Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Jun. 30, 2014
Dec. 31, 2013
Current assets:    
Cash $ 7,614,095 $ 4,839,486
Restricted cash 66,000 66,000
Other receivables 182,762 256,015
Prepaid expenses and other 423,667 168,308
Total current assets 8,286,524 5,329,809
Property and equipment, net 156,313 152,603
Goodwill 3,801,747 3,665,199
Indefinite-lived intangible assets 10,702,400 10,318,001
Other assets 105,568  
Total assets 23,052,552 19,465,612
Current liabilities:    
Accounts payable 589,845 942,156
Accrued expenses 792,927 1,826,867
Accrued payroll taxes 61,472 84,599
Other current liabilities 44,813 55,266
Loans due to related parties 626,042 681,124
Total current liabilities 2,115,099 3,590,012
Deferred tax liability 3,379,284 3,257,910
Other liabilities 64,879  
Total liabilities 5,559,262 6,847,922
Commitments and contingent liabilities      
Stockholders' equity:    
Common stock, $0.01 par value; 215,456,000 shares authorized as of June 30, 2014 and December 31, 2013; 146,740,692 and 130,575,516 shares issued as of June 30, 2014 and December 31, 2013, respectively; 136,052,498 and 119,887,322 shares outstanding as of June 30, 2014 and December 31, 2013, respectively 1,467,407 1,305,755
Additional paid in capital 88,022,391 73,999,860
Accumulated deficit (68,139,223) (58,306,999)
Accumulated other comprehensive income 1,423,895 900,254
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 17,493,290 12,617,690
Total liabilities and stockholders' equity $ 23,052,552 $ 19,465,612