Liquidity and Financial Condition (Tables)

3 Months Ended

Mar. 31, 2017

Liquidity and Financial Condition [Abstract]

Schedule of reorganization condensed consolidated balance sheet

	Predecessor Company			Reorganization Adjustments			Fresh Start Adjustments			Successor Company
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	-		$	955,803	(1)	$	-		$	955,803
Short-term investment		30,011			-			-			30,011
Accounts receivable, net		190,893			-			-			190,893
Prepaid expenses		28,589			-			-			28,589
Inventory		40,170			-			-			40,170
Total current assets		289,663			955,803			-			1,245,466
Equipment, net		5,600			-			-			5,600
Security deposit		1,200			-			-			1,200
Goodwill		-			-			4,162,173	(7)		4,162,173
Intangible assets		-			-			3,879,000	(7)		3,879,000
Totals	$	296,463		$	955,803		$	8,041,173		$	9,293,439
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$	487,699		$	(212,219	)(2)	$	-		$	275,480
Accounts payable and accrued expenses – subject to compromise		120,325			(86,612	)(2)		-			33,713
Accrued interest, related party – subject to compromise		43,301			(16,801	)(2)		-			26,500
Accrued interest		173,147			(173,147	)(2)		-			-
Related party accounts payable and accrued expenses – subject to compromise		370,151			(163,522	)(2)		-			206,629
Related party notes payable – secured claim		73,500			-			-			73,500
Convertible debentures, net of discounts		5,405,010			(5,405,010	)(3)		-			-
Billings in excess of costs and estimated earnings on uncompleted contracts		42,674			-			-			42,764
Deferred revenue		83,415			-			-			83,415
Convertible option liabilities		-			394,460	(4)		-			394,460
Total current liabilities		6,799,222			(5,662,851	)		-			1,136,371
Debtor in possession financing		600,000			(600,000	)(4)		-			-
Convertible debentures, net of discounts		-			1,605,540	(4)		-			1,605,540
Total liabilities		7,399,222			(4,657,311	)		-			2,741,911
Commitments and Contingencies
Stockholders’ equity (deficit):
Successor Preferred stock, $1.00 par value, 5,405,010 shares authorized; 5,405,010 issued and outstanding at June 30, 2016		-			1,801,670	(3)		-			1,801,670
Predecessor Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 issued and outstanding at December 31, 2015		-			-			-			-
Successor Common stock, $0.01 par value, 300,000,000 shares authorized;  163,901 issued and outstanding at June 30, 2016		-			1,639	(5)		-			1,639
Predecessor Common stock, $0.01 par value, 300,000,000 shares authorized; 42,918,927 issued and outstanding at December 31, 2015		429,189			(429,189	)(5)		-			-
Successor additional paid-in capital		-			3,561,463	(3)(6)		1,186,756	(7)		4,748,219
Predecessor additional paid-in capital		7,290,829			-			(7,290,829	)(7)		-
Accumulated deficit		(14,822,777	)		677,531			14,145,246	(7)		-
Total stockholders’ equity (deficit)		(7,102,759	)		5,613,114			8,041,173			6,551,528
Totals	$	296,463		$	955,803		$	8,041,173		$	9,293,439

Schedule of reorganization adjustments net cash payments recorded as of effective date from implementation plan

Sources:
Net proceeds from Exit Facility	$	1,319,001
Total sources		1,319,001
Uses:
Predecessor accounts payable and accrued expenses paid upon emergence		185,979
Other payments made upon emergence		177,219
Total uses		363,198
Net Sources	$	955,803

Schedule of reorganization items represent amounts incurred subsequent to bankruptcy filing

	Predecessor  For the Three Months Ended   March 31, 2016
Legal and professional fees	$	91,654