Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash $ 2,555,151 $ 5,082,569
Accounts receivable - net of allowance for bad debt of $375,750 and $0 for December 31, 2015 and December 31, 2014 136,842 216,997
Bonds posted with courts 1,748,311 1,946,196
Prepaid expenses and other current assets, net of discounts of $3,414 and $0 for December 31, 2015 and December 31, 2014 338,598 438,391
Total current assets 4,778,902 7,684,153
Other assets:    
Property and equipment, net of accumulated depreciation of $67,052 and $16,135 for December 31, 2015 and December 31, 2014 61,297 53,828
Intangible assets, net of accumulated amortization of $15,557,353 and $6,550,528 for December 31, 2015 and December 31, 2014 25,457,639 43,363,832
Deferred tax assets 12,437,741 4,789,293
Other non current assets, net of discounts $4,831 and $00 for December 31, 2015 and December 31, 2014 9,169  
Goodwill 4,482,845 4,894,208
Total other assets 42,448,691 53,101,161
Total Assets 47,227,593 60,785,314
Current liabilities:    
Accounts payable and accrued expenses 6,534,825 3,293,746
Clouding IP earn out - current portion 33,646 2,092,000
Notes payable, net of discounts of $730,945 and $82,010 for December 31, 2015 and December 31, 2014 10,383,177 16,560,000
Total current liabilities 16,951,648 21,945,746
Long-term liabilities    
Notes Payable, net of discount of $1,425,167 and $64,925, for December 31, 2015 and December 31, 2014 12,223,884 5,403,065
Clouding IP earn out 3,281,238 7,360,000
Deferred tax liability 1,044,997 1,823,884
Revenue sharing liability 1,000,000  
Other long term liability 50,084  
Total long-term liabilities 17,600,203 14,586,949
Total liabilities 34,551,851 36,532,695
Stockholders' Equity:    
Common stock, ($.0001 par value, 200,000,000 shares authorized: 14,867,141 and 13,791,460 adjusted for the stock dividend issued and outstanding at December 31, 2015 and December 31, 2014 1,487 1,379
Additional paid-in capital 43,217,513 36,977,169
Accumulated other comprehensive (loss) (1,265,812) (388,357)
Accumulated deficit (29,277,524) (12,337,665)
Total stockholders' equity 12,675,742 24,252,619
Total liabilities and stockholders' equity $ 47,227,593 $ 60,785,314
Series A preferred stock    
Stockholders' Equity:    
Preferred stock
Series B preferred stock    
Stockholders' Equity:    
Preferred stock $ 78 $ 93