Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS    
Cash $ 158,433 $ 323,410
Inventory 10,827
Deposits and other assets 122,876 87,715
Prepaid expenses 19,919 2,533
Total current assets 312,055 413,658
PROPERTY AND EQUIPMENT, net 7,755 13,923
INTANGIBLE ASSETS, net 430,770 424,497
TOTAL ASSETS 750,580 852,078
CURRENT LIABILITIES    
Accrued payroll and payroll related expenses 3,510,464 3,468,610
Accounts payable and accrued expenses 657,094 662,803
Fees payable to directors 418,546 418,546
Employee settlement 50,000 50,000
Total current liabilities 4,636,104 4,599,959
COMMITMENTS AND CONTINGENCIES
Total liabilities 4,636,104 4,599,959
STOCKHOLDERS' DEFICIT    
Preferred Stock - $0.001 par value; 50,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2016 and 2015, respectively
Common stock - $0.001 par value; 400,000,000 shares authorized, 85,068,709 and 69,087,955 shares issued and outstanding as of December 31, 2016 and 2015, respectively 85,069 69,088
Additional paid-in-capital 51,963,269 50,333,188
Accumulated deficit (55,933,862) (54,150,157)
Total stockholders' deficit (3,885,524) (3,747,881)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 750,580 $ 852,078