Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 2,472,527 $ 9,422,627
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 445,281 220,611
Total current assets 2,972,808 9,698,238
FIXED ASSETS, NET 1,801,365 2,033,944
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 11,872 11,872
TOTAL ASSETS 6,461,507 13,419,516
CURRENT LIABILITIES:    
Current maturities of notes payable 242,380 119,923
Accounts payable and accrued liabilities 579,812 933,988
Derivative liability 4,651,000 5,176,915
Capital lease obligations 2,384 2,180
Total current liabilities 5,475,576 6,233,006
LONG-TERM LIABILITIES:    
Notes payable, less current maturities 147,919 330,077
Deferred rent 149,249 147,774
Capital lease obligation, less current portion 8,612 11,126
Total long-term liabilities 305,780 488,977
TOTAL LIABILITIES 5,781,356 6,721,983
STOCKHOLDERS’ EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of September 30, 2015 and December 31, 2014 0 0
Common stock, $0.00001 par value; 40,000,000 shares authorized; 7,564,133 and 7,562,762 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively 76 76
Additional paid-in capital 66,237,688 65,809,127
Deficit accumulated (65,557,613) (59,111,670)
Total stockholders’ equity 680,151 6,697,533
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 6,461,507 $ 13,419,516