Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current Assets    
Cash $ 63,912 $ 58,488
Accounts receivable, net 537,854 457,745
Accounts receivable - related parties, net of allowance of $514,087 at each of March 31, 2019 and December 31, 2018 112,241 71,650
Advances to employees 281,783 281,783
Inventory 1,290,540 1,033,895
Real estate lots held for sale 120,826 139,492
Operating lease right-of-use asset, current portion 214,453
Prepaid expenses and other current assets 123,719 193,360
Total Current Assets 2,745,328 2,236,413
Long Term Assets    
Property and equipment, net 2,940,506 2,972,364
Operating lease right-of-use asset, non-current portion 92,862
Prepaid foreign taxes, net 408,163 369,590
Investment - related parties 7,133 7,840
Deposits 61,284 61,284
Total Assets 6,255,276 5,647,491
Current Liabilities    
Accounts payable 439,311 497,817
Accrued expenses, current portion 1,154,863 1,185,367
Deferred revenue 1,026,211 1,038,492
Operating lease liabilities, current portion 225,348
Loans payable, current portion, net of debt discount 806,427 871,106
Convertible debt obligations, net of debt discount 3,488,654 2,732,654
Current portion of other liabilities 85,222 99,901
Total Current Liabilities 7,226,036 6,425,337
Long Term Liabilities    
Accrued expenses, non-current portion 47,404 57,786
Operating lease liabilities, non-current portion 98,641
Loans payable, non-current portion, net of debt discount 240,077 234,791
Total Liabilities 7,612,158 6,717,914
Commitments and Contingencies
Series B convertible redeemable preferred stock, par value $0.01 per share, 902,670 shares authorized, issued and outstanding at March 31, 2019 and December 31, 2018, respectively. Liquidation preference of $9,833,022 at March 31, 2019. 9,026,824 9,026,824
Stockholders' Deficiency    
Common stock, par value $0.01 per share; 80,000,000 shares authorized; 49,447,575 and 46,738,533 shares issued and 49,397,042 and 46,688,000 shares outstanding as of March 31, 2019 and December 31, 2018, respectively. 494,475 467,384
Additional paid-in capital 84,893,510 83,814,442
Accumulated other comprehensive loss (13,101,880) (13,110,219)
Accumulated deficit (82,623,456) (81,222,499)
Treasury stock, at cost, 50,533 shares at March 31, 2019 and December 31, 2018 (46,355) (46,355)
Total Stockholders' Deficiency (10,383,706) (10,097,247)
Total Liabilities, Temporary Equity and Stockholders' Deficiency 6,255,276 5,647,491
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.