Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash $ 8,669 $ 53,120
Accounts receivable, net 43,900 78,500
Prepaid expenses 157,499 81,745
Total current assets 210,068 213,365
Property and equipment, net 4,474 6,194
Other assets:    
Prepaid expenses, long term 82,603 $ 95,054
Intellectual property, net $ 1,103,700
Licensing agreement, net $ 3,705,870
Deposits, long term $ 62,738 62,738
Total other assets 1,249,041 3,863,662
Total assets 1,463,583 4,083,221
Current liabilities:    
Accounts payable and accrued expenses, including related party payables of $586,982 and $403,357, respectively 1,165,870 776,253
Deferred revenue, short term 458,896 729,860
Settlement payable, short term 317,500 $ 220,000
Advances from lenders 400,000
Notes payable, short term portion 1,518,660 $ 74,823
Notes payable, net of debt discount, related party 280,562 137,065
Total current liabilities 4,141,489 1,938,001
Long term debt:    
Deferred revenue, long term 180,684 $ 1,187,166
Convertible notes payable, net of debt discount $ 685
Notes payable, long term portion $ 449,256
Notes payable, net of debt discount, related party $ 103,795
Settlements payable, long term $ 562,500
Warrant liability 40,639 $ 98,702
Derivative liability 65,893
Total long term debt 850,401 $ 1,838,919
Total liabilities 4,991,889 3,776,920
Stockholders' (deficit) equity:    
Preferred stock, no par value; 80,000 designated; 80,000 shares issued and outstanding as of September 30, 2015 and December 31, 2014 16,000 16,000
Common stock, $0.001 par value; 200,000,000 shares authorized, 158,244,501 and 146,134,501 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively 158,245 146,135
Common stock subscribed 100,000 100,000
Additional Paid in Capital 9,433,707 8,609,059
Accumulated deficit (13,236,258) (8,564,893)
Total stockholders' (deficit) equity (3,528,306) 306,301
Total liabilities and stockholders' (deficit) equity $ 1,463,583 $ 4,083,221