Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash $ 301,480 $ 2,507,401
Restricted cash 66,000 66,000
Other receivables 1,722 115,775
Prepaid expenses and other 129,141 88,237
Total current assets 498,343 2,777,413
Property and equipment, net 82,815 119,449
Goodwill 3,283,379 3,465,157
Indefinite-lived intangible assets 9,243,128 9,754,857
Other assets 162,059 199,270
Total assets 13,269,724 16,316,146
Current liabilities:    
Accounts payable 1,756,960 852,760
Accrued expenses 862,113 1,409,691
Other current liabilities 454,986 41,472
Loans due to related parties 395,000 395,000
Total current liabilities 3,469,059 2,698,923
Deferred tax liability 2,918,518 3,080,097
Other liabilities 47,647 56,383
Total liabilities 6,435,224 5,835,403
Stockholders' equity:    
Common stock, $0.01 par value; 215,456,000 shares authorized as of June 30, 2015 and December 31, 2014; 149,985,476 shares issued as of June 30, 2015 and December 31, 2014; 139,297,282 shares outstanding as of June 30, 2015 and December 31, 2014 1,499,855 1,499,855
Additional paid in capital 89,548,018 89,310,820
Accumulated deficit (79,180,815) (75,624,428)
Accumulated other comprehensive income 248,622 575,676
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 6,834,500 10,480,743
Total liabilities and stockholders' equity $ 13,269,724 $ 16,316,146