Financials

v3.10.0.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 1,541,030 $ 1,270,973
Accounts receivable 91,427 56,860
Inventory, net 407,586 471,221
Current portion of mortgage note receivable 35,884 35,884
Other current assets 44,823 60,846
Total current assets 2,120,750 1,895,784
FURNITURE AND EQUIPMENT, NET 22,344 25,736
OTHER ASSETS    
Mortgage note receivable, less current portion 149,369 167,128
TOTAL ASSETS 2,292,463 2,088,648
CURRENT LIABILITIES    
Accounts payable and accrued expenses 1,289,018 943,030
STOCKHOLDERS' EQUITY    
Common stock, par value $.0001 per share, 500,000,000 and 100,000,000 shares authorized at June 30, 2018 and December 31, 2017, respectively, 87,239,361 and 72,999,361 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively 8,723 7,299
Preferred stock, par value $.0001 per share, 0 and 5,000,000 shares authorized at June 30, 2018 and December 31, 2017, respectively, Series B – 50,000 shares designated, convertible 0 and 15,500 shares issued and outstanding at June 30, 2018 and December 31, 2017, liquidation preference $0 and $1,550,000 at June 30, 2018 and December 31, 2017, respectively 2
Additional paid-in capital 16,429,562 14,470,984
Accumulated deficit (15,434,840) (13,332,667)
Total stockholders' equity 1,003,445 1,145,618
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,292,463 $ 2,088,648
v3.10.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
REVENUES        
Product sales $ 349,415 $ 523,085 $ 547,484 $ 828,142
EXPENSES        
Personnel 287,776 304,836 565,343 639,365
Cost of products sold (exclusive of depreciation, shown separately below) 54,040 79,018 77,712 98,396
Research and development 844,376 526,984 1,253,574 1,170,629
Repairs and maintenance 1,271 1,203 1,271 3,995
Professional fees 297,308 302,203 531,284 426,003
Office and other 127,982 94,348 175,849 226,537
Board of Director fees and costs 27,233 39,946 43,016 76,753
Depreciation 2,526 2,252 5,026 4,460
Freight and shipping 1,643 3,150 3,525 4,611
Gain on sale of property and equipment (1,261)
1,644,155 1,353,940 2,656,600 2,649,488
LOSS FROM OPERATIONS (1,294,740) (830,855) (2,109,116) (1,821,346)
OTHER INCOME        
Investment and other income 5,511 3,084 6,943 6,102
Total other income 5,511 3,084 6,943 6,102
LOSS BEFORE INCOME TAXES (1,289,229) (827,771) (2,102,173) (1,815,244)
Provision for income taxes
NET LOSS $ (1,289,229) $ (827,771) $ (2,102,173) $ (1,815,244)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.02) $ (0.01) $ (0.03) $ (0.03)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 78,853,583 72,879,361 75,926,472 71,098,883
v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (2,102,173) $ (1,815,244)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 5,026 4,460
Gain on sale of property and equipment (1,261)
Accrued stock compensation to employees 6,500 57,180
Accrued stock compensation to non-employees 21,450 27,960
Increase or decrease in:    
Accounts receivable (34,567) (11,972)
Inventory 63,635 24,247
Other current assets 16,023 10,758
Accounts payable and accrued expenses 318,038 205,792
Total adjustments 396,105 317,164
NET CASH USED IN OPERATING ACTIVITIES (1,706,068) (1,498,080)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (1,634) (4,257)
Proceeds from mortgage note receivable 17,759 17,022
Proceeds from sale of equipment 4,650
NET CASH PROVIDED BY INVESTING ACTIVITIES 16,125 17,415
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from sale of common and preferred stock and warrants, net of issue costs 1,960,000 1,851,055
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,960,000 1,851,055
NET INCREASE IN CASH AND CASH EQUIVALENTS 270,057 370,390
CASH AND CASH EQUIVALENTS, beginning of period 1,270,973 960,197
CASH AND CASH EQUIVALENTS, end of period 1,541,030 1,330,587
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes