Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 1,638,097 $ 960,197
Accounts receivable 222,698 89,667
Inventory 500,018 497,397
Current portion of mortgage note receivable 34,393 34,393
Other current assets 61,912 53,879
Total current assets 2,457,118 1,635,533
FURNITURE AND EQUIPMENT, NET 25,992 29,984
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION 194,562 203,028
TOTAL ASSETS 2,677,672 1,868,545
CURRENT LIABILITIES    
Accounts payable and accrued expenses 220,987 342,542
STOCKHOLDERS' EQUITY    
Common stock, par value $.0001 per share, 100,000,000 shares authorized, 72,879,361 and 66,952,529 shares issued and outstanding, at March 31, 2017 and December 31, 2016, respectively 7,287 6,695
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, no shares issued or outstanding
Additional paid-in capital 12,936,478 11,018,915
Accumulated deficit (10,487,080) (9,499,607)
Total stockholders' equity 2,456,685 1,526,003
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,677,672 $ 1,868,545
v3.7.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
REVENUES    
Product sales $ 305,057 $ 312,685
EXPENSES    
Personnel 334,529 301,291
Cost of products sold (exclusive of amortization and depreciation, shown separately below) 19,378 36,834
Research and development 643,645 282,682
Repairs and maintenance 2,792 5,934
Professional fees 123,800 201,800
Office and other 132,189 145,312
Board of Director fees and costs 46,807 24,581
Depreciation 2,208 41,147
Freight and shipping 1,461 1,665
Loss (gain) on disposal of property and equipment (1,261) 4,489
Total expenses 1,295,548 1,045,735
LOSS FROM OPERATIONS (990,491) (733,050)
OTHER INCOME (EXPENSE)    
Investment and other income 3,018 34,859
Interest expense (7,580)
Total other income 3,018 27,279
LOSS BEFORE INCOME TAXES (987,473) (705,771)
Provision for income taxes
NET LOSS $ (987,473) $ (705,771)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE $ (0.01) $ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 69,320,315 58,670,347
v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (987,473) $ (705,771)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,208 41,146
Loss (gain) on disposal of property and equipment (1,261) 4,489
Accrued stock compensation 21,500
Increase or decrease in:    
Accounts receivable (133,031) (52,154)
Inventory (2,621) (6,329)
Other current assets (8,033) (22,578)
Accounts payable and accrued expenses (75,955) 24,505
Total adjustments (197,193) (10,921)
NET CASH USED IN OPERATING ACTIVITIES (1,184,666) (716,692)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment and building improvements (1,605) (9,343)
Proceeds from sale of property, net of closing costs 4,650 5,511
Proceeds from mortgage note receivable 8,466 2,714
NET CASH PROVIDED BY(USED IN) INVESTING ACTIVITIES 11,511 (1,118)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock and warrants, net of issue costs 1,851,055
Payments on notes payable (15,462)
Payments on line of credit (30,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,851,055 (45,462)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 677,900 (763,272)
CASH AND CASH EQUIVALENTS, beginning of period 960,197 1,842,233
CASH AND CASH EQUIVALENTS, end of period 1,638,097 1,078,961
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 7,580
Cash paid for income taxes
NONCASH INVESTING AND FINANCING    
Exchange of property held for sale for a mortgage note receivable $ 265,000