Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current Assets    
Cash $ 320,568 $ 358,303
Accounts receivable, net of allowance for doubtful accounts of $3,163 and $3,421 at March 31, 2018 and December 31, 2017, respectively 231,142 188,067
Accounts receivable - related parties, net of allowance for doubtful accounts of $514,087 at each of March 31, 2018 and December 31, 2017 409,290 851,016
Advances and loans to employees 268,757 284,496
Inventory 1,433,712 1,388,666
Real estate lots held for sale 53,267 151,906
Prepaid expenses and other current assets 140,917 159,465
Total Current Assets 2,857,653 3,381,919
Property and equipment, net 4,455,735 4,532,890
Prepaid foreign taxes, net of reserve of $364,719 and $392,593 at March 31, 2018 and December 31, 2017, respectively 390,458 342,312
Investment - related parties 24,773 26,401
Deposits 61,284 61,284
Total Assets 7,789,903 8,344,806
Current Liabilities    
Accounts payable 506,199 415,318
Accrued expenses, current portion 966,295 1,000,521
Deferred revenue 897,379 1,732,664
Loans payable, current portion, net of debt discount 351,610 256,724
Convertible debt obligations 1,239,704 20,000
Current portion of other liabilities 18,629 19,156
Total Current Liabilities 3,979,816 3,444,383
Accrued expenses, non-current portion 221,720 247,515
Other liabilities, non-current portion 9,996 11,474
Loans payable, non-current portion, net of debt discount 1,017,971 634,930
Total Liabilities 5,229,503 4,338,302
Commitments and Contingencies
Series B convertible redeemable preferred stock, par value $0.01 per share, 902,670 shares authorized, 902,670 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively. Liquidation preference of $9,465,054 at March 31, 2018 9,026,824 9,026,824
Stockholders' Deficiency    
Common stock, par value $0.01 per share; 80,000,000 shares authorized; 43,183,830 and 43,067,546 shares issued and 43,179,419 and 43,063,135 shares outstanding as of March 31, 2018 and December 31, 2017, respectively. 431,837 430,674
Additional paid-in capital 81,166,423 80,902,967
Accumulated other comprehensive loss (11,081,419) (10,795,810)
Accumulated deficit (76,969,195) (75,544,081)
Treasury stock, at cost, 4,411 shares at March 31, 2018 and December 31, 2017 (14,070) (14,070)
Total Stockholders' Deficiency (6,466,424) (5,020,320)
Total Liabilities, Temporary Equity and Stockholders' Deficiency 7,789,903 8,344,806
Series A Convertible Preferred Stock [Member]    
Stockholders' Deficiency    
Preferred stock, 11,000,000 shares authorized: Series A convertible preferred stock, par value $0.01 per share; 10,097,330 shares authorized; no shares are available for issuance.