Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 1,270,973 $ 960,197
Accounts receivable 56,860 89,667
Inventory, net 471,221 497,397
Current portion of mortgage note receivable 35,884 34,393
Other current assets 60,846 53,879
Total current assets 1,895,784 1,635,533
EQUIPMENT, NET 25,736 29,984
OTHER ASSETS    
Mortgage note receivable, less current portion 167,128 203,028
TOTAL ASSETS 2,088,648 1,868,545
CURRENT LIABILITIES    
Accounts payable and accrued expenses 943,030 342,542
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 December 31, 2017 and 2016, respectively 7,299 6,695
Additional paid-in capital 14,470,984 11,018,915
Accumulated deficit (13,332,667) (9,499,607)
Total stockholders' equity 1,145,618 1,526,003
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 2,088,648 1,868,545
Series A Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock
Series B Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock $ 2
v3.8.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
REVENUES    
Product sales $ 1,237,756 $ 1,502,908
EXPENSES    
Personnel 1,183,441 1,274,313
Cost of products sold (exclusive of depreciation and amortization, shown separately below) 132,918 198,429
Research and development 2,292,892 1,864,726
Repairs and maintenance 10,500 23,857
Professional fees 902,714 602,715
Office and other 421,256 630,704
Board of Directors fees and costs 117,555 136,128
Depreciation 9,271 107,096
Freight and shipping 7,847 7,159
Loss (gain) on disposal of equipment (2,817) 48,668
Inventory write down 5,500 5,000
Impairment on property held for sale 0 810,000
5,081,077 5,708,795
LOSS FROM OPERATIONS (3,843,321) (4,205,887)
OTHER INCOME (EXPENSE)    
Investment and other income 10,261 10,649
Interest expense (28,603)
Total other income (expense) 10,261 (17,954)
LOSS BEFORE INCOME TAXES (3,833,060) (4,223,841)
PROVISION FOR INCOME TAXES 0 0
NET LOSS $ (3,833,060) $ (4,223,841)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.05) $ (0.07)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 72,037,167 63,354,494
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,833,060) $ (4,223,841)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 9,271 107,096
Loss (gain) on disposal of equipment (2,817) 48,668
Stock compensation to employees 65,205 54,050
Stock compensation to nonemployees 53,475 67,410
Impairment on property held for sale 0 810,000
Inventory valuation allowance 5,500 5,000
Write off deferred costs 50,000
Other 3,305
Increase or decrease in:    
Accounts receivable 32,807 (34,031)
Inventory 20,676 112,727
Other current assets (6,967) (39,028)
Accounts payable and accrued expenses 593,428 87,706
Total adjustments 770,578 1,272,903
NET CASH USED IN OPERATING ACTIVITIES (3,062,482) (2,950,938)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (6,856) (9,343)
Proceeds from mortgage note receivable 34,409 27,579
Proceeds from sale of property and equipment, net of closing costs 4,650 924,699
NET CASH PROVIDED BY INVESTING ACTIVITIES 32,203 942,935
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock, preferred stock, and warrants, net of issuance costs 3,341,055 1,880,000
Principal payments on notes payable (719,737)
Principal payments on line of credit (34,296)
NET CASH PROVIDED BY FINANCING ACTIVITIES 3,341,055 1,125,967
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 310,776 (882,036)
CASH AND CASH EQUIVALENTS, beginning of period 960,197 1,842,233
CASH AND CASH EQUIVALENTS, end of period 1,270,973 960,197
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 28,603
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