Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2013
Dec. 31, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 2,418,384 $ 4,677,545
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 294,687 327,393
Deferred financing 0 70,539
Total current assets 2,768,071 5,130,477
RESTRICTED CASH 0 2,000,000
FIXED ASSETS, NET 2,360,534 2,645,003
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 11,872 27,222
TOTAL ASSETS 6,815,939 11,478,164
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 1,162,098 716,990
Derivative liability 3,359,363 13,304
Capital lease obligations, current portion 1,694 2,397
Total current liabilities 4,523,155 732,691
LONG-TERM LIABILITIES:    
Notes payable 450,000 450,000
Deferred rent 143,234 135,404
Capital lease obligations, net of current portion 0 1,694
Total long-term liabilities 593,234 587,098
Total liabilities 5,116,389 1,319,789
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, 2013 and 2012 0 0
Common stock, $0.00001 par value; 150,000,000 shares authorized; 57,397,997 and 46,397,997 shares issued and outstanding at December 31, 2013 and 2012, respectively 574 464
Additional paid-in capital 52,758,544 50,435,311
Deficit accumulated during the development stage (51,059,568) (40,277,400)
Total stockholders’ equity 1,699,550 10,158,375
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,815,939 $ 11,478,164