Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current Assets    
Cash $ 131,190 $ 110,645
Accounts receivables, net 179,637 232,789
Accounts receivables - related parties, net 493,531 237,119
Advances and loans to employees 232,057
Inventory 1,186,189 1,184,268
Prepaid expenses and other current assets, net 105,429 120,774
Current assets of discontinued operations 208,154 768,430
Total Current Assets 2,536,187 2,654,025
Property and equipment, net 3,971,733 4,454,969
Prepaid foreign taxes, net 337,917 360,015
Investment - related parties 42,688 127,202
Deposits 61,284 61,284
Total Assets 6,949,809 7,657,495
Current Liabilities    
Accounts payable 349,180 522,820
Accrued expenses 1,691,743 1,875,287
Deferred revenue 1,884,606 1,384,317
Loans payable 31,312
Debt obligations 162,500 287,500
Current portion of other liabilities 15,776 4,488
Current liabilities of discontinued operations 44,104 56,796
Total Current Liabilities 4,179,221 4,131,208
Accrued expenses, non-current portion 344,127 399,119
Total Liabilities 4,523,348 4,530,327
Series B convertible redeemable preferred stock, par value $0.01 per share, 902,670 shares authorized, 0 shares issued and outstanding
Stockholders' Equity    
Common stock, par value $0.01 per share; 80,000,000 shares authorized; 42,915,379 and 38,879,333 shares issued and 42,910,962 and 38,874,922 shares outstanding as of December 31, 2016 and 2015, respectively. 429,153 388,793
Additional paid-in capital 80,102,189 69,933,147
Accumulated other comprehensive loss (10,459,242) (9,591,274)
Accumulated deficit (67,631,569) (57,589,428)
Treasury stock, at cost, 4,411 shares at December 31, 2016 and 2015 (14,070) (14,070)
Total Stockholders' Equity 2,426,461 3,127,168
Total Liabilities and Stockholders' Equity 6,949,809 7,657,495
Series A Convertible Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock, Value