Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash $ 127,852 $ 53,120
Accounts receivable, net 129,539 78,500
Prepaid expenses 148,154 81,745
Total current assets 405,545 213,365
Property and equipment, net 5,082 6,194
Other assets:    
Prepaid expenses, long term 106,057 $ 95,054
Intellectual property, net $ 1,132,000  
Licensing agreement, net   $ 3,705,870
Deposits, long term $ 62,738 62,738
Total other assets 1,300,795 3,863,662
Total assets 1,711,422 4,083,221
Current liabilities:    
Accounts payable and accrued expenses, including related party payables of $453,466 and $403,357, respectively 979,495 776,253
Deferred revenue, short term 504,439 729,860
Settlement payable 345,625 $ 220,000
Advances from lenders 400,000  
Notes payable, short term portion 1,218,660 $ 74,823
Notes payable, net of debt discount, related party 241,988 137,065
Total current liabilities 3,690,207 1,938,001
Long term debt:    
Deferred revenue, long term 180,684 $ 1,187,166
Convertible notes payable, net of debt discount 13,280  
Notes payable, long term portion $ 300,000 $ 449,256
Notes payable, net of debt discount, related party   $ 103,795
Settlements payable, long term $ 609,375  
Warrant liability 39,488 $ 98,702
Derivative liability 116,366  
Total long term debt 1,259,193 $ 1,838,919
Total liabilities 4,949,400 3,776,920
Stockholders' equity:    
Preferred stock, no par value; 80,000 designated; 80,000 shares issued and outstanding as of June 30, 2015 and December 31, 2014 16,000 16,000
Common stock, $0.001 par value; 200,000,000 shares authorized, 152,734,501 and 146,134,501 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively 152,735 146,135
Common stock subscribed 100,000 100,000
Additional Paid in Capital 9,032,074 8,609,059
Accumulated deficit (12,538,787) (8,564,893)
Total stockholders' (deficit) equity (3,237,978) 306,301
Total liabilities and stockholders' (deficit) equity $ 1,711,422 $ 4,083,221