Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 2,217,412 $ 1,270,973
Accounts receivable 80,044 56,860
Inventory, net 416,531 471,221
Current portion of mortgage note receivable 37,439 35,884
Other 18,185 60,846
Total current assets 2,769,611 1,895,784
FURNITURE AND EQUIPMENT, NET 18,571 25,736
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION 129,674 167,128
TOTAL ASSETS 2,917,856 2,088,648
CURRENT LIABILITIES    
Accounts payable and accrued expenses 1,925,332 943,030
STOCKHOLDERS' EQUITY    
Common stock, par value $.0001 per share, 500,000,000 and 100,000,000 shares authorized at December 31, 2018 and 2017, respectively, 90,759,324 and 72,999,361 shares issued and outstanding at December 31, 2018 and 2017, respectively 9,075 7,299
Preferred stock, par value $.0001 per share, 0 and 5,000,000 shares authorized at December 31, 2018 and 2017, respectively, Series B – 50,000 shares designated, convertible 0 and 15,500 shares issued and outstanding at December 31, 2018 and 2017, liquidation preference $0 and $1,550,000 December 31, 2018 and 2017, respectively 2
Additional paid-in capital 18,701,211 14,470,984
Stock subscription receivable (130,062)
Accumulated deficit (17,587,700) (13,332,667)
Total stockholders' equity 992,524 1,145,618
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,917,856 $ 2,088,648
v3.19.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
REVENUES    
Product sales $ 1,011,477 $ 1,237,756
EXPENSES    
Personnel 1,171,941 1,183,441
Cost of products sold (exclusive of depreciation and amortization, shown separately below) 105,026 132,918
Research and development 2,711,275 2,292,892
Repairs and maintenance 3,821 10,500
Professional fees 808,770 902,714
Office and other 354,102 421,256
Board of Directors fees and costs 95,431 117,555
Depreciation 10,124 9,271
Freight and shipping 5,643 7,847
Gain on disposal of equipment (2,817)
Inventory valuation allowance 12,150 5,500
Total expenses 5,278,283 5,081,077
LOSS FROM OPERATIONS (4,266,806) (3,843,321)
OTHER INCOME    
Investment and other income 11,773 10,261
Total other income 11,773 10,261
LOSS BEFORE INCOME TAXES (4,255,033) (3,833,060)
PROVISION FOR INCOME TAXES 0 0
NET LOSS $ (4,255,033) $ (3,833,060)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.05) $ (0.05)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 81,756,839 72,037,167
v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,255,033) $ (3,833,060)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 10,124 9,271
Gain on disposal of equipment (2,817)
Stock compensation to employees 19,400 65,205
Stock compensation to nonemployees 64,020 53,475
Inventory valuation allowance 12,150 5,500
Increase or decrease in:    
Accounts receivable (23,184) 32,807
Inventory 42,540 20,676
Other current assets 42,661 (6,967)
Accounts payable and accrued expenses 898,882 593,428
Total adjustments 1,066,593 770,578
NET CASH USED IN OPERATING ACTIVITIES (3,188,440) (3,062,482)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of furniture and equipment (2,959) (6,856)
Proceeds from mortgage note receivable 35,899 34,409
Proceeds from sale of property and equipment, net of closing costs 4,650
NET CASH PROVIDED BY INVESTING ACTIVITIES 32,940 32,203
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock, preferred stock and warrants, net of issuance costs 4,101,939 3,341,055
NET CASH PROVIDED BY FINANCING ACTIVITIES 4,101,939 3,341,055
NET INCREASE IN CASH AND CASH EQUIVALENTS 946,439 310,776
CASH AND CASH EQUIVALENTS, beginning of year 1,270,973 960,197
CASH AND CASH EQUIVALENTS, end of year 2,217,412 1,270,973
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Common stock issued in exchange for a subscription receivable 130,062
Conversion of preferred stock into common stock $ 1,424