Investor Relations

Financials

v2.4.0.8
Balance Sheet (Unaudited) (USD $)
Sep. 30, 2014
Dec. 31, 2013
ASSETS    
Cash and cash equivalents $ 569,350 $ 3,387,428
Accounts receivable 93,720 99,786
Prepaid expenses and other current assets 126,258 153,681
Inventory 177,632 110,625
Total current assets 966,960 3,751,520
Property and equipment, net 16,672 15,176
Intangible assets 648,214 696,429
Goodwill 69,782 69,782
Other assets 2,125 2,125
Total assets 1,703,753 4,535,032
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 286,681 170,977
Accrued expenses and other current liabilities 375,978 720,965
Total current liabilities 662,659 891,942
Notes payable - related parties 297,820 297,820
Total liabilities 960,479 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 September 30, 2014 and December 31, 2013, 38,469,016 and 37,362,160 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively 38,469 37,362
Additional paid-in capital 11,941,151 10,606,810
Accumulated deficit (11,236,345) (7,298,902)
Total stockholders' equity 743,274 3,345,270
Total liabilities and stockholders' equity $ 1,703,753 $ 4,535,032
v2.4.0.8
Statement of Operations (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income Statement [Abstract]        
Revenue $ 121,493 $ 217,520 $ 186,711 $ 242,974
Cost of goods sold 82,061 118,515 158,605 174,424
Gross margin 39,432 99,005 28,106 68,550
Operating expenses:        
Research and development 518,632 151,946 1,200,321 200,428
Sales and marketing 30,086 102,840 287,642 251,236
General and administrative 643,970 954,261 2,457,636 1,904,008
Total operating expenses 1,192,688 1,209,047 3,945,599 2,355,672
Operating loss (1,153,256) (1,110,042) (3,917,493) (2,287,122)
Interest Expense (5,310) (4,842) (14,978) (14,431)
Other expense (1,259) 0 (4,151) 0
Foreign currency loss (101) (1,979) (822) (1,979)
Net loss $ (1,159,926) $ (1,116,863) $ (3,937,444) $ (2,303,532)
Net loss per share - basic and diluted $ (0.03) $ (0.04) $ (0.10) $ (0.11)
Weighted average shares outstanding basic and diluted 38,435,195 26,025,815 38,094,498 21,411,649
v2.4.0.8
Statement of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net loss $ (3,937,444) $ (2,303,532)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 53,229 49,710
Stock-based compensation 681,697 857,851
Issuance of common stock for consulting services 117,415 104,115
Issuance of common stock warrants 35,836 0
Changes in operating assets and liabilities:    
Accounts receivable 6,066 (199,767)
Inventory (67,007) (173,163)
Prepaid expenses and other current assets 27,423 (60,063)
Accounts payable 115,704 (179,368)
Accrued expenses (94,987) 80,728
Net cash used in operating activities (3,062,068) (1,823,489)
Cash flows from investing activities:    
Purchase of property and equipment (6,510) (4,698)
Net cash used in investing activities (6,510) (4,698)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon option exercises 500 0
Proceeds from issuance of common stock and common stock warrants (net of issuance costs) 250,000 5,139,428
Net cash provided by financing activities 250,500 5,139,428
Net (decrease) increase in cash and cash equivalents (2,818,078) 3,311,241
Cash and cash equivalents, beginning of period 3,387,428 552,315
Cash and cash equivalents, end of period 569,350 3,863,556
Supplemental disclosure of cash flow information:    
Cash paid during the period for: Interest 0 0
Cash paid during the period for: Income taxes 3,753 0
Non-cash financing activities    
Issuance of common stock for stock subscription received in 2013 250,000 0
Value of common stock issued to settle accrued liabilities $ 0 $ 14,000