Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current Assets    
Cash $ 110,645 $ 442,725
Accounts receivables, net 232,789 292,840
Accounts receivables - related parties, net 333,911 265,111
Advances and loans to registered representatives, net 189,612 208,019
Inventory 1,184,268 1,487,166
Prepaid expenses and other current assets, net 602,800 454,996
Total Current Assets 2,654,025 3,150,857
Property and equipment, net 4,454,969 6,668,504
Prepaid foreign taxes, net 360,015 672,541
Investment - related parties 127,202 294,653
Deposits 61,284 42,269
Total Assets 7,657,495 10,828,824
Current liabilities    
Accounts payable 585,095 719,997
Accrued expenses 1,869,808 2,655,791
Deferred revenue 1,384,317 1,229,029
Loans payable 0 100,000
Convertible and non-convertible debt obligations 287,500 337,500
Other liabilities 4,488 5,884
Total Current Liabilities 4,131,208 5,048,201
Other liabilities, non-current portion 399,119 0
Total Liabilities $ 4,530,327 $ 5,048,201
Commitments and Contingencies
Stockholders' Equity    
Series A convertible preferred stock, par value $0.01 per share; 11,000,000 shares authorized; 902,670 shares available for issuance; 0 shares issued and outstanding at December 31, 2015 and 2014, respectively. $ 0 $ 0
Common stock, par value $0.01 per share; 80,000,000 shares authorized; 38,879,333 and 35,745,831 shares issued and 38,874,922 and 35,741,020 shares outstanding as of December 31, 2015 and 2014, respectively. 388,793 357,458
Additional paid-in capital 69,933,147 62,517,913
Accumulated other comprehensive loss (9,591,274) (7,770,214)
Accumulated deficit (57,589,428) (49,310,464)
Treasury stock, at cost, 4,411 shares at December 31, 2015 and 2014 (14,070) (14,070)
Total Stockholders' Equity 3,127,168 5,780,623
Total Liabilities and Stockholders' Equity $ 7,657,495 $ 10,828,824