Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 1,626,025 $ 2,418,384
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 334,979 294,687
Total current assets 2,016,004 2,768,071
FIXED ASSETS, NET 2,185,087 2,360,534
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 12,009 11,872
TOTAL ASSETS 5,888,562 6,815,939
CURRENT LIABILITIES:    
Current maturities of notes payable 41,330 0
Accounts payable and accrued liabilities 1,195,418 1,162,098
Derivative liability 2,840,557 3,359,363
Capital lease obligations 431 1,694
Total current liabilities 4,077,736 4,523,155
LONG-TERM LIABILITIES:    
Convertible debt 3,796,781 0
Notes payable, less current maturities 408,670 450,000
Deferred rent 145,993 143,234
Total long-term liabilities 4,351,444 593,234
TOTAL LIABILITIES 8,429,180 5,116,389
COMMITMENTS AND CONTINGENCIES (Note 9)      
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of June 30, 2014 and December 31, 2013 0 0
Common stock, $0.00001 par value; 20,000,000 shares authorized; 2,869,739 shares issued and outstanding at June 30, 2014 and December 31, 2013 29 29
Additional paid-in capital 53,548,170 52,759,089
Deficit accumulated (56,088,817) (51,059,568)
Total stockholders' equity (deficit) (2,540,618) 1,699,550
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 5,888,562 $ 6,815,939