Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 1,174,817 $ 220,060
Accounts receivable, net 9,500 2,750
Other accounts receivable 25,000 25,000
Prepaid expenses 24,467 64,253
Total current assets 1,233,784 312,063
Property and equipment, net 16,656 3,900
Other assets:    
Restricted cash 250,000
Prepaid expenses, long term 3,553 8,573
Intellectual property, net 55,648 1,075,400
Deposits, long term 22,968 5,334
Total other assets 332,169 1,089,307
Total assets 1,582,609 1,405,270
Current liabilities:    
Accounts payable and accrued expenses, including related party payables of $301,017 and $731,666, respectively 815,846 1,256,956
Deferred revenue, short term 432,836 635,613
Settlement payable 250,000
Convertible notes payable, short term, net of debt discount 21,134
Notes payable, net of debt discount, short term portion 518,660 1,461,256
Notes payable, net of debt discount, related party 216,614 269,635
Derivative liability 110,753
Total current liabilities 2,233,956 3,755,347
Long term debt:    
Deferred revenue, long term 831,625 844,673
Convertible notes payable, long term, net of debt discount 314,749 5,530
Warrant liability 20,706 22,746
Derivative liability 2,699,418 59,778
Total long term debt 3,866,498 932,727
Total liabilities 6,100,454 4,688,074
Commitments and contingencies (Note 16)
Stockholders' deficit:    
Preferred stock, no par value; 80,000 designated; 80,000 shares issued and outstanding as of June 30, 2016 and December 31, 2015 16,000 16,000
Common stock, $0.001 par value; 200,000,000 shares authorized, 165,394,501 and 164,144,501 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively 165,395 164,145
Common stock subscribed 100,000 100,000
Additional paid in capital 10,033,991 9,667,934
Accumulated deficit (14,833,231) (13,230,883)
Total stockholders' deficit (4,517,845) (3,282,804)
Total liabilities and stockholders' deficit $ 1,582,609 $ 1,405,270