Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2014
Dec. 31, 2013
Current assets    
Cash and cash equivalents $ 271,865 $ 509,605
Accounts receivable 713,400 383,859
Inventory work in process 940,817   
Prepaid expenses and other assets 60,527 63,132
Total current assets 1,986,609 956,596
Property and Equipment, net 131,036 173,072
License, net 69,118 70,589
Prepaid expenses and other assets 21,104 23,539
Debt issuance costs, net 634,990 700,011
Customer acquisition costs 1,120,500   
Total assets 3,963,357 1,923,807
Current liabilities    
Accounts payable and accrued expenses 1,019,936 275,145
Accrued legal and consulting fees 443,513 365,348
Accrued salaries and benefits 471,947 377,213
Accrued interest - related party 247,790 247,696
Deferred revenue 1,075,200   
Customer credits 970,500   
Advances payable - related party 4,167 4,167
Convertible note payable of discontinued operations    50,000
Notes payable 300,000 300,000
Current liabilities of discontinued operations 250,000 261,036
Total current liabilities 4,783,053 1,880,605
Convertible promissory notes payable 4,913,228 4,675,673
Accrued interest 159,645 273,877
Total liabilities 9,855,926 6,830,155
Stockholders' deficit    
Preferred stock, $.001 par value: 2,000,000 shares authorized      
Common stock; $.001 par value; 100,000,000 shares authorized; 38,181,658 shares issued and outstanding as of March 31, 2014 35,299,429 shares issued and outstanding as of December 31, 2013 38,181 35,299
Additional paid-in capital 16,202,636 13,789,473
Deficit accumulated during development stage (22,133,386) (18,731,120)
Total stockholders' deficit (5,892,569) (4,906,348)
Total liabilities and stockholders' deficit $ 3,963,357 $ 1,923,807