Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 1,908,375 $ 3,857,791
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 281,440 267,783
Total current assets 2,244,815 4,180,574
FIXED ASSETS, NET 1,637,698 1,728,471
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 11,872 11,872
TOTAL ASSETS 5,569,847 7,596,379
CURRENT LIABILITIES:    
Current maturities of notes payable 244,809 243,590
Accounts payable and accrued liabilities 608,668 675,924
Derivative liability 1,956,360 4,781,082
Capital lease obligations 2,515 2,449
Total current liabilities 2,812,352 5,703,045
LONG-TERM LIABILITIES:    
Notes payable, less current maturities 24,885 86,632
Deferred rent 148,599 148,924
Capital lease obligation, less current portion 7,321 7,975
Total long-term liabilities 180,805 243,531
TOTAL LIABILITIES $ 2,993,157 $ 5,946,576
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS’ EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of March 31, 2016 and December 31, 2015 $ 0 $ 0
Common stock, $0.00001 par value; 40,000,000 shares authorized; 858,013 and 858,140 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively 9 9
Additional paid-in capital 66,358,818 66,256,494
Deficit accumulated (63,782,137) (64,606,700)
Total stockholders’ equity 2,576,690 1,649,803
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 5,569,847 $ 7,596,379