Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 5,645,968 $ 3,857,791
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 437,601 267,783
Total current assets 6,138,569 4,180,574
FIXED ASSETS, NET 1,464,410 1,728,471
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 17,572 11,872
TOTAL ASSETS 9,296,013 7,596,379
CURRENT LIABILITIES:    
Current maturities of notes payable 147,939 243,590
Accounts payable and accrued liabilities 1,087,440 675,924
Derivative liability 187,650 4,781,082
Capital lease obligations 2,654 2,449
Total current liabilities 1,425,683 5,703,045
LONG-TERM LIABILITIES:    
Notes payable, less current maturities 0 86,632
Deferred rent 147,800 148,924
Capital lease obligation, less current portion 5,958 7,975
Total long-term liabilities 153,758 243,531
TOTAL LIABILITIES 1,579,441 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 September 30, 2016 and December 31, 2015 0 0
Common stock, $0.00001 par value; 40,000,000 shares authorized; 5,368,235 and 858,140 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively 54 9
Additional paid-in capital 75,918,419 66,256,494
Deficit accumulated (68,201,901) (64,606,700)
Total stockholders’ equity 7,716,572 1,649,803
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 9,296,013 $ 7,596,379