Financials

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash $ 53,578 $ 1,616,410
Accounts receivable, net of allowance for doubtful accounts of $195,931 and $145,931, respectively 460,466 442,555
Inventory, net 1,724,035 1,615,933
Prepaid and other current assets 358,132 226,305
Total Current Assets 2,596,211 3,901,203
Property and equipment, net of accumulated depreciation and amortization of $1,592,114 and $1,474,944, respectively 6,285,012 6,402,931
Intangible assets, net of accumulated amortization of $415,250 and $401,277, respectively 423,148 437,121
Security deposits 26,636 26,636
Goodwill 2,108,781 2,108,781
Total Assets 11,439,788 12,876,672
Current Liabilities    
Accounts payable 941,869 416,247
Accrued expenses 387,746 276,630
Deferred revenue and customer deposits 25,000 25,000
Capital leases, current 10,029 9,328
Derivative liabilities 6,441,597 7,700,585
Total Current Liabilities 7,806,241 8,427,790
Long Term Liabilities    
Note payable 520,000 520,000
Capital leases, net of current 23,302 25,317
Senior convertible debenture, net of debt discount of $709,000 and $811,000, respectively 121,080 75,000
Total Liabilities 8,470,623 9,048,107
Commitments and Contingencies
Stockholders' Equity    
Preferred stock: $0.001 par; 10,000,000 shares authorized; 1,000,000 shares issued and outstanding at March 31, 2017 and December 31, 2016 1,000 1,000
Common stock: $0.001 par; 90,000,000 shares authorized; 59,597,531 shares issued and outstanding at March 31, 2017 and 58,040,267 shares issued and outstanding at December 31, 2016 59,597 58,040
Additional paid-in capital 58,248,207 57,328,005
Accumulated deficit (55,339,639) (53,558,480)
Total Stockholders' Equity 2,969,165 3,828,565
Total Liabilities and Stockholders' Equity $ 11,439,788 $ 12,876,672

Source

v3.7.0.1
Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue: $ 871,788 $ 665,663
Cost of Revenues 503,388 365,763
Gross Profit 368,400 299,900
Operating Expenses:    
Selling, general and administration 2,607,866 2,552,904
Research and development 98,141 161,294
Depreciation and amortization 167,338 153,953
Total Operating Expenses 2,873,345 2,868,151
Operating Loss (2,504,945) (2,568,251)
Other Income and (Expense):    
Interest 0 (10,806)
Amortization of debt discount (103,080) 0
Other (expense) income (4,554) 865
Change in fair value of derivative liability 831,420 956,797
Total Other Income (Expense) 723,786 946,856
Net Loss $ (1,781,159) $ (1,621,395)
Net Loss per share:    
Basic and diluted $ (0.03) $ (0.04)
Weighted average common shares:    
Basic and diluted 59,179,672 45,685,248

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operations    
Net loss $ (1,781,159) $ (1,621,395)
Adjustments to reconcile net loss to cash used in operating Activities:    
Depreciation and amortization 167,338 153,953
Stock based compensation 102,905 49,794
Stocks issued for services 326,349 175,500
Provision for bad debt 50,000 15,000
Provision for slow moving spare parts 25,000 100,000
Loss (gain) on disposal of fixed assets (12,597) 5,366
Non-cash interest, amortization of debt discount 103,080 0
Change in fair value of derivative liability (831,420) (956,797)
Changes in operating assets:    
Accounts receivable (67,911) 14,724
Inventory (133,102) 23,517
Prepaid and other current assets (131,827) (98,532)
Accounts payable 525,622 (51,208)
Accrued expenses 111,116 (224,536)
Net cash used in operating activities (1,546,607) (2,414,614)
Cash Flows from Investing Activities    
Purchase of property and equipment (42,948) (661,624)
Security deposit 0 (4,411)
Investment in joint ventures 0 (13,365)
Proceeds from sale of assets 20,100 8,000
Net cash used in investing activities (22,848) (671,400)
Cash Flows from Financing Activities    
Principle payments on notes payable (1,314) 1,574
Offering cost 0 (17,987)
Cash proceeds from exercise of warrants 7,937 0
Net cash provided by financing activities 6,623 (16,413)
Net decrease in cash (1,562,832) (3,102,427)
Cash, beginning of period 1,616,410 5,319,869
Cash, end of period 53,578 2,217,442
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Interest 5,950 12,356
Noncash Transactions    
Reclassification of derivative liability to equity 427,568 0
Common shares issued for debt $ 57,000 $ 0

Source