Financials

v3.8.0.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 609,559 $ 1,270,973
Accounts receivable 47,682 56,860
Inventory 453,443 471,221
Current portion of mortgage note receivable 35,884 35,884
Other current assets 65,104 60,846
Total current assets 1,211,672 1,895,784
FURNITURE AND EQUIPMENT, NET 24,870 25,736
OTHER ASSETS    
Mortgage note receivable, less current portion 164,194 167,128
TOTAL ASSETS 1,400,736 2,088,648
CURRENT LIABILITIES    
Accounts payable and accrued expenses 993,079 943,030
Advance – private placement 74,983
Total current liabilities 1,068,062 943,030
STOCKHOLDERS' EQUITY    
Common stock, par value $.0001 per share, 100,000,000 shares authorized, 72,991,361 shares issued and outstanding, at March 31, 2018 and December 31, 2017 7,299 7,299
Additional paid-in capital 14,470,984 14,470,984
Accumulated deficit (14,145,611) (13,332,667)
Total stockholders' equity 332,674 1,145,618
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 1,400,736 2,088,648
Series A Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock
Series B Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock $ 2 $ 2
v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
REVENUES    
Product sales $ 198,069 $ 305,057
EXPENSES    
Personnel 277,567 334,529
Cost of products sold (exclusive of amortization and depreciation, shown separately below) 23,672 19,378
Research and development 409,198 643,645
Repairs and maintenance 2,792
Professional fees 233,976 123,800
Office and other 47,867 132,189
Board of Director fees and costs 15,783 46,807
Depreciation 2,500 2,208
Freight and shipping 1,882 1,461
Gain on disposal of furniture and equipment (1,261)
1,012,445 1,295,548
LOSS FROM OPERATIONS (814,376) (990,491)
OTHER INCOME    
Investment and other income 1,432 3,018
Total other income 1,432 3,018
LOSS BEFORE INCOME TAXES (812,944) (987,473)
Provision for income taxes
NET LOSS $ (812,944) $ (987,473)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.01) $ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 72,999,361 69,320,315
v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (812,944) $ (987,473)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,500 2,208
Gain on disposal of furniture and equipment (1,261)
Accrued stock compensation to employees 3,300 11,500
Accrued stock compensation to non-employees 10,890 10,000
Increase or decrease in:    
Accounts receivable 9,178 (133,031)
Inventory 17,778 (2,621)
Other current assets (4,258) (8,033)
Accounts payable and accrued expenses 35,859 (75,955)
Total adjustments 75,247 (197,193)
NET CASH USED IN OPERATING ACTIVITIES (737,697) (1,184,666)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (1,634) (1,605)
Proceeds from sale of property, net of closing costs 4,650
Proceeds from mortgage note receivable 2,934 8,466
NET CASH PROVIDED BY INVESTING ACTIVITIES 1,300 11,511
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock and warrants, net of issue costs 1,851,055
Advance – private placement 74,983
NET CASH PROVIDED BY FINANCING ACTIVITIES 74,983 1,851,055
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (661,414) 677,900
CASH AND CASH EQUIVALENTS, beginning of period 1,270,973 960,197
CASH AND CASH EQUIVALENTS, end of period 609,559 1,638,097
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes