|
Consolidated Balance Sheets (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Assets |
|
|
| Cash and cash equivalents |
$ 1,260,723 |
$ 1,355,332 |
| Trade accounts receivable, net |
100,583 |
101,865 |
| Prepaid expenses and other current assets |
358,264 |
503,256 |
| Total current assets |
1,719,570 |
1,960,453 |
| Property and equipment, net |
213,192 |
400,526 |
| Investment in unconsolidated affiliate |
229,929 |
452,636 |
| License to operate in China |
100,000 |
100,000 |
| Intangibles assets, net |
3,502,411 |
1,754,108 |
| Goodwill |
1,823,048 |
1,584,976 |
| Other long-term assets |
133,605 |
106,476 |
| Total assets |
7,721,755 |
6,359,175 |
| Liabilities and Stockholders’ Equity |
|
|
| Accounts payable |
1,025,738 |
516,623 |
| Advances from shareholder |
85,745 |
85,745 |
| Accrued expenses and other current liabilities |
731,578 |
459,548 |
| Derivative liability |
769,284 |
277,646 |
| Current portion of capital lease obligations |
177,452 |
117,549 |
| Total current liabilities |
2,789,797 |
1,457,111 |
| Long-term liabilities |
|
|
| Deferred tax liabilities |
25,000 |
25,000 |
| Other long-term liabilities |
|
282,791 |
| Capital lease obligations, less current portion |
151,029 |
294,214 |
| Long-term debt with related party |
2,500,000 |
1,800,000 |
| Total liabilities |
5,465,826 |
3,859,116 |
| Commitments and contingencies (Note 13) |
|
|
| Stockholders’ equity |
|
|
| Preferred stock, $0.001 par value; 1,000,000 shares authorized, none issued |
|
|
| Common stock, $0.001 par value; 20,000,000 shares authorized, 10,979,372 and 7,113,744 issued and outstanding at December 31, 2013 and December 31, 2012, respectively |
10,979 |
7,114 |
| Additional paid-in-capital |
114,025,752 |
107,300,077 |
| Accumulated other comprehensive income (loss) |
(3,343) |
5,370 |
| Accumulated deficit |
(111,777,459) |
(104,812,502) |
| Total stockholders’ equity |
2,255,929 |
2,500,059 |
| Total liabilities and stockholders’ equity |
$ 7,721,755 |
$ 6,359,175 |