Investor Relations

Financials

v2.4.0.8
Balance Sheet (Unaudited) (USD $)
Jun. 30, 2014
Dec. 31, 2013
ASSETS    
Cash and cash equivalents $ 1,508,790 $ 3,387,428
Accounts receivable    99,786
Prepaid expenses and other current assets 129,366 153,681
Inventory 172,956 110,625
Total current assets 1,811,112 3,751,520
Property and equipment, net 18,459 15,176
Intangible assets 664,286 696,429
Goodwill 69,782 69,782
Other assets 2,125 2,125
Total assets 2,565,764 4,535,032
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 95,553 170,977
Accrued expenses and other current liabilities 398,452 720,965
Total current liabilities 494,005 891,942
Notes payable - related parties 297,820 297,820
Total liabilities 791,825 1,189,762
COMMITMENTS AND CONTINGENCIES (Note 7)     
Stockholders' equity:    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding      
Common stock, $0.001 par value, 200,000,000 shares authorized at June 30, 2014 and December 31, 2013, 38,414,516 and 37,362,160 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively 38,414 37,362
Additional paid-in capital 11,811,945 10,606,810
Accumulated deficit (10,076,420) (7,298,902)
Total stockholders' equity 1,773,939 3,345,270
Total liabilities and stockholders' equity $ 2,565,764 $ 4,535,032
v2.4.0.8
Statement of Operations (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Income Statement [Abstract]        
Revenue $ 21,391 $ 2,118 $ 65,218 $ 25,454
Cost of goods sold 21,986 7,971 76,544 55,908
Gross margin (deficit) (595) (5,853) (11,326) (30,454)
Operating expenses:        
Research and development 412,255 19,822 681,689 48,483
Sales and marketing 84,821 67,170 257,556 148,396
General and administrative 708,436 421,570 1,813,666 949,740
Total operating expenses 1,205,512 508,562 2,752,911 1,146,619
Operating loss (1,206,107) (514,415) (2,764,237) (1,177,073)
Interest Expense (4,940) (4,823) (9,668) (9,587)
Other income (expense) 48    (2,892)   
Foreign currency loss (96)    (721)   
Net loss $ (1,211,095) $ (519,238) $ (2,777,518) $ (1,186,660)
Net loss per share - basic and diluted $ (0.03) $ (0.03) $ (0.07) $ (0.06)
Weighted average shares outstanding basic and diluted 38,397,142 19,328,286 37,924,149 19,104,565
v2.4.0.8
Statement of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (2,777,518) $ (1,186,660)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 35,370 33,081
Stock-based compensation 609,987 385,031
Issuance of common stock for consulting services 95,700 81,195
Changes in operating assets and liabilities:    
Accounts receivable 99,786 16,463
Inventory (62,331) (148,430)
Prepaid expenses and other current assets 24,315 (62,795)
Accounts payable (75,424) 69,991
Accrued expenses (72,513) 25,021
Net cash used in operating activities (2,122,628) (787,103)
Cash flows from investing activities:    
Purchase of property and equipment (6,510) (2,451)
Net cash used in investing activities (6,510) (2,451)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon option exercises 500   
Proceeds from issuance of common stock and common stock warrants 250,000 250,000
Net cash provided by financing activities 250,500 250,000
Net decrease in cash and cash equivalents (1,878,638) (539,554)
Cash and cash equivalents, beginning of period 3,387,428 552,315
Cash and cash equivalents, end of period 1,508,790 12,761
Supplemental disclosure of cash flow information:    
Cash paid during the period for:Interest      
Cash paid during the period for:Income taxes 3,000   
Non-cash financing activities    
Issuance of common stock for stock subscription received in 2013 250,000   
Value of common stock issued to settle accrued liabilities    $ 14,000