Financials

v3.8.0.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 1,342,642 $ 960,197
Accounts receivable 94,017 89,667
Inventory 474,010 497,397
Current portion of mortgage note receivable 34,393 34,393
Other 20,210 53,879
Total current assets 1,965,272 1,635,533
FURNITURE AND EQUIPMENT, NET 27,225 29,984
Mortgage note receivable, less current portion 177,359 203,028
TOTAL ASSETS 2,169,856 1,868,545
CURRENT LIABILITIES    
Accounts payable and accrued expenses 545,171 342,542
Advance – private placement 585,000
Total current liabilities 1,130,171 342,542
STOCKHOLDERS' EQUITY    
Common stock, par value $.0001 per share, 100,000,000 shares authorized, 72,999,361 and 66,952,529 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively 7,299 6,695
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, no shares issued or outstanding
Additional paid-in capital 12,980,986 11,018,915
Accumulated deficit (11,948,600) (9,499,607)
Total stockholders' equity 1,039,685 1,526,003
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,169,856 $ 1,868,545
v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUES        
Product sales $ 241,147 $ 278,196 $ 1,069,289 $ 975,267
EXPENSES        
Personnel 268,684 327,858 908,049 1,010,296
Cost of products sold (exclusive of depreciation, shown separately below) 19,660 30,893 118,056 123,896
Research and development 338,723 311,351 1,509,352 1,254,900
Repairs and maintenance 1,203 3,334 5,198 19,073
Professional fees 116,004 175,616 542,007 454,646
Office and other 111,713 171,425 338,250 478,740
Board of Director fees and costs 18,010 53,195 94,763 99,576
Depreciation 2,413 3,789 6,873 92,146
Freight and shipping 1,635 1,465 6,246 5,257
Loss (gain) on sale of property and equipment (1,261) 4,489
Impairment on assets held for sale 810,000 810,000
878,045 1,888,926 3,527,533 4,353,019
LOSS FROM OPERATIONS (636,898) (1,610,730) (2,458,244) (3,377,752)
OTHER INCOME (EXPENSE)        
Investment and other income 3,149 2,766 9,251 7,609
Interest expense (6,969) (21,722)
3,149 (4,203) 9,251 (14,113)
LOSS BEFORE INCOME TAXES (633,749) (1,614,933) (2,448,993) (3,391,865)
Provision for income taxes
NET LOSS $ (633,749) $ (1,614,933) $ (2,448,993) $ (3,391,865)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.01) $ (0.02) $ (0.03) $ (0.05)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 72,966,028 66,889,822 71,721,264 62,121,283
v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (2,448,993) $ (3,391,865)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,873 92,146
Loss (gain) on sale of property and equipment (1,261) 4,489
Impairment on assets held for sale 810,000
Accrued stock compensation to employees 76,030 57,114
Accrued stock compensation to non-employees 31,110 44,106
Increase or decrease in:    
Accounts receivable (4,350) (68,598)
Inventory 23,387 19,758
Other current assets 33,669 13,173
Accounts payable and accrued expenses 207,109 33,120
Total adjustments 372,567 1,005,308
NET CASH USED IN OPERATING ACTIVITIES (2,076,426) (2,386,557)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment and building improvements (7,503) (9,343)
Proceeds from mortgage note receivable 25,669 19,203
Proceeds from sale of equipment 4,650 5,510
NET CASH PROVIDED BY INVESTING ACTIVITIES 22,816 15,370
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from Issuance of Private Placement 585,000
Net proceeds from sale of common stock and warrants 1,851,055 1,880,000
Principal payments on notes payable (46,704)
Payments on line of credit (34,296)
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,436,055 1,799,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 382,445 (572,187)
CASH AND CASH EQUIVALENTS, beginning of period 960,197 1,842,233
CASH AND CASH EQUIVALENTS, end of period 1,342,642 1,270,046
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 21,722
Cash paid for income taxes
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING    
Exchange of property held for sale for a mortgage note receivable $ 265,000