangible assets 9,243,128 9,243,128
Other assets 724,713 66,342
Total assets 19,163,643 20,973,865
Current liabilities:    
Accounts payable 786,779 1,006,903
Accrued expenses 1,135,653 838,888
Other current liabilities 21,234 20,205
Total current liabilities 1,943,666 1,865,996
Deferred tax liability 2,918,518 2,918,518
Other liabilities 0 19,876
Total liabilities 4,862,184 4,804,390
Stockholders' equity:    
Common stock, $0.001 par value; 45,454,546 shares authorized as of December 31, 2017 and December 31, 2016; 9,041,426 and 8,731,029 shares issued as of December 31, 2017 and December 31, 2016, respectively; 8,717,541 and 8,407,144 shares outstanding as of December 31, 2017 and December 31, 2016, respectively 9,040 8,730
Additional paid in capital 165,249,912 163,522,921
Accumulated deficit (145,933,137) (142,338,005)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 14,301,459 16,169,475
Total liabilities and stockholders' equity 19,163,643 20,973,865
Preferred Class A [Member]    
Stockholders' equity:    
Preferred stock 970 970
Preferred Class B [Member]    
Stockholders' equity:    
Preferred stock $ 2,120 $ 2,305