Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v2.4.0.8
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2014
Dec. 31, 2013
Current assets:    
Cash $ 128,820 $ 108,566
Accounts receivable, net 267,219 299,220
Accounts receivable, other 15,000 15,000
Prepaid expenses 163,296 81,317
Deposits, short term 25,000 25,000
Total current assets 599,335 529,103
Property and equipment, net 8,420 8,845
Other assets:    
Accounts receivable, long term 80,256 44,359
Licensing agreement, net 3,805,134 3,838,223
Deposits, long term 18,988 5,334
Total other assets 3,904,378 3,887,916
Total assets 4,512,133 4,425,864
Current liabilities:    
Accounts payable and accrued expenses 964,828 957,786
Deferred revenue, short term 207,862 192,870
Advances from lenders 95,599 95,599
Notes payable, net of debt discount, related party 28,480 28,480
Notes payable, related party 156,812 87,562
Total current liabilities 1,453,581 1,362,297
Deferred revenue, long term 973,499 741,723
Convertible notes payable, net of debt discount 596,983 601,328
Notes payable, net of debt discount, related party 191,449 190,888
Warrant liability 430,380 287,731
Derivative liability 1,449,537 1,019,103
Total long term debt 3,641,849 2,840,773
Total liabilities 5,095,430 4,203,070
Stockholders' (deficit) equity:    
Common stock, $0.001 par value; 200,000,000 shares authorized, 135,814,501 and 127,343,501 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively 135,815 127,344
Common stock subscribed 100,000 100,000
Additional Paid in Capital 5,694,187 5,432,563
Accumulated deficit (6,513,298) (5,437,113)
Total stockholders' (deficit) equity (583,296) 222,794
Total liabilities and stockholders' (deficit) equity $ 4,512,133 $ 4,425,864