Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 3,857,791 $ 9,422,627
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 267,783 220,611
Total current assets 4,180,574 9,698,238
FIXED ASSETS, NET 1,728,471 2,033,944
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 11,872 11,872
TOTAL ASSETS 7,596,379 13,419,516
CURRENT LIABILITIES:    
Current maturities of notes payable 243,590 119,923
Accounts payable and accrued liabilities 675,924 933,988
Derivative liability 4,781,082 5,176,915
Capital lease obligations, current portion 2,449 2,180
Total current liabilities 5,703,045 6,233,006
LONG-TERM LIABILITIES:    
Notes payable, less current maturities 86,632 330,077
Deferred rent 148,924 147,774
Capital lease obligations, less current portion 7,975 11,126
Total long-term liabilities 243,531 488,977
Total liabilities 5,946,576 6,721,983
COMMITMENTS AND CONTINGENCIES (Notes 12 and 13)
STOCKHOLDERS’ EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of December 31, 2015 and 2014 0 0
Common stock, $0.00001 par value; 40,000,000 shares authorized; 858,140 and 756,276 shares issued and outstanding at December 31, 2015 and 2014, respectively 9 8
Additional paid-in capital 66,256,494 65,809,195
Accumulated deficit (64,606,700) (59,111,670)
Total stockholders’ equity 1,649,803 6,697,533
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 7,596,379 $ 13,419,516