Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 11,576,005 $ 2,418,384
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 290,352 294,687
Total current assets 11,921,357 2,768,071
FIXED ASSETS, NET 2,111,280 2,360,534
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 11,872 11,872
TOTAL ASSETS 15,719,971 6,815,939
CURRENT LIABILITIES:    
Current maturities of notes payable 103,325 0
Accounts payable and accrued liabilities 1,139,503 1,162,098
Derivative liability 820,124 3,359,363
Capital lease obligations 2,122 1,694
Total current liabilities 2,065,074 4,523,155
LONG-TERM LIABILITIES:    
Notes payable, less current maturities 346,675 450,000
Deferred rent 147,234 143,234
Capital lease obligation, less current portion 11,184 0
Total long-term liabilities 505,093 593,234
TOTAL LIABILITIES 2,570,167 5,116,389
COMMITMENTS AND CONTINGENCIES (Note 10)      
STOCKHOLDERS’ EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of September 30, 2014 and December 31, 2013 0 0
Common stock, $0.00001 par value; 20,000,000 shares authorized; 7,562,762 and 2,869,739 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively 76 29
Additional paid-in capital 69,744,261 52,759,089
Deficit accumulated (56,594,533) (51,059,568)
Total stockholders' equity 13,149,804 1,699,550
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 15,719,971 $ 6,815,939