Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.4.0.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash $ 1,605,635 $ 132,229
Restricted cash 66,510 66,510
Prepayment on acquisition 3,744,517 3,744,517
Prepaid expenses and other 236,036 247,298
Total current assets 5,652,699 4,190,554
Property and equipment, net 67,553 62,021
Goodwill 3,283,379 3,283,379
Indefinite-lived intangible assets 9,243,128 9,243,128
Other assets 113,319 129,306
Total assets 18,360,078 16,908,388
Current liabilities:    
Accounts payable 1,629,572 1,788,521
Accrued expenses 1,536,611 1,487,046
Hybrid debt instrument, net 7,003,005 3,652,749
Other current liabilities 19,372 19,098
Loans due to related parties 157,952 395,000
Total current liabilities 10,346,512 7,342,414
Deferred tax liability 2,918,518 2,918,518
Other liabilities 34,127 38,791
Total liabilities 13,299,157 10,299,723
Stockholders' equity:    
Common stock, $0.001 par value; 1,500,000,000 shares authorized as of March 31, 2016 and December 31, 2015; 162,682,334 and 162,013,011 shares issued as of March 31, 2016 and December 31, 2015, respectively; 151,994,140 and 151,324,817 shares outstanding as of March 31, 2016 and December 31, 2015, respectively 162,682 162,013
Additional paid in capital 101,629,219 99,605,997
Accumulated deficit (91,703,534) (88,131,899)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 5,060,921 6,608,665
Total liabilities and stockholders' equity $ 18,360,078 $ 16,908,388