Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2014
Dec. 31, 2013
Current Assets:    
Cash $ 8,372,181 $ 2,243,670
Accounts receivable (net) 1,965,729 1,430,202
Note receivable, current portion 292,644 0
Prepaid inventory 2,520,947 1,734,831
Inventory 2,391,990 2,473,322
Prepaid expenses and other current assets 288,830 174,317
Total current assets 15,832,321 8,056,342
Property and equipment (net) 211,617 214,128
Intangibles (net) 3,151,000 3,356,500
Goodwill 1,855,512 1,855,512
Accounts receivable, net of current portion 0 310,300
Note receivable, non-current portion 260,056 0
Investment in Kannalife Sciences 400,694 439,246
Total assets 21,711,200 14,232,028
Current Liabilities:    
Accounts payable 134,418 24,622
Accrued interest 135,565 222,703
Common stock to be issued 0 175,000
Amount due to related party 0 300
Total Current Liabilities 269,983 422,625
Non-current liabilities    
Line of Credit - Roen Ventures LLC, net of debt discount 0 5,502,595
Total liabilities 269,983 5,925,220
STOCKHOLDERS' EQUITY    
Preferred stock, par value $0.0001; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, par value $0.0001; 190,000,000 shares authorized; 32,832,500 and 15,580,000 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively 3,283 1,558
Additional paid in capital 24,000,762 10,749,662
Accumulated Deficit (2,562,828) (2,444,412)
Total stockholders' equity 21,441,217 8,306,808
Total liabilities and stockholders' equity $ 21,711,200 $ 14,232,028