Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 960,197 $ 1,842,233
Accounts receivable 89,667 55,636
Inventory 497,397 610,166
Current portion of mortgage note receivable 34,393
Other current assets 53,879 14,851
Total current assets 1,635,533 2,522,886
PROPERTY AND EQUIPMENT, NET 29,984 1,892,943
OTHER ASSETS    
Mortgage note receivable, less current portion 203,028
Property held for sale 275,000
Deferred costs 50,000
Total other assets 203,028 325,000
TOTAL ASSETS 1,868,545 4,740,829
CURRENT LIABILITIES    
Accounts payable and accrued expenses 342,542 257,537
Notes payable 703,313
Line of credit 34,296
Total current liabilities 342,542 995,146
STOCKHOLDERS' EQUITY    
Common stock, par value $.0001 per share, 100,000,000 shares authorized, 66,952,529 and 58,670,347 shares issued and outstanding at December 31, 2016 and 2015, respectively 6,695 5,867
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized; no shares outstanding
Additional paid-in capital 11,018,915 9,015,582
Accumulated deficit (9,499,607) (5,275,766)
Total stockholders' equity 1,526,003 3,745,683
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,868,545 $ 4,740,829
v3.6.0.2
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
REVENUES    
Product sales $ 1,502,908 $ 950,455
EXPENSES    
Personnel 1,274,313 907,744
Cost of products sold (exclusive of depreciation and amortization, shown separately below) 198,429 124,425
Research and development 1,864,726 658,505
Repairs and maintenance 23,857 32,985
Professional fees 602,715 456,636
Office and other 630,704 332,531
Board of Directors fees and costs 136,128 526,480
Amortization and depreciation 107,096 169,030
Freight and shipping 7,159 7,569
Loss (gain) on disposal of equipment 48,668 (700)
Inventory write down 5,000 17,000
Impairment on property held for sale 810,000 125,000
Total operating expenses 5,708,795 3,357,205
LOSS FROM OPERATIONS (4,205,887) (2,406,750)
OTHER INCOME (EXPENSE)    
Investment and other income 10,649 6,670
Interest expense (28,603) (31,290)
Total other income (expense) (17,954) (24,620)
LOSS BEFORE INCOME TAXES (4,223,841) (2,431,370)
PROVISION FOR INCOME TAXES (120,000)
NET LOSS $ (4,223,841) $ (2,551,370)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE $ (0.07) $ (0.05)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 63,354,494 56,209,420
v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,223,841) $ (2,551,370)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 107,096 169,030
Loss (gain) on disposal of equipment 48,668 (700)
Impairment on property held for sale 810,000 125,000
Inventory valuation allowance 5,000 17,000
Write off deferred costs 50,000
Deferred income taxes 120,000
Stock compensation to employees 54,050 48,200
Stock compensation to nonemployees 67,410 26,400
Other 3,305
Increase or decrease in:    
Accounts receivable (34,031) 25,345
Inventory 112,727 (45,557)
Other current assets (39,028) (1,574)
Accounts payable and accrued expenses 87,706 78,812
Total adjustments 1,272,903 561,956
NET CASH USED IN OPERATING ACTIVITIES (2,950,938) (1,989,414)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (9,343) (419,239)
Proceeds from mortgage note receivable 27,579
Proceeds from sale of property and equipment, net of closing costs 924,699 700
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 942,935 (418,539)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock and warrants, net of issuance costs 1,880,000 1,910,595
Principal payments on notes payable (719,737) (74,759)
Proceeds from line of credit 54,796
Principal payments on line of credit (34,296) (20,500)
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,125,967 1,870,132
NET DECREASE IN CASH AND CASH EQUIVALENTS (882,036) (537,821)
CASH AND CASH EQUIVALENTS, beginning of period 1,842,233 2,380,054
CASH AND CASH EQUIVALENTS, end of period 960,197 1,842,233
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 28,603 31,290
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