Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 8,313,073 $ 11,444,619
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 969,585 693,569
Total current assets 9,337,658 12,193,188
FIXED ASSETS, NET 1,576,244 1,444,058
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 11,872 11,872
TOTAL ASSETS 12,601,236 15,324,580
CURRENT LIABILITIES:    
Current maturities of notes payable 0 86,591
Accounts payable and accrued liabilities 1,466,297 1,416,433
Derivative liability 119,600 127,125
Capital lease obligations, current portion 2,877 2,727
Total current liabilities 1,588,774 1,632,876
LONG-TERM LIABILITIES:    
Deferred rent 144,151 146,583
Capital lease obligation, less current portion 3,772 5,249
Total long-term liabilities 147,923 151,832
TOTAL LIABILITIES 1,736,697 1,784,708
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS’ EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none and 17 Series A issued and outstanding as of June 30, 2017 and December 31, 2016, respectively 0 875,572
Common stock, $0.00001 par value; 80,000,000 shares authorized; 13,462,170 and 10,368,325 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 135 104
Additional paid-in capital 87,664,282 83,451,222
Accumulated deficit (76,799,878) (70,787,026)
Total stockholders’ equity 10,864,539 13,539,872
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 12,601,236 $ 15,324,580