Financials

v3.19.2
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 6,607,613 $ 2,217,412
Accounts receivable 154,110 80,044
Inventory, net 397,584 416,531
Current portion of mortgage note receivable 37,439 37,439
Prepaid insurance 28,489 18,185
Prepaid expenses 178,200
Total current assets 7,403,435 2,769,611
FURNITURE AND EQUIPMENT, NET 16,926 18,571
RIGHT-TO-USE LEASE ASSET, NET 59,519
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION 111,144 129,674
TOTAL ASSETS 7,591,024 2,917,856
CURRENT LIABILITIES    
Current portion of lease liability 14,182
Accounts payable and accrued expenses 2,690,632 1,925,332
Total current liabilities 2,704,814 1,925,332
LONG-TERM LEASE LIABILITY 46,201
STOCKHOLDERS' EQUITY    
Common stock, par value $.0001 per share, 500,000,000 shares authorized 120,529,324 and 90,759,324 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively 12,052 9,075
Preferred stock, par value $.0001 per share, 0 and 5,000,000 shares
Additional paid-in capital 25,687,834 18,701,211
Stock subscription receivable (130,062)
Accumulated deficit (20,859,877) (17,587,700)
Total stockholders' equity 4,840,009 992,524
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,591,024 $ 2,917,856
v3.19.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
REVENUES        
Product sales $ 273,095 $ 349,415 $ 493,921 $ 547,484
EXPENSES        
Personnel 311,077 287,776 721,076 565,343
Cost of products sold (exclusive of depreciation, shown separately below) 16,309 54,040 36,859 77,712
Research and development 786,811 844,376 2,129,574 1,253,574
Repairs and maintenance 1,299 1,271 2,983 1,271
Professional fees 246,276 297,308 461,251 531,284
Office and other 247,495 127,982 350,137 175,849
Board of Director fees and costs 31,611 27,233 64,696 43,016
Depreciation 1,485 2,526 2,969 5,026
Freight and shipping 1,016 1,643 2,450 3,525
Total operating expenses 1,643,379 1,644,155 3,771,995 2,656,600
LOSS FROM OPERATIONS (1,370,284) (1,294,740) (3,278,074) (2,109,116)
OTHER INCOME        
Investment and other income 2,273 5,511 5,897 6,943
LOSS BEFORE INCOME TAXES (1,368,011) (1,289,229) (3,272,177) (2,102,173)
PROVISION FOR INCOME TAXES
NET LOSS $ (1,368,011) $ (1,289,229) $ (3,272,177) $ (2,102,173)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.01) $ (0.02) $ (0.03) $ (0.03)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 101,013,435 78,853,583 95,886,380 75,926,472
v3.19.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,272,177) $ (2,102,173)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,969 5,026
Accrued stock compensation to employees 13,100 6,500
Accrued stock compensation to non-employees 54,830 21,450
Increase or decrease in:    
Accounts receivable (74,066) (34,567)
Inventory 18,947 63,635
Prepaid expenses (178,200)
Other current assets (10,304) 16,023
Other 864
Accounts payable and accrued expenses 697,370 318,038
Total adjustments 525,510 396,105
NET CASH USED IN OPERATING ACTIVITIES (2,746,667) (1,706,068)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (1,324) (1,634)
Proceeds from mortgage note receivable 18,530 17,759
NET CASH PROVIDED BY INVESTING ACTIVITIES 17,206 16,125
CASH FLOWS FROM FINANCING ACTIVITIES    
Collection of subscription receivable 130,062
Net proceeds from sale of common and preferred stock and warrants, net of issue costs 6,989,600 1,960,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 7,119,662 1,960,000
NET INCREASE IN CASH AND CASH EQUIVALENTS 4,390,201 270,057
CASH AND CASH EQUIVALENTS, beginning of period 2,217,412 1,270,973
CASH AND CASH EQUIVALENTS, end of period 6,607,613 1,541,030
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Capitalization of right-to-use asset and lease liability $ 60,383