Financials

v3.7.0.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 1,330,587 $ 960,197
Accounts receivable 101,639 89,667
Inventory 473,150 497,397
Current portion of mortgage note receivable 34,393 34,393
Other current assets 43,121 53,879
Total current assets 1,982,890 1,635,533
FURNITURE AND EQUIPMENT, NET 26,392 29,984
Mortgage note receivable, less current portion 186,006 203,028
TOTAL ASSETS 2,195,288 1,868,545
CURRENT LIABILITIES    
Accounts payable and accrued expenses 566,374 342,542
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 June 30, 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 (11,314,851) (9,499,607)
Total stockholders' equity 1,628,914 1,526,003
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,195,288 $ 1,868,545
v3.7.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
REVENUES        
Product sales $ 523,085 $ 384,386 $ 828,142 $ 697,071
EXPENSES        
Personnel 304,836 381,147 639,365 682,438
Cost of products sold (exclusive of depreciation, shown separately below) 79,018 56,169 98,396 93,003
Research and development 526,984 660,867 1,170,629 943,549
Repairs and maintenance 1,203 9,805 3,995 15,739
Professional fees 302,203 77,230 426,003 279,030
Office and other 94,348 195,459 226,537 307,315
Board of Director fees and costs 39,946 21,800 76,753 46,381
Depreciation 2,252 47,210 4,460 88,357
Freight and shipping 3,150 2,127 4,611 3,792
Loss (gain) on sale of property and equipment (1,261) 4,489
1,353,940 1,451,814 2,649,488 2,464,093
LOSS FROM OPERATIONS (830,855) (1,067,428) (1,821,346) (1,767,022)
OTHER INCOME (EXPENSE)        
Investment and other income 3,084 3,440 6,102 4,843
Interest expense (7,173) (14,753)
3,084 (3,733) 6,102 (9,910)
LOSS BEFORE INCOME TAXES (827,771) (1,071,161) (1,815,244) (1,776,932)
Provision for income taxes
NET LOSS $ (827,771) $ (1,071,161) $ (1,815,244) $ (1,776,932)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.01) $ (0.02) $ (0.03) $ (0.03)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 72,879,361 60,803,680 71,098,883 59,737,014
v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,815,244) $ (1,776,932)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 4,460 88,357
Loss (gain) on sale of property and equipment (1,261) 4,489
Accrued stock compensation to employees 57,180 32,800
Accrued stock compensation to non-employees 27,960 37,960
Increase or decrease in:    
Accounts receivable (11,972) (25,514)
Inventory 24,247 (1,438)
Other current assets 10,758 4,112
Accounts payable and accrued expenses 205,792 105,875
Total adjustments 317,164 246,641
NET CASH USED IN OPERATING ACTIVITIES (1,498,080) (1,530,291)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (4,257) (9,343)
Proceeds from mortgage note receivable 17,022 10,915
Proceeds from sale of equipment 4,650 5,510
NET CASH PROVIDED BY INVESTING ACTIVITIES 17,415 7,082
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from sale of common stock and warrants 1,851,055 1,880,000
Principal payments on notes payable (31,003)
Payments on line of credit (34,296)
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,851,055 1,814,701
NET INCREASE IN CASH AND CASH EQUIVALENTS 370,390 291,492
CASH AND CASH EQUIVALENTS, beginning of period 960,197 1,842,233
CASH AND CASH EQUIVALENTS, end of period 1,330,587 2,133,725
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 14,753
Cash paid for income taxes
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING    
Exchange of property held for sale for a mortgage note receivable $ 265,000