Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.3.0.814
Consolidated Balance Sheets - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash $ 1,246,090 $ 2,507,401
Restricted cash 66,000 66,000
Other receivables 0 115,775
Prepaid expenses and other 195,194 88,237
Total current assets 1,507,284 2,777,413
Property and equipment, net 74,171 119,449
Goodwill 3,283,379 3,465,157
Indefinite-lived intangible assets 9,243,128 9,754,857
Other assets 145,883 199,270
Total assets 14,253,845 16,316,146
Current liabilities:    
Accounts payable 1,484,890 852,760
Accrued expenses 1,381,394 1,409,691
Hybrid debt instrument 2,814,378 0
Other current liabilities 33,388 41,472
Loans due to related parties 395,000 395,000
Total current liabilities 6,109,050 2,698,923
Deferred tax liability 2,918,518 3,080,097
Other liabilities 43,270 56,383
Total liabilities 9,070,838 5,835,403
Stockholders' equity:    
Common stock, $0.001 par value; 1,500,000,000 and 215,456,000 shares authorized as of September 30, 2015 and December 31, 2014, respectively; 150,513,011 and 149,985,476 shares issued as of September 30, 2015 and December 31, 2014, respectively; 139,824,817 and 139,297,282 shares outstanding as of September 30, 2015 and December 31, 2014, respectively 150,513 149,989
Additional paid in capital 94,564,454 90,660,686
Accumulated deficit (84,504,514) (75,624,428)
Accumulated other comprehensive income 253,734 575,676
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 5,183,007 10,480,743
Total liabilities and stockholders' equity $ 14,253,845 $ 16,316,146