Investor Relations

Financials

v3.2.0.727
Balance Sheet (Unaudited) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
ASSETS    
Cash and cash equivalents $ 207,849 $ 157,278
Prepaid expenses and other current assets 108,664 89,408
Inventory 126,706 197,969
Total current assets 443,219 444,655
Property and equipment, net 10,982 14,417
Intangible assets 600,000 632,143
Goodwill 69,782 69,782
Other assets 2,125 2,125
Total assets 1,126,108 1,163,122
Current liabilities:    
Accounts payable 659,245 410,787
Accrued expenses and other current liabilities 421,235 278,177
Deferred revenue 164,285 101,675
Notes payable - related parties, current portion 20,000 0
Convertible notes payable, net of discount, current portion 202,863 0
Warrant liability 127,395 0
Derivative liabilities 252,014 0
Total current liabilities 1,847,037 790,639
Notes payable - related parties, net of current portion 277,820 297,820
Convertible notes payable, net of discount, net of current portion 12,007 0
Total liabilities 2,136,864 $ 1,088,459
COMMITMENTS AND CONTINGENCIES (Note 8)    
Stockholders' equity:    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding 0 $ 0
Common stock, $0.001 par value, 200,000,000 shares authorized, 38,765,936 and 38,512,516 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively 38,765 38,512
Additional paid-in capital 12,311,845 12,034,992
Accumulated deficit (13,361,366) (11,998,841)
Total stockholders' (deficit) equity (1,010,756) 74,663
Total liabilities and stockholders' (deficit) equity $ 1,126,108 $ 1,163,122
v3.2.0.727
Statement of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Income Statement [Abstract]        
Revenue $ 38,851 $ 21,391 $ 90,180 $ 65,218
Cost of goods sold 66,778 21,986 98,888 76,544
Gross margin (27,927) (595) (8,708) (11,326)
Operating expenses:        
Research and development 96,992 412,255 302,411 681,689
Sales and marketing 2,143 84,821 34,894 257,556
General and administrative 384,175 708,436 900,097 1,813,666
Total operating expenses 483,310 1,205,512 1,237,402 2,752,911
Operating loss (511,237) (1,206,107) (1,246,110) (2,764,237)
Interest Expense (218,419) (4,940) (235,907) (9,668)
Other income (expense) (71) (48) 77,575 (3,613)
Change in fair value of warrant liability 9,800 0 19,600 0
Change in fair value of derivative liabilities 33,689 0 22,317 0
Net loss $ (686,238) $ (1,211,095) $ (1,362,525) $ (2,777,518)
Net loss per share - basic and diluted $ (0.02) $ (0.03) $ (0.04) $ (0.07)
Weighted average shares outstanding basic and diluted 38,645,870 38,397,142 38,605,392 37,924,149
v3.2.0.727
Statement of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (1,362,525) $ (2,777,518)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 35,578 35,370
Stock-based compensation 241,246 609,987
Non-cash interest expense 204,195 0
Provision for inventory obsolescence 26,062 0
Change in fair value of warrant liability (19,600) 0
Change in fair value of derivative liabilities (22,317) 0
Issuance of common stock for consulting services 13,682 95,700
Changes in operating assets and liabilities:    
Accounts receivable 0 99,786
Inventory 45,201 (62,331)
Prepaid expenses and other current assets (19,256) 24,315
Accounts payable 270,637 (75,424)
Deferred revenue 62,610 0
Accrued expenses 143,058 (72,513)
Net cash used in operating activities (381,429) (2,122,628)
Cash flows from investing activities:    
Purchase of property and equipment 0 (6,510)
Net cash used in investing activities 0 (6,510)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes payable (net of issuance discounts and fees) 432,000 0
Proceeds from issuance of common stock upon option exercises 0 500
Proceeds from issuance of common stock and common stock warrants (net of issuance costs) 0 250,000
Net cash provided by financing activities 432,000 250,500
Net increase (decrease) in cash and cash equivalents 50,571 (1,878,638)
Cash and cash equivalents, beginning of period 157,278 3,387,428
Cash and cash equivalents, end of period 207,849 1,508,790
Supplemental disclosure of cash flow information:    
Cash paid during the period for: Interest 0 0
Cash paid during the period for: Income taxes 5,000 3,000
Non-cash financing activities    
Issuance of common stock for stock subscription received 0 250,000
Issuance of common stock in exchange for settlement of outstanding payables 22,179 0
Warrant liability associated with Typenex Convertible Note 146,995 0
Derivative liabilities associated with convertible notes payable $ 274,331 $ 0