Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash $ 312,088 $ 131,190
Accounts receivables, net 185,561 179,637
Accounts receivables - related parties, net 503,471 493,531
Advances and loans to employees 210,057 232,057
Inventory 1,282,977 1,186,189
Prepaid expenses and other current assets, net 275,031 105,429
Current assets of discontinued operations 207,617 208,154
Total Current Assets 2,976,802 2,536,187
Property and equipment, net 4,164,723 3,971,733
Prepaid foreign taxes, net 213,447 337,917
Investment - related parties 39,657 42,688
Deposits 61,284 61,284
Total Assets 7,455,913 6,949,809
Current Liabilities    
Accounts payable 398,581 349,180
Accrued expenses 1,534,316 1,691,743
Deferred revenue 1,843,107 1,884,606
Loans payable 45,297 31,312
Debt obligations 147,500 162,500
Current portion of other liabilities 16,948 15,776
Current liabilities of discontinued operations 44,104
Total Current Liabilities 3,985,749 4,179,221
Accrued expenses, non-current portion 349,249 344,127
Loans payable, non-current portion 473,859
Total Liabilities 4,808,857 4,523,348
Commitments and Contingencies
Series B convertible redeemable preferred stock, par value $0.01 per share, 902,670 shares authorized, 155,200 and 0 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively. Liquidation preference of $1,555,053 and $0 at March 31, 2017 and December 31, 2016, respectively. 1,552,324
Stockholders' Equity    
Common stock, par value $0.01 per share; 80,000,000 shares authorized; 42,974,812 and 42,915,379 shares issued and 42,970,401 and 42,910,962 shares outstanding as of March 31, 2017 and December 31, 2016, respectively. 429,748 429,153
Additional paid-in capital 80,380,491 80,102,189
Accumulated other comprehensive loss (10,258,983) (10,459,242)
Accumulated deficit (69,442,454) (67,631,569)
Treasury stock, at cost, 4,411 shares at March 31, 2017 and December 31, 2016 (14,070) (14,070)
Total Stockholders' Equity 1,094,732 2,426,461
Total Liabilities and Temporary Equity and Stockholders' Equity 7,455,913 6,949,809
Series A Convertible Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock, Value