Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 6,820,163 $ 10,006,421
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 770,012 877,996
Total current assets 7,645,175 10,939,417
FIXED ASSETS, NET 228,836 244,713
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 11,872 11,872
TOTAL ASSETS 9,561,345 12,871,464
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 1,883,783 1,867,758
Derivative liability 132,000 105,050
Deferred rent 88,964 138,944
Capital lease obligations, current portion 3,119 3,036
Total current liabilities 2,107,866 2,114,788
LONG-TERM LIABILITIES:    
Capital lease obligation, less current portion 1,402 2,213
Total long-term liabilities 1,402 2,213
TOTAL LIABILITIES 2,109,268 2,117,001
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS’ EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; Series B preferred stock; 11.5 and 18 issued and outstanding as of March 31, 2018 and December 31, 2017 respectively 637,017 995,782
Common stock, $0.00001 par value; 80,000,000 shares authorized; 17,101,676 and 16,661,446 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 171 167
Additional paid-in capital 94,640,028 94,107,830
Accumulated deficit (87,825,139) (84,349,316)
Total stockholders’ equity 7,452,077 10,754,463
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 9,561,345 $ 12,871,464