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 and cash equivalents $ 10,027,305 $ 18,474,211
Other current assets 1,866,180 1,207,072
Prepaid expenses 732,221 109,332
Income tax receivable 16,015 14,810
Total current assets 12,641,721 19,805,425
Property and equipment, net 1,811,356 2,052,221
Deferred tax asset 24,446 26,522
Total assets 14,477,523 21,884,168
Current liabilities:    
Trade accounts payable 2,058,458 1,260,015
Accrued expenses 635,561 743,865
Other current liabilities 304,012 242,755
Bank loan   1,270,605
Deferred tax liabilities 24,446 26,522
Total current liabilities 3,022,477 3,543,762
Other long-term liabilities 307,850 333,988
Total liabilities 3,330,327 3,877,750
Stockholders' equity    
Common stock, $0.001 par value per share, 300,000,000 shares authorized and 29,429,522 and 29,279,522 issued and outstanding at June 30, 2015 and December 31, 2014 29,430 29,280
Additional paid-in capital 85,503,241 84,627,283
Accumulated other comprehensive loss (1,343,694) (843,097)
Accumulated deficit (73,041,781) (65,807,048)
Total stockholders' equity 11,147,196 18,006,418
Total liabilities and stockholders' equity $ 14,477,523 $ 21,884,168