Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets    
Cash $ 1,264,465 $ 131,190
Accounts receivables, net of allowance of $4,801 and $7,001 at June 30, 2017 and December 31, 2016, respectively 199,652 179,637
Accounts receivables - related parties, net of allowance of $393,000 and $387,000 at June 30, 2017 and December 31, 2016, respectively 563,731 493,531
Advances and loans to employees 210,057 232,057
Inventory 1,227,324 1,186,189
Prepaid expenses and other current assets, net 125,426 105,429
Current assets of discontinued operations 172,670 208,154
Total Current Assets 3,763,325 2,536,187
Property and equipment, net 3,990,486 3,971,733
Prepaid foreign taxes, net 222,147 337,917
Investment - related parties 34,520 42,688
Deposits 61,284 61,284
Total Assets 8,071,762 6,949,809
Current Liabilities    
Accounts payable 325,560 349,180
Accrued expenses 1,272,593 1,691,743
Deferred revenue 1,734,541 1,884,606
Bank loan 66,329 31,312
Debt obligations 47,500 162,500
Current portion of other liabilities 13,661 15,776
Current liabilities of discontinued operations 44,104
Total Current Liabilities 3,460,184 4,179,221
Accrued expenses, non-current portion 268,177 344,127
Bank loan, non-current portion 417,722
Total Liabilities 4,146,083 4,523,348
Series B convertible redeemable preferred stock, par value $0.01 per share, 902,670 shares authorized, 480,621 and 0 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively. Liquidation preference of $4,857,546 at June 30, 2017. 4,806,538
Stockholders’ (Deficiency) 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 June 30, 2017 and December 31, 2016, respectively. 429,748 429,153
Additional paid-in capital 80,530,089 80,102,189
Accumulated other comprehensive loss (10,455,474) (10,459,242)
Accumulated deficit (71,371,152) (67,631,569)
Treasury stock, at cost, 4,411 shares at June 30, 2017 and December 31, 2016 (14,070) (14,070)
Total Stockholders’ (Deficiency) Equity (880,859) 2,426,461
Total Liabilities and Stockholders’ (Deficiency) Equity 8,071,762 6,949,809
Series A Convertible Preferred Stock [Member]    
Stockholders’ (Deficiency) Equity    
Preferred stock, value