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 $ 220,060 $ 53,120
Accounts receivable, net 2,750 $ 78,500
Other accounts receivable 25,000
Prepaid expenses 64,253 $ 81,745
Total current assets 312,063 213,365
Property and equipment, net 3,900 6,194
Other assets:    
Prepaid expenses, long term 8,573 $ 95,054
Intellectual property, net $ 1,075,400
Licensing agreement, net $ 3,705,870
Deposits, long term $ 5,334 62,738
Total other assets 1,089,307 3,863,662
Total assets 1,405,270 4,083,221
Current liabilities:    
Accounts payable and accrued expenses, including related party payables of $731,666 and $403,357, respectively 1,256,956 776,253
Deferred revenue, short term $ 635,613 729,860
Settlements payable $ 220,000
Convertible notes payable, short term, net of debt discount $ 21,134
Notes payable, short term portion 1,461,256 $ 74,823
Notes payable, net of debt discount, related party 269,635 $ 137,065
Derivative liability 110,753
Total current liabilities 3,755,347 $ 1,938,001
Long term debt:    
Deferred revenue, long term 844,673 $ 1,187,166
Convertible notes payable, net of debt discount $ 5,530
Notes payable, long term portion $ 449,256
Notes payable, net of debt discount, related party 103,795
Warrant liability $ 22,746 $ 98,702
Derivative liability 59,778
Total long term debt 932,727 $ 1,838,919
Total liabilities $ 4,688,074 $ 3,776,920
Commitments and contingencies
Stockholders' equity:    
Preferred stock, no par value; 80,000 designated; 80,000 shares issued and outstanding as of December 31, 2015 and 2014 $ 16,000 $ 16,000
Common stock, $0.001 par value; 200,000,000 shares authorized, 164,144,501 and 146,134,501 shares issued and outstanding as of December 31, 2015 and 2014, respectively 164,145 146,135
Common stock subscribed 100,000 100,000
Additional Paid in Capital 9,667,934 8,609,059
Accumulated deficit (13,230,883) (8,564,893)
Total stockholders' (deficit) equity (3,282,804) 306,301
Total liabilities and stockholders' (deficit) equity $ 1,405,270 $ 4,083,221