Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
ASSETS    
Cash $ 124,647 $ 151,184
Accounts receivable trade, net 208,935 108,659
Inventories 1,282,806 1,662,429
Prepaid expenses and other current assets 96,564 109,801
Total current assets 1,712,952 2,032,073
Furniture, fixtures and equipment, net 232,362 253,294
Inventory not expected to be realized within one year 479,486
Deposits 16,086 16,086
Total assets 2,440,886 2,301,453
LIABILITIES AND STOCKHOLDERS' DEFICIT    
Accounts payable 190,416 141,794
Accrued expenses 674,545 521,781
Settlement accrual 6,667
Deferred revenue 2,667 26,789
Insurance premium finance contract 27,634 51,957
Total current liabilities 895,262 748,988
Convertible notes - related party, net of discounts 2,958,937 2,956,407
Convertible line of credit - related party, net of discounts 5,186,396 4,959,674
Total liabilities 9,040,595 8,665,069
Stockholders' deficit    
Preferred stock: $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding
Common stock: $0.001 par value; 150,000,000 shares authorized; 56,191,660 and 53,605,180 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively. 56,192 53,605
Additional paid in capital 42,275,971 41,540,705
Accumulated deficit (48,931,872) (47,957,926)
Total stockholders' deficit (6,599,709) (6,363,616)
Total liabilities and stockholders' deficit $ 2,440,886 $ 2,301,453
v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Sales $ 389,036 $ 218,370
Cost of goods sold 131,230 76,023
Gross profit 257,806 142,347
Operating expenses:    
Selling, general and administrative expenses 1,006,634 1,174,472
Research and development 12,591 117,949
Total operating expenses 1,019,225 1,292,421
Loss from operations (761,419) (1,150,074)
Other income (expense)    
Interest income 5 3
Gain (loss) on conversion of interest (72,765)
Loss on extension of warrants (206,620)
Interest expense (212,532) (153,514)
Total other income (expense) (212,527) (432,896)
Net loss $ (973,946) $ (1,582,970)
Net loss per common share - basic and diluted $ (0.02) $ (0.03)
Weighted average shares outstanding - basic and diluted 54,701,836 49,429,254
v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Reconciliation of net loss to net cash used in operating activities:    
Net loss $ (973,946) $ (1,582,970)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 22,189 16,237
Amortization of debt discounts 48,574 27,922
Loss (gain) on conversion of interest 72,765
Warrants issued for services 30,703 61,211
Common stock issued for services 7,656
Loss on extension of warrants 206,620
Employee stock option compensation expense 64,208 157,464
Changes in assets and liabilities:    
Accounts receivable (100,276) 118,407
Inventories (99,863) 47,993
Prepaid expenses and other current assets 13,237 33,721
Accounts payable 48,622 (114,236)
Accrued expenses 152,764 147,757
Settlement accrual (26,789) (80,000)
Deferred revenue (4,000)
Net cash used in operating activities (824,577) (879,453)
Cash flows from Investing Activities    
Purchases of equipment (1,257) (52,358)
Net cash used in investing activities (1,257) (52,358)
Cash flows from Financing Activities    
Proceeds from sale of stock under stock purchase agreement 123,620 225,245
Proceeds from sale of stock and warrants 500,000
Proceeds from advances on convertible line of credit with related parties 200,000 680,000
Payments on insurance finance contract (24,323) (26,214)
Net cash provided by financing activities 799,297 879,031
Net (decrease) increase in cash and cash equivalents (26,537) (52,780)
Cash and cash equivalents - beginning 151,184 135,266
Cash and cash equivalents - ending 124,647 82,486
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 773 835
Cash paid for income taxes
Supplementary Disclosure of Non-cash Investing and Financing Activities:    
Beneficial conversion feature of convertible notes 9,661 61,637
Loan discount from warrants 9,661 61,637
Stock issued for accrued interest $ 149,811