Financials

v3.19.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 1,115,133 $ 2,217,412
Accounts receivable 74,796 80,044
Inventory, net 413,253 416,531
Current portion of mortgage note receivable 37,439 37,439
Other 46,901 18,185
Total current assets 1,687,522 2,769,611
FURNITURE AND EQUIPMENT, NET 18,411 18,571
RIGHT-TO-USE LEASE ASSET, NET 63,771
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION 120,458 129,674
OTHER 15,000
TOTAL ASSETS 1,905,162 2,917,856
CURRENT LIABILITIES    
Current portion of lease liability 14,182
Accounts payable and accrued expenses 2,622,511 1,925,332
Total current liabilities 2,636,693 1,925,332
LONG-TERM LEASE LIABILITY 50,049
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock, par value $.0001 per share, 500,000,000 shares authorized, 90,759,324 shares issued and outstanding, at March 31, 2019 and December 31, 2018 9,075 9,075
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized
Additional paid-in capital 18,701,211 18,701,211
Stock subscription receivable (130,062)
Accumulated deficit (19,491,866) (17,587,700)
Total stockholders' equity (deficit) (781,580) 992,524
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 1,905,162 $ 2,917,856
v3.19.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
REVENUES    
Product sales $ 220,826 $ 198,069
EXPENSES    
Personnel 409,999 277,567
Cost of products sold (exclusive of depreciation, shown separately below) 20,550 23,672
Research and development 1,342,763 409,198
Repairs and maintenance 1,684
Professional fees 214,975 233,976
Office and other 102,642 47,867
Board of Director fees and costs 33,085 15,783
Depreciation 1,484 2,500
Freight and shipping 1,434 1,882
Total operating expenses 2,128,616 1,012,445
LOSS FROM OPERATIONS (1,907,790) (814,376)
OTHER INCOME    
Investment and other 3,624 1,432
LOSS BEFORE INCOME TAXES (1,904,166) (812,944)
PROVISION FOR INCOME TAXES
NET LOSS $ (1,904,166) $ (812,944)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.02) $ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 90,759,324 72,999,361
v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,904,166) $ (812,944)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,484 2,500
Accrued stock compensation to employees 7,300 3,300
Accrued stock compensation to non-employees 24,090 10,890
Increase or decrease in:    
Accounts receivable 5,248 9,178
Inventory 3,278 17,778
Other current assets (28,716) (4,258)
Other 460
Accounts payable and accrued expenses 665,789 35,859
Total adjustments 678,933 75,247
NET CASH USED IN OPERATING ACTIVITIES (1,225,233) (737,697)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (1,324) (1,634)
Proceeds from mortgage note receivable 9,216 2,934
NET CASH PROVIDED BY INVESTING ACTIVITIES 7,892 1,300
CASH FLOWS FROM FINANCING ACTIVITIES    
Collection of subscription receivable 130,062
Advance – private placement 74,983
Other (15,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 115,062 74,983
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,102,279) (661,414)
CASH AND CASH EQUIVALENTS, beginning of period 2,217,412 1,270,973
CASH AND CASH EQUIVALENTS, end of period 1,115,133 609,559
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 $ 64,231