Annual report pursuant to Section 13 and 15(d)

Prepaid Expenses

Prepaid Expenses
12 Months Ended
Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses



Prepaid expenses amounted to $82,454 and $171,164 at December 31, 2017 and 2016, respectively. Prepaid expenses include prepayments in cash for accounting fees, prepayments in equity instruments and license fees which are being amortized over the terms of their respective agreements, as well as cost associated with certain deferred revenue. The current portion consists of costs paid for future services which will occur within a year.


Prepaid Stock Based Compensation


On February 11, 2016, the Company issued an aggregate of 911 shares of common stock valued at $110 per share, or $100,000 to a consultant as compensation for services. The amortization is included in professional fees, as reflected in the accompanying consolidated statements of operations.


The following table represents the amounts included in the accompanying consolidated financial statements, as summarized:


    December 31, 2017     December 31, 2016  
Compensation for services   $ -     $ 403,212  
Placement fees and transaction costs     161,164       379,932  
Less accumulated amortization     (161,164 )     (621,980 )
Total   $ -     $ 161,164