Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2014
Dec. 31, 2013
Current assets:    
Cash $ 10,857,824 $ 4,839,486
Restricted cash 66,000 66,000
Other receivables 245,737 256,015
Prepaid expenses and other 329,362 168,308
Total current assets 11,498,923 5,329,809
Property and equipment, net 148,811 152,603
Goodwill 3,697,828 3,665,199
Indefinite-lived intangible assets 10,409,855 10,318,001
Other assets 112,934  
Total assets 25,868,351 19,465,612
Current liabilities:    
Accounts payable 592,380 942,156
Accrued expenses 1,092,518 1,826,867
Accrued payroll taxes 299,457 84,599
Other current liabilities 34,357 55,266
Loans due to related parties 681,042 681,124
Total current liabilities 2,699,754 3,590,012
Deferred tax liability 3,286,913 3,257,910
Other liabilities 70,611  
Total liabilities 6,057,278 6,847,922
Commitments and contingent liabilities      
Stockholders' equity:    
Common stock, $0.01 par value; 215,456,000 shares authorized as of March 31, 2014 and December 31, 2013; 146,740,692 and 130,575,516 shares issued as of March 31, 2014 and December 31, 2013, respectively; 136,052,498 and 119,887,322 shares outstanding as of March 31, 2014 and December 31, 2013, respectively 1,467,407 1,305,755
Additional paid in capital 87,979,066 73,999,860
Accumulated deficit (65,380,355) (58,306,999)
Accumulated other comprehensive income 1,026,135 900,254
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 19,811,073 12,617,690
Total liabilities and stockholders' equity $ 25,868,351 $ 19,465,612