Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 11,444,619 $ 3,857,791
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 693,569 267,783
Total current assets 12,193,188 4,180,574
FIXED ASSETS, NET 1,444,058 1,728,471
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 11,872 11,872
TOTAL ASSETS 15,324,580 7,596,379
CURRENT LIABILITIES:    
Current maturities of notes payable 86,591 243,590
Accounts payable and accrued liabilities 1,416,433 675,924
Derivative liability 127,125 4,781,082
Capital lease obligations, current portion 2,727 2,449
Total current liabilities 1,632,876 5,703,045
LONG-TERM LIABILITIES:    
Notes payable, less current maturities 0 86,632
Deferred rent 146,583 148,924
Capital lease obligations, less current portion 5,249 7,975
Total long-term liabilities 151,832 243,531
Total liabilities 1,784,708 5,946,576
COMMITMENTS AND CONTINGENCIES (Notes 12 and 13)
STOCKHOLDERS’ EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; 17 and none Series A shares issued and outstanding as of December 31, 2016 and 2015, respectively 875,572 0
Common stock, $0.00001 par value; 40,000,000 shares authorized; 10,368,235 and 858,140 shares issued and outstanding at December 31, 2016 and 2015, respectively 104 9
Additional paid-in capital 83,451,222 66,256,494
Accumulated deficit (70,787,026) (64,606,700)
Total stockholders’ equity 13,539,872 1,649,803
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 15,324,580 $ 7,596,379