Investor Relations

Financials

v3.3.1.900
Balance Sheet - USD ($)
Dec. 31, 2015
Dec. 31, 2014
ASSETS    
Cash and cash equivalents $ 40,995 $ 157,278
Prepaid expenses and other current assets 78,356 89,408
Inventory 109,751 197,969
Total current assets 229,102 444,655
Property and equipment, net 7,668 14,417
Intangible assets 567,857 632,143
Goodwill 69,782 69,782
Other assets 3,625 2,125
Total assets 878,034 1,163,122
Current liabilities:    
Accounts payable 575,068 410,787
Accrued expenses and other current liabilities 278,225 278,177
Deferred revenue 164,285 $ 101,675
Notes payable - related parties, current portion 20,000
Total current liabilities 1,037,578 $ 790,639
Convertible note payable - related party, net of discount of $1,106,823 93,177
Notes payable - related party 277,820 $ 297,820
Total liabilities $ 1,408,575 $ 1,088,459
COMMITMENTS AND CONTINGENCIES
Stockholders' equity (deficit):    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 200,000,000 shares authorized, 39,319,507 and 38,512,516 shares issued and outstanding at December 31, 2015 and 2014, respectively $ 39,319 $ 38,512
Common stock subscribed 200,000
Additional paid-in capital 13,718,795 $ 12,034,992
Accumulated deficit (14,488,655) (11,998,841)
Total stockholders' equity (deficit) (530,541) 74,663
Total liabilities and stockholders' equity (deficit) $ 878,034 $ 1,163,122
v3.3.1.900
Statement of Operations - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Income Statement [Abstract]    
Revenue $ 98,941 $ 199,582
Cost of goods sold 240,470 175,829
Gross margin (deficit) (141,529) 23,753
Operating expenses:    
Research and development 352,788 1,432,669
Sales and marketing 31,260 320,353
General and administrative 1,575,710 2,945,078
Total operating expenses 1,959,758 4,698,100
Operating loss (2,101,287) (4,674,347)
Other (expenses) income:    
Interest Expense (164,787) (20,009)
Other (expense) income (4,384) $ (4,749)
Change in fair value of derivative and warrant liability 421,326
Amortization of debt discount (494,764)
Loss on extinguishment of debt (146,000)
Foreign currency loss 82 $ (834)
Total other operating expense $ (388,527) $ (25,592)
Provision of income taxes
Net loss $ (2,489,814) $ (4,699,939)
Net loss per share - basic and diluted $ (0.06) $ (0.12)
Weighted average shares outstanding basic and diluted 39,113,918 38,192,363
v3.3.1.900
Statement of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net loss $ (2,489,814) $ (4,699,939)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization $ 71,035 70,948
Loss on disposal of property and equipment 607
Stock-based compensation $ 279,788 762,005
Issuance of common stock and common stock warrants for consulting services 91,180 $ 130,991
Loss on extinguishment of debt $ 146,000
Issuance of common stock warrants $ 35,836
Change in fair value of derivative liabilities $ (421,326)
Provision for inventory obsolescence 76,004
Amortization of debt discount 494,764
Non-cash interest expense $ 101,895
Changes in operating assets and liabilities:    
Accounts receivable $ 99,786
Inventory $ (24,186) (87,344)
Prepaid expenses and other current assets 11,052 $ 64,273
Other assets (1,500)
Accounts payable 225,145 $ 239,810
Accrued expenses 82,934 (192,788)
Deferred revenue 62,610 101,675
Net cash used in operating activities $ (1,294,950) (3,474,140)
Cash flows from investing activities:    
Purchase of property and equipment (6,510)
Net cash used in investing activities (6,510)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon option exercises $ 500
Proceeds from issuance of convertible notes payable (net of issuance discounts and fees) $ 1,732,000
Repayment of convertible notes payable (753,333)
Proceeds from issuance of common stock and common stock warrants 200,000 $ 250,000
Net cash provided by financing activities 1,178,667 250,500
Net decrease in cash and cash equivalents (116,283) (3,230,150)
Cash and cash equivalents, beginning of year 157,278 3,387,428
Cash and cash equivalents, end of year $ 40,995 $ 157,278
Supplemental disclosure of cash flow information    
Cash paid during the year for:Interest
Cash paid during the year for:Income taxes $ 4,283 $ 4,283
Non-cash financing activities:    
Issuance of common stock for stock subscription received $ 250,000
Issuance of common stock in exchange for settlement of outstanding payables $ 31,287
Settlement of derivative and warrant liability 417,609  
Related party forgiveness of accrued interest $ 82,355