Sonnet BioTherapeutics, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash	$ 3,324,569	$ 245,828
Accounts and other receivables	309,062us-gaap_AccountsReceivableNetCurrent	313,509us-gaap_AccountsReceivableNetCurrent
Inventories	607,317us-gaap_InventoryNet	532,803us-gaap_InventoryNet
Due from related parties	45,615us-gaap_DueFromRelatedPartiesCurrent	46,015us-gaap_DueFromRelatedPartiesCurrent
Prepaid expenses and other current assets	463,575	330,745
TOTAL CURRENT ASSETS	4,750,138us-gaap_AssetsCurrent	1,468,900us-gaap_AssetsCurrent
Property and equipment, net	14,993,351us-gaap_PropertyPlantAndEquipmentNet	13,315,409us-gaap_PropertyPlantAndEquipmentNet
Goodwill	15,445,739us-gaap_Goodwill	15,617,308us-gaap_Goodwill
Intangible assets, net	6,096,665	3,396,503
Investments at fair value	35,362	35,362
Other investments	1,550,000us-gaap_OtherLongTermInvestments	1,550,000us-gaap_OtherLongTermInvestments
Deposits and other assets	486,736us-gaap_DepositsAssetsNoncurrent	408,492us-gaap_DepositsAssetsNoncurrent
TOTAL ASSETS	43,357,991us-gaap_Assets	35,791,974us-gaap_Assets
Current liabilities:
Current maturities of long-term debt and notes payable	997,370us-gaap_LongTermDebtCurrent	1,813,647us-gaap_LongTermDebtCurrent
Current maturities of convertible notes payable, net of debt discount of $803,846 and $63,730, respectively	196,154us-gaap_ConvertibleNotesPayableCurrent	436,270us-gaap_ConvertibleNotesPayableCurrent
Derivative liability	2,080,047us-gaap_DerivativeLiabilitiesCurrent	1,945,200us-gaap_DerivativeLiabilitiesCurrent
Accounts payable and accrued expenses	6,424,712	5,580,131
Current maturities of capital leases payable	54,946us-gaap_CapitalLeaseObligationsCurrent	42,032us-gaap_CapitalLeaseObligationsCurrent
Deferred rent	320,043us-gaap_DeferredRentCreditCurrent	118,986us-gaap_DeferredRentCreditCurrent
Due to related parties	818,854us-gaap_DueToRelatedPartiesCurrent	1,299,083us-gaap_DueToRelatedPartiesCurrent
Deferred revenue	48,140us-gaap_DeferredRevenue
Liabilities of discontinued operations	179,186	177,393
TOTAL CURRENT LIABILITIES	11,119,452us-gaap_LiabilitiesCurrent	11,412,742us-gaap_LiabilitiesCurrent
Convertible notes payable, net of debt discount of $2,239,580 and $1,872,587, respectively	2,010,420us-gaap_ConvertibleLongTermNotesPayable	1,477,413us-gaap_ConvertibleLongTermNotesPayable
Capital leases payable, less current maturities	55,449	36,628
Deferred rent	2,206,681us-gaap_DeferredRentCreditNoncurrent	2,196,523us-gaap_DeferredRentCreditNoncurrent
Deferred tax liabilities	652,552	686,884
Long-term debt, less current maturities, net of debt discount of $300,766 and$ 343,733, respectively	5,654,506us-gaap_LongTermDebtNoncurrent	5,009,283us-gaap_LongTermDebtNoncurrent
TOTAL LIABILITIES	21,699,060us-gaap_Liabilities	20,819,473us-gaap_Liabilities
Stockholders' equity:
Preferred stock: no par value; authorized 5,000,000 shares; none issued and outstanding
Common stock: $0.0001 par value; authorized 45,000,000 shares; issued and outstanding 12,306,230 and 7,249,442 shares at March 31, 2015 and December 31, 2014, respectively	1,231us-gaap_CommonStockValue	725us-gaap_CommonStockValue
Additional paid in capital	42,983,138	32,601,400
Accumulated other comprehensive loss	(2,943,936)	(1,657,908)
Non-controlling interest	4,762,686us-gaap_MinorityInterest	4,904,471us-gaap_MinorityInterest
Accumulated deficit	(23,144,188)	(20,876,187)
TOTAL STOCKHOLDERS' EQUITY	21,658,931	14,972,501
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 43,357,991	$ 35,791,974