Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.5.0.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 240,786 $ 132,229
Restricted cash 66,510 66,510
Prepayment on acquisition 0 3,744,517
Prepaid expenses and other 171,199 247,298
Total current assets 478,495 4,190,554
Property and equipment, net 58,471 62,021
Goodwill 3,283,379 3,283,379
Indefinite-lived intangible assets 9,243,128 9,243,128
Other assets 97,238 129,306
Total assets 13,160,711 16,908,388
Current liabilities:    
Accounts payable 2,021,205 1,788,521
Accrued expenses 1,607,125 1,487,046
Hybrid debt instrument, net 0 3,652,749
Other current liabilities 19,647 19,098
Loans due to related parties 152,529 395,000
Total current liabilities 3,800,506 7,342,414
Deferred tax liability 2,918,518 2,918,518
Other liabilities 29,446 38,791
Total liabilities 6,748,470 10,299,723
Stockholders' equity:    
Common stock, $0.001 par value; 45,454,546 shares authorized as of June 30, 2016 and December 31, 2015; 9,348,757 and 4,909,685 shares issued as of June 30, 2016 and December 31, 2015, respectively; 9,024,872 and 4,585,800 shares outstanding as of June 30, 2016 and December 31, 2015, respectively 9,348 4,909
Additional paid in capital 150,905,035 99,763,101
Accumulated deficit (139,474,696) (88,131,899)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 6,412,241 6,608,665
Total liabilities and stockholders' equity $ 13,160,711 $ 16,908,388