Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 10,006,421 $ 11,444,619
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 877,996 693,569
Total current assets 10,939,417 12,193,188
FIXED ASSETS, NET 244,713 1,444,058
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 11,872 11,872
TOTAL ASSETS 12,871,464 15,324,580
CURRENT LIABILITIES:    
Current maturities of notes payable 0 86,591
Accounts payable and accrued liabilities 1,867,758 1,416,433
Derivative liability 105,050 127,125
Capital lease obligations, current portion 3,036 2,727
Deferred rent 138,944 0
Total current liabilities 2,114,788 1,632,876
LONG-TERM LIABILITIES:    
Deferred rent 0 146,583
Capital lease obligations, less current portion 2,213 5,249
Total long-term liabilities 2,213 151,832
Total liabilities 2,117,001 1,784,708
COMMITMENTS AND CONTINGENCIES (Notes 12 and 13)
STOCKHOLDERS’ EQUITY:    
Common stock, $0.00001 par value; 80,000,000 and 40,000,000 shares authorized at December 31, 2017 and 2016, respectively; 16,661,446 and 10,368,325 shares issued and outstanding at December 31, 2017 and 2016, respectively 167 104
Additional paid-in capital 94,107,830 83,461,658
Accumulated deficit (84,349,316) (70,787,026)
Total stockholders’ equity 10,754,463 13,539,872
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 12,871,464 15,324,580
Series A Preferred Stock [Member]    
STOCKHOLDERS’ EQUITY:    
Preferred Stock Value 0 865,136
Series B Preferred Stock [Member]    
STOCKHOLDERS’ EQUITY:    
Preferred Stock Value $ 995,782 $ 0