Investor Relations

Financials

v3.7.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 389,924 $ 687,185
Accounts receivable 591 5,011
Prepaid expenses and other current assets 92,332 82,710
Inventory, net 54,557 55,116
Total current assets 537,404 830,022
Property and equipment, net 3,836 1,577
Intangible assets, net 487,500 503,571
Goodwill 69,782 69,782
Total assets 1,098,522 1,404,952
Current liabilities:    
Accounts payable 349,677 319,474
Accrued expenses and other current liabilities 353,172 347,405
Deferred revenue 112,162 112,162
Notes payable - related party, current portion 297,820 297,820
Total current liabilities 1,112,831 1,076,861
Convertible notes payable, related party, net of discount 909,126 754,461
Convertible notes payable, net of discount 593,295 364,619
Warrant liability 1,103,811 1,093,765
Derivative liability 1,193,980 1,234,106
Total liabilities 4,913,043 4,523,812
COMMITMENTS AND CONTINGENCIES
Stockholders' deficit:    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 400,000,000 shares authorized, 46,702,836 shares issued and outstanding at March 31, 2017 and December 31, 2016. 46,703 46,703
Additional paid-in capital 15,073,055 15,060,616
Accumulated deficit (18,934,279) (18,226,179)
Total stockholders' deficit (3,814,521) (3,118,860)
Total liabilities and stockholders' deficit $ 1,098,522 $ 1,404,952
v3.7.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenue $ 4,479 $ 12,307
Cost of goods sold 8,933 15,922
Gross (deficit) margin (4,454) (3,615)
Operating expenses:    
Research and development 41,707 21,772
Sales and marketing 13,513 18,650
General and administrative 235,647 213,957
Total operating expenses 290,867 254,379
Operating loss (295,321) (257,994)
Other income (expenses):    
Interest expense (442,859) (157,341)
Other expense   (4,010)
Change in fair value of warrant liability (10,046)  
Change in fair value of derivative liabilities 40,126  
Net loss $ (708,100) $ (419,345)
Net loss per share- basic and diluted (in dollars per share) $ (0.02) $ (0.01)
Weighted average shares outstanding basic and diluted (in shares) 46,702,836 39,319,507
v3.7.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (708,100) $ (419,345)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 17,126 17,716
Stock-based compensation 12,439
Amortization of discount on debt and deferred financing costs 383,341 117,654
Change in fair value of warrant liability 10,046  
Change in fair value of derivative liabilities (40,126)  
Changes in operating assets and liabilities:    
Accounts receivable 4,420 (2,595)
Inventory 559 5,782
Prepaid expenses and other current assets (9,622) 223
Other assets   3,625
Accounts payable 30,203 (21,147)
Accrued expenses 5,767 (104,277)
Net cash used in operating activities (293,947) (402,364)
Cash flows from investing activities:    
Purchase of equipment (3,314)
Net cash used in investing activities (3,314)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes payable (net of issuance discounts and fees) 402,000
Net cash provided by financing activities 402,000
Net (decrease) in cash and cash equivalents (297,261) (364)
Cash and cash equivalents, beginning of period 687,185 40,995
Cash and cash equivalents, end of period 389,924 40,631
Cash paid during the period for:    
Interest 7,136
Income taxes 4,000
Non-cash financing activities:    
Beneficial conversion features associated with convertible notes payable $ 402,000