Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current Assets    
Cash and cash equivalents $ 691,536 $ 1,740,961
Due from related party 21,583
Prepaid expenses and other 315,605 257,832
Total Current Assets 1,007,141 2,020,376
Property And Equipment    
Software 19,740 19,740
Office equipment 9,327 9,327
Total Cost 29,067 29,067
Less: accumulated depreciation 20,137 11,692
Property and equipment, net 8,930 17,375
Other Assets    
Operating lease right-of-use assets, net of accumulated amortization 219,074
Intangible assets, net of accumulated amortization 9,642,454 10,437,782
Security deposit 5,535 5,535
Total Other Assets 9,867,063 10,443,317
Total Assets 10,883,134 12,481,068
Current Liabilities    
Senior convertible notes, net of debt issuance costs 802,503 230,000
Current maturities of operating lease liability 77,992
Accrued interest 21,902 20,343
Accounts payable 75,612 292,102
Due to related parties 316
Accrued expenses 213,239 103,259
Total Current Liabilities 1,191,564 645,704
Non-current Liabilities    
Non-current operating lease liability 147,390
Net deferred tax liability 1,531,630 2,134,346
Total Liabilities 2,870,584 2,780,050
Commitments and Contingencies
Stockholders' Equity    
Common stock, par value $0.0001, 100,000,000 and 350,000,000 shares authorized; 5,486,476 and 5,525,009 issued and outstanding at December 31, 2019 and 2018, respectively 549 552
Additional paid-in capital 18,994,008 19,124,600
Common stock deemed dividend payable: 28,971 shares at par value 3
Stock subscription receivable (1,800,000)
Accumulated deficit (10,982,010) (7,624,134)
Total Stockholders' Equity 8,012,550 9,701,018
Total Liabilities and Stockholders' Equity $ 10,883,134 $ 12,481,068