Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2014
Dec. 31, 2013
Current assets:    
Cash $ 4,834,640 $ 4,839,486
Restricted cash 66,000 66,000
Other receivables 218,373 256,015
Prepaid expenses and other 239,015 168,308
Total current assets 5,358,028 5,329,809
Property and equipment, net 137,007 152,603
Goodwill 3,597,408 3,665,199
Indefinite-lived intangible assets 10,127,159 10,318,001
Other assets 98,203  
Total assets 19,317,805 19,465,612
Current liabilities:    
Accounts payable 761,033 942,156
Accrued expenses 752,937 1,826,867
Accrued payroll taxes 92,683 84,599
Other current liabilities 42,538 55,266
Loans due to related parties 395,000 681,124
Total current liabilities 2,044,191 3,590,012
Deferred tax liability 3,197,651 3,257,910
Other liabilities 60,729  
Total liabilities 5,302,571 6,847,922
Commitments and contingent liabilities      
Stockholders' equity:    
Common stock, $0.01 par value; 215,456,000 shares authorized as of September 30, 2014 and December 31, 2013; 146,740,692 and 130,575,516 shares issued as of September 30, 2014 and December 31, 2013, respectively; 136,052,498 and 119,887,322 shares outstanding as of September 30, 2014 and December 31, 2013, respectively 1,467,407 1,305,755
Additional paid in capital 88,268,648 73,999,860
Accumulated deficit (71,321,438) (58,306,999)
Accumulated other comprehensive income 881,797 900,254
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 14,015,234 12,617,690
Total liabilities and stockholders' equity $ 19,317,805 $ 19,465,612