Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2013
Dec. 31, 2012
Current assets:    
Cash $ 4,839,486 $ 11,136,870
Restricted cash $ 66,000  
Accounts receivable   130,258
Other receivables $ 256,015 81,926
Prepaid expenses and other 168,308 195,907
Total current assets 5,329,809 11,544,961
Property and equipment, net 152,603 122,082
Goodwill 3,665,199 3,592,073
Indefinite-lived intangible assets 10,318,001 10,112,141
Total assets 19,465,612 25,371,257
Current liabilities:    
Accounts payable 942,156 119,669
Accrued expenses 1,826,867 456,744
Accrued payroll taxes 84,599 86,600
Other current liabilities 55,266 53,656
Loans due to related parties 681,124 682,993
Total current liabilities 3,590,012 1,399,662
Deferred tax liability 3,257,910 3,192,909
Total liabilities $ 6,847,922 $ 4,592,571
Commitments and contingent liabilities (Note 9)    
Stockholders' equity:    
Common stock, $0.01 par value; 215,456,000 shares authorized as of December 31, 2013 and 2012; 130,575,516 and 130,520,137 shares issued as of December 31, 2013 and 2012; 119,887,322 and 119,831,943 shares outstanding as of December 31, 2013 and 2012 respectively $ 1,305,755 $ 1,305,201
Additional paid in capital 73,999,860 73,566,820
Accumulated deficit (58,306,999) (49,727,753)
Accumulated other comprehensive income 900,254 915,598
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 12,617,690 20,778,686
Total liabilities and stockholders' equity $ 19,465,612 $ 25,371,257