Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets    
Cash and cash equivalents $ 73,679 $ 326,228
Accounts receivable, net 360,841 300,947
Other current receivables 19,459 0
Prepaid expenses and other current assets 21,120 55,655
Investments in securities, at fair value 37,500 5,832
Investment in accounts receivable, current portion, net of discount 92,542 114,750
Employee advances 3,677 2,500
Total current assets 608,818 805,912
Convertible note receivable 107,772 104,942
Property and equipment    
Property and equipment 236,453 239,060
Accumulated depreciation and amortization (189,713) (157,484)
Property and equipment, net 46,740 81,576
Other assets    
Investment in account receivable, non-current portion, net of discount 520,031 0
Receivable - Bhang Corporation and shareholders 1,500,000 1,500,000
Deposits 9,575 9,575
Long term investments 55,943 66,203
Goodwill 1,426,182 1,426,182
Total other assets 3,511,731 3,001,960
Total assets 4,275,061 3,994,390
Current liabilities    
Accounts payable 118,922 65,585
Accrued expenses 195,566 166,423
Deferred revenue 866 0
Line of credit 70,000 60,000
Current portion of long term debt 10,841 18,911
Total current liabilities 396,195 310,919
Long-term liabilities    
Accrued salary, retirement and incentive fee - related party 484,372 272,982
Long term debt, net of current portion 19,612 31,249
Total long-term liabilities 503,984 304,232
Total liabilities $ 900,179 $ 615,150
Commitments and Contingencies
Shareholders' equity    
Preferred stock, $0.0001 par value and no par value, 5,000,000 and 100 000 000 shares authorized; no shares issued and outstanding At December 31, 2015 and 2014 $ 0 $ 0
Common stock, $0.0001 par value, 75,000,000 shares authorized; 16,254,941 shares issued and outstanding at December 31, 2015 1,625 0
Common stock, no par value, 400,000,000 shares authorized; 14,483,215 shares issued and outstanding at December 31, 2014 0 7,001,908
Additional paid in capital 8,023,206 234,731
Accumulated deficit (4,451,969) (3,652,101)
Accumulated other comprehensive income (loss), net of tax (12,563) 0
Non-controlling interest (185,417) (205,298)
Total shareholders' equity 3,374,882 3,379,240
Total liabilities and shareholders' equity $ 4,275,061 $ 3,994,390