Investor Relations

Financials

v3.5.0.2
Balance Sheet (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 922,927 $ 40,995
Accounts receivable 7,608 0
Prepaid expenses and other current assets 73,539 78,356
Inventory 100,451 109,751
Total current assets 1,104,525 229,102
Property and equipment, net 2,789 7,668
Intangible assets, net 519,643 567,857
Goodwill 69,782 69,782
Other assets 0 3,625
Total assets 1,696,739 878,034
Current liabilities:    
Accounts payable 286,535 575,068
Accrued expenses and other current liabilities 247,544 278,225
Deferred revenue 164,285 164,285
Notes payable - related party, current portion 297,820 20,000
Total current liabilities 996,184 1,037,578
Convertible notes payable, related party, net of discount 609,330 93,177
Convertible notes payable 110,987 0
Warrant liability 2,157,978 0
Derivative liability 2,623,013 0
Notes payable - related parties, net of current portion 0 277,820
Total liabilities 6,497,492 1,408,575
COMMITMENTS AND CONTINGENCIES (Note 8)
Stockholders' equity:    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding 0 0
Common stock, $0.001 par value, 400,000,000 shares authorized, 45,508,396 and 39,319,507 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively. 45,508 39,319
Common stock subscribed 200,000 200,000
Additional paid-in capital 14,849,372 13,718,795
Accumulated deficit (19,895,633) (14,488,655)
Total stockholders' deficit (4,800,753) (530,541)
Total liabilities and stockholders' deficit $ 1,696,739 $ 878,034
v3.5.0.2
Statement of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Revenue $ 11,695 $ 4,602 $ 40,283 $ 94,782
Cost of goods sold 17,233 50,069 41,862 148,957
Gross deficit (5,538) (45,467) (1,579) (54,175)
Operating expenses:        
Research and development 16,071 46,751 57,772 349,162
Sales and marketing 22,705 1,076 94,219 35,970
General and administrative 471,944 369,928 798,717 1,270,025
Total operating expenses 510,720 417,755 950,708 1,655,157
Operating loss (516,258) (463,222) (952,287) (1,709,332)
Interest expense (1,176,014) (102,500) (1,523,026) (338,407)
Other income (expense) (1) (181) (4,010) 77,394
Change in fair value of warrant liability 0 0 0 19,600
Financing cost (350,000) 0 (350,000) 0
Loss on extinguishment of debt 0 (219,993) 0 (219,993)
Fair value of derivative liabilities (2,577,655) 252,014 (2,577,655) 274,331
Net loss $ (4,619,928) $ (533,882) $ (5,406,978) $ (1,896,407)
Net loss per share - basic and diluted $ (0.10) $ (0.01) $ (0.13) $ (0.05)
Weighted average shares outstanding basic and diluted 45,107,792 39,120,555 42,615,867 38,777,113
v3.5.0.2
Statement of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (5,406,978) $ (1,896,407)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 53,093 53,318
Stock-based compensation 225,877 267,223
Loss on extinguishment of debt 0 219,993
Amortization of discount on debt 500,626 0
Non-cash interest expense and derivative costs 526,036 288,931
Stock issuance for financing cost 350,000 0
Provision for inventory obsolescence 0 71,062
Change in fair value of derivative liabilities 2,577,655 (274,331)
Issuance of common stock for consulting services 0 91,180
Changes in operating assets and liabilities:    
Accounts receivable (7,608) 0
Inventory 9,300 (59,215)
Prepaid expenses and other current assets 4,817 (14,227)
Other assets 3,625 0
Accounts payable 180,356 479,267
Deferred revenue 0 62,610
Accrued expenses (30,681) 82,890
Net cash used in operating activities (1,013,882) (627,706)
Cash flows from investing activities:    
Net cash used in investing activities 0 0
Cash flows from financing activities:    
Proceeds from issuance of convertible notes payable - related party 552,000 1,282,000
Proceeds from issuance of convertible notes payable 1,600,000 0
Payment of deferred finance costs (256,186) 0
Repayment of convertible notes payable 0 (753,333)
Net cash provided by financing activities 1,895,814 528,667
Net (decrease) increase in cash and cash equivalents 881,932 (99,039)
Cash and cash equivalents, beginning of period 40,995 157,278
Cash and cash equivalents, end of period 922,927 58,239
Supplemental disclosure of cash flow information:    
Cash paid during the period for: Interest 0 21,797
Cash paid during the period for: Income taxes 0 0
Non-cash financing activities    
Issuance of common stock in exchange for settlement of outstanding payables 468,889 31,287
Warrant liability associated with Typenex Convertible Note 0 146,995
Derivative liabilities associated with convertible notes payable $ 0 $ 274,331