Investor Relations

Financials

v3.5.0.2
Balance Sheet (Unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 21,153 $ 40,995
Accounts receivable 4,662 0
Prepaid expenses and other current assets 432,450 78,356
Inventory 102,851 109,751
Total current assets 561,116 229,102
Property and equipment, net 4,379 7,668
Intangible assets, net 535,714 567,857
Goodwill 69,782 69,782
Other assets 0 3,625
Total assets 1,170,991 878,034
Current liabilities:    
Accounts payable 522,734 575,068
Accrued expenses and other current liabilities 247,543 278,225
Deferred revenue 164,285 164,285
Notes payable - related party, current portion 297,820 20,000
Total current liabilities 1,232,382 1,037,578
Convertible notes payable, related party, net of discount 464,200 93,177
Notes payable - related parties, net of current portion 0 277,820
Total liabilities 1,696,582 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, 44,319,507 and 39,319,507 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively. 44,319 39,319
Common stock subscribed 200,000 200,000
Additional paid-in capital 14,505,795 13,718,795
Accumulated deficit (15,275,705) (14,488,655)
Total stockholders' deficit (525,591) (530,541)
Total liabilities and stockholders' deficit $ 1,170,991 $ 878,034
v3.5.0.2
Statement of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Statement [Abstract]        
Revenue $ 16,281 $ 38,851 $ 28,588 $ 90,180
Cost of goods sold 8,707 66,778 24,629 98,888
Gross margin (deficit) 7,574 (27,927) 3,959 (8,708)
Operating expenses:        
Research and development 19,929 96,992 41,701 302,411
Sales and marketing 52,864 2,143 71,514 34,894
General and administrative 112,816 384,175 326,773 900,097
Total operating expenses 185,609 483,310 439,988 1,237,402
Operating loss (178,035) (511,237) (436,029) (1,246,110)
Interest expense (189,671) (218,419) (347,012) (235,907)
Other income (expense) 0 (71) (4,009) 77,575
Change in fair value of warrant liability 0 9,800 0 19,600
Change in fair value of derivative liabilities 0 33,689 0 22,317
Net loss $ (367,706) $ (686,238) $ (787,050) $ (1,362,525)
Net loss per share - basic and diluted $ (0.01) $ (0.02) $ (0.02) $ (0.04)
Weighted average shares outstanding basic and diluted 43,825,002 38,645,870 41,584,700 38,605,392
v3.5.0.2
Statement of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net loss $ (787,050) $ (1,362,525)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 35,432 35,578
Stock-based compensation 0 241,246
Amortization of discount on debt 261,023 0
Non-cash interest expense 0 204,195
Provision for inventory obsolescence 0 26,062
Change in fair value of warrant liability 0 (19,600)
Change in fair value of derivative liabilities 0 (22,317)
Issuance of common stock for consulting services 0 13,682
Changes in operating assets and liabilities:    
Accounts receivable (4,662) 0
Inventory 6,900 45,201
Prepaid expenses and other current assets (4,094) (19,256)
Other assets 3,625 0
Accounts payable (52,334) 270,637
Deferred revenue 0 62,610
Accrued expenses (30,682) 143,058
Net cash used in operating activities (571,842) (381,429)
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 (net of issuance discounts and fees) 552,000 432,000
Net cash provided by financing activities 552,000 432,000
Net (decrease) increase in cash and cash equivalents (19,842) 50,571
Cash and cash equivalents, beginning of period 40,995 157,278
Cash and cash equivalents, end of period 21,153 207,849
Supplemental disclosure of cash flow information:    
Cash paid during the period for: Interest 0 0
Cash paid during the period for: Income taxes 4,000 5,000
Non-cash financing activities    
Issuance of common stock in exchange for settlement of outstanding payables 350,000 22,179
Warrant liability associated with Typenex Convertible Note 0 146,995
Derivative liabilities associated with convertible notes payable 0 274,331
Beneficial conversion features associated with convertible notes payable $ 442,000 $ 0