Financials

v3.10.0.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 1,122,340 $ 1,270,973
Accounts receivable 71,270 56,860
Inventory, net 436,585 471,221
Current portion of mortgage note receivable 35,884 35,884
Other 44,823 60,846
Total current assets 1,710,902 1,895,784
FURNITURE AND EQUIPMENT, NET 19,817 25,736
Mortgage note receivable, less current portion 140,347 167,128
TOTAL ASSETS 1,871,066 2,088,648
CURRENT LIABILITIES    
Accounts payable and accrued expenses 1,654,922 943,030
STOCKHOLDERS' EQUITY    
Common stock, par value $.0001 per share, 500,000,000 and 100,000,000 shares authorized at September 30, 2018 and December 31, 2017, respectively, 87,239,361 and 72,999,361 shares issued and outstanding at September 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 September 30, 2018 and December 31, 2017, respectively, Series B – 50,000 shares designated, convertible 0 and 15,500 shares issued and outstanding at September 30, 2018 and December 31, 2017, liquidation preference $0 and $1,550,000 at September 30, 2018 and December 31, 2017, respectively 2
Additional paid-in capital 16,429,562 14,470,984
Accumulated deficit (16,222,141) (13,332,667)
Total stockholders' equity 216,144 1,145,618
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,871,066 $ 2,088,648
v3.10.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES        
Product sales $ 224,480 $ 241,147 $ 771,964 $ 1,069,289
EXPENSES        
Personnel 294,620 268,684 859,963 908,049
Cost of products sold (exclusive of depreciation, shown separately below) 13,047 19,660 90,759 118,056
Research and development 485,715 338,723 1,739,289 1,509,352
Repairs and maintenance 1,203 1,203 2,474 5,198
Professional fees 132,308 116,004 663,592 542,007
Office and other 57,227 111,713 233,076 338,250
Board of Director fees and costs 26,549 18,010 69,565 94,763
Depreciation 2,527 2,413 7,553 6,873
Freight and shipping 1,036 1,635 4,561 6,246
Gain on sale of property and equipment (1,261)
Total operating expenses 1,014,232 878,045 3,670,832 3,527,533
LOSS FROM OPERATIONS (789,752) (636,898) (2,898,868) (2,458,244)
OTHER INCOME        
Investment and other income 2,451 3,149 9,394 9,251
Total other income 2,451 3,149 9,394 9,251
LOSS BEFORE INCOME TAXES (787,301) (633,749) (2,889,474) (2,448,993)
Provision for income taxes
NET LOSS $ (787,301) $ (633,749) $ (2,889,474) $ (2,448,993)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.01) $ (0.01) $ (0.04) $ (0.03)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 87,239,361 72,966,028 79,697,435 71,721,264
v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (2,889,474) $ (2,448,993)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 7,553 6,873
Gain on sale of property and equipment (1,261)
Accrued stock compensation to employees 11,700 76,030
Accrued stock compensation to non-employees 38,610 31,110
Increase or decrease in:    
Accounts receivable (14,410) (4,350)
Inventory 34,636 23,387
Other current assets 16,023 33,669
Accounts payable and accrued expenses 661,582 207,109
Total adjustments 755,694 372,567
NET CASH USED IN OPERATING ACTIVITIES (2,133,780) (2,076,426)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of furniture and equipment (1,634) (7,503)
Proceeds from mortgage note receivable 26,781 25,669
Proceeds from sale of equipment 4,650
NET CASH PROVIDED BY INVESTING ACTIVITIES 25,147 22,816
CASH FLOWS FROM FINANCING ACTIVITIES    
Advance – private placement 585,000
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 2,436,055
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (148,633) 382,445
CASH AND CASH EQUIVALENTS, beginning of period 1,270,973 960,197
CASH AND CASH EQUIVALENTS, end of period 1,122,340 1,342,642
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes