Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
ASSETS    
Cash $ 57,409 $ 151,184
Accounts receivable trade, net 279,086 108,659
Inventories 1,393,705 1,662,429
Prepaid expenses and other current assets 125,038 109,801
Total current assets 1,855,238 2,032,073
Furniture, fixtures and equipment, net 202,274 253,294
Inventory not expected to be realized within one year 479,486
Deposits 16,086 16,086
Total assets 2,553,084 2,301,453
LIABILITIES AND STOCKHOLDERS' DEFICIT    
Accounts payable 254,033 141,794
Accrued expenses 476,177 521,781
Settlement accrual 26,789
Deferred revenue 8,250 6,667
Insurance premium finance contract 53,269 51,957
Total current liabilities 791,729 748,988
Convertible notes - related party, net of discounts 966,600 2,956,407
Convertible line of credit - related party, net of discounts 5,280,980 4,959,674
Total liabilities 7,039,309 8,665,069
Commitments (Note 6)
Stockholders' deficit    
Preferred stock: $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding
Common stock: $0.001 par value; 150,000,000 shares authorized; 70,520,807 and 53,605,180 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively. 70,521 53,605
Additional paid in capital 46,465,773 41,540,705
Accumulated deficit (51,022,519) (47,957,926)
Total stockholders' deficit (4,486,225) (6,363,616)
Total liabilities and stockholders' deficit $ 2,553,084 $ 2,301,453
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
Income Statement [Abstract]        
Sales $ 383,595 $ 217,437 $ 954,100 $ 920,741
Cost of goods sold 112,386 71,131 297,027 282,266
Gross profit 271,209 146,306 657,073 638,475
Operating expenses:        
Selling, general and administrative expenses 1,028,948 1,069,781 3,046,871 3,249,456
Research and development 15,135 50,765 37,965 206,228
Total operating expenses 1,044,083 1,120,546 3,084,836 3,455,684
Loss from operations (772,874) (974,240) (2,427,763) (2,817,209)
Other income (expense)        
Other income 300,000
Interest income 1 2 9 8
Gain (loss) on conversion of interest (72,765)
Loss on extension of warrants (206,620)
Loss on settlement (320,631)
Interest expense (213,091) (188,897) (636,839) (516,281)
Total other income (expense) (213,090) (188,895) (636,830) (816,289)
Net loss $ (985,964) $ (1,163,135) $ (3,064,593) $ (3,633,498)
Net loss per common share - basic and diluted $ (0.02) $ (0.02) $ (0.05) $ (0.07)
Weighted average shares outstanding - basic and diluted 63,397,615 51,835,515 58,816,056 50,526,616
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Reconciliation of net loss to net cash used in operating activities:    
Net loss $ (3,064,593) $ (3,633,498)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense (recovery) 11,116 (21,875)
Depreciation 68,229 60,064
Amortization of debt discounts 148,306 107,347
Loss (gain) on conversion of interest 72,765
Options issued for services 30,703 44,477
Common stock issued for services 12,167
Loss on extension of warrants 206,620
Stock option compensation expense 254,246 367,787
Changes in assets and liabilities:    
Accounts receivable (181,543) 138,906
Inventories (210,762) (209,234)
Prepaid expenses and other current assets 49,952 46,764
Accounts payable 114,038 (46,609)
Deferred revenue 1,583 10,667
Settlement accrual (26,789) (9,369)
Accrued expenses 461,270 412,289
Net cash used in operating activities (2,344,244) (2,440,732)
Cash flows from Investing Activities    
Purchases of equipment (17,209) (186,266)
Net cash used in investing activities (17,209) (186,266)
Cash flows from Financing Activities    
Proceeds from sale of stock under stock purchase agreement 210,555 610,955
Proceeds from sale of stock and warrants 1,921,000 250,000
Proceeds from advances on convertible line of credit with related parties 200,000 1,805,000
Payments on insurance finance contract (63,877) (66,116)
Net cash provided by financing activities 2,267,678 2,599,839
Net (decrease) in cash (93,775) (27,159)
Cash - beginning 151,184 135,266
Cash - ending 57,409 108,107
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 2,315 1,829
Cash paid for income taxes
Supplementary Disclosure of Non-cash Investing and Financing Activities:    
Beneficial conversion feature of convertible notes 9,662 151,788
Loan discount from warrants 9,662 151,788
Options issued for legal services, recorded as prepaid expense 30,703
Stock issued for services 1,800 1,800
Stock issued for accrued interest 506,874 373,178
Warrants issued for settlement accrual 70,631
Stock issued to convert debt $ 1,997,483