Investor Relations

Financials

v3.4.0.3
Balance Sheet (Unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 40,631 $ 40,995
Accounts receivable 2,595 0
Prepaid expenses and other current assets 78,133 78,356
Inventory 103,969 109,751
Total current assets 225,328 229,102
Property and equipment, net 6,023 7,668
Intangible assets, net 551,786 567,857
Goodwill 69,782 69,782
Other assets 0 3,625
Total assets 852,919 878,034
Current liabilities:    
Accounts payable 553,921 575,068
Accrued expenses and other current liabilities 173,948 278,225
Deferred revenue 164,285 164,285
Notes payable - related party, current portion 20,000 20,000
Total current liabilities 912,154 1,037,578
Convertible notes payable, related party, net of discount 210,831 93,177
Notes payable - related parties, net of current portion 277,820 277,820
Total liabilities $ 1,400,805 $ 1,408,575
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, 400,000,000 shares authorized, 39,319,507 shares issued and outstanding at March 31, 2016 and December 31, 2015. 39,319 39,319
Common stock subscribed 200,000 200,000
Additional paid-in capital 14,120,795 13,718,795
Accumulated deficit (14,908,000) (14,488,655)
Total stockholders' deficit (547,886) (530,541)
Total liabilities and stockholders' deficit $ 852,919 $ 878,034
v3.4.0.3
Statement of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Income Statement [Abstract]    
Revenue $ 12,307 $ 51,329
Cost of goods sold 15,922 32,110
Gross (deficit) margin (3,615) 19,219
Operating expenses:    
Research and development 21,772 205,419
Sales and marketing 18,650 32,751
General and administrative 213,957 515,922
Total operating expenses 254,379 754,092
Operating loss (257,994) (734,873)
Interest expense (157,341) (17,488)
Other expense (4,010) (4,999)
Reduction of interest payable (Note 6) 0 82,355
Change in fair value of warrant liability 0 9,800
Change in fair value of derivative liabilities 0 (11,372)
Foreign currency gain 0 290
Net loss $ (419,345) $ (676,287)
Net loss per share - basic and diluted $ (0.01) $ (0.02)
Weighted average shares outstanding basic and diluted 39,319,507 38,564,915
v3.4.0.3
Statement of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (419,345) $ (676,287)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 17,716 17,788
Stock-based compensation 0 205,175
Amortization of discount on debt 117,654 9,476
Change in fair value of warrant liability 0 (9,800)
Change in fair value of derivative liabilities 0 11,372
Issuance of common stock for consulting services 0 12,105
Changes in operating assets and liabilities:    
Accounts receivable (2,595) (30,731)
Inventory 5,782 18,002
Prepaid expenses and other current assets 223 (14,019)
Other assets 3,625 0
Accounts payable (21,147) 107,949
Deferred revenue 0 95,825
Accrued expenses (104,277) (115,815)
Net cash used in operating activities (402,364) (368,960)
Cash flows from investing activities:    
Net cash used in investing activities 0 0
Cash flows from financing activities:    
Proceeds from issuance of convertible notes payable (net of issuance discounts and fees) 402,000 432,000
Net cash provided by financing activities 402,000 432,000
Net (decrease) increase in cash and cash equivalents (364) 63,040
Cash and cash equivalents, beginning of period 40,995 157,278
Cash and cash equivalents, end of period 40,631 220,318
Supplemental disclosure of cash flow information:    
Cash paid during the period for: Interest 0 0
Cash paid during the period for: Income taxes 4,000 5,000
Non-cash financing activities    
Warrant liability associated with Typenex Convertible Note 0 146,995
Derivative liabilities associated with convertible notes payable 0 7,331
Beneficial conversion features associated with convertible notes payable $ 402,000 $ 120,103