Investor Relations

Financials

v3.3.0.814
Balance Sheet (Unaudited) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
ASSETS    
Cash and cash equivalents $ 58,239 $ 157,278
Prepaid expenses and other current assets 103,635 89,408
Inventory 186,122 197,969
Total current assets 347,996 444,655
Property and equipment, net 9,313 14,417
Intangible assets 583,929 632,143
Goodwill 69,782 69,782
Other assets 2,125 2,125
Total assets 1,013,145 1,163,122
Current liabilities:    
Accounts payable 858,767 410,787
Accrued expenses and other current liabilities 369,532 278,177
Deferred revenue 164,285 101,675
Notes payable - related parties, current portion 20,000 0
Total current liabilities 1,412,584 790,639
Notes payable - related parties, net of current portion 277,820 297,820
Long term convertible notes payable, net of discount 4,795 0
Total liabilities $ 1,695,199 $ 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, 39,319,507 and 38,512,516 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively 39,319 38,512
Additional paid-in capital 13,173,875 12,034,992
Accumulated deficit (13,895,248) (11,998,841)
Total stockholders' (deficit) equity (682,054) 74,663
Total liabilities and stockholders' (deficit) equity $ 1,013,145 $ 1,163,122
v3.3.0.814
Statement of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Income Statement [Abstract]        
Revenue $ 4,602 $ 121,493 $ 94,782 $ 186,711
Cost of goods sold 50,069 82,061 148,957 158,605
Gross margin (45,467) 39,432 (54,175) 28,106
Operating expenses:        
Research and development 46,751 518,633 349,162 1,200,321
Sales and marketing 1,076 30,086 35,970 287,642
General and administrative 369,928 643,969 1,270,025 2,457,636
Total operating expenses 417,755 1,192,688 1,655,157 3,945,599
Operating loss (463,222) (1,153,256) (1,709,332) (3,917,493)
Interest Expense (102,500) (5,310) (338,407) (14,978)
Other income (expense) (181) (1,360) 77,394 (4,973)
Change in fair value of warrant liability 0 0 19,600 0
Loss on extinguishment of debt (219,993) 0 (219,993) 0
Change in fair value of derivative liabilities 252,014 0 274,331 0
Net loss $ (533,882) $ (1,159,926) $ (1,896,407) $ (3,937,444)
Net loss per share - basic and diluted $ (0.01) $ (0.03) $ (0.05) $ (0.10)
Weighted average shares outstanding basic and diluted 39,120,555 38,435,195 38,777,113 38,094,498
v3.3.0.814
Statement of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (1,896,407) $ (3,937,444)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 53,318 53,229
Stock-based compensation 267,223 681,697
Loss on extinguishment of debt and warrants 219,993 0
Non-cash interest expense 288,931 0
Provision for inventory obsolescence 71,062 0
Issuance of common stock warrants 0 35,836
Change in fair value of derivative liabilities (274,331) 0
Issuance of common stock for consulting services 91,180 117,415
Changes in operating assets and liabilities:    
Accounts receivable 0 6,066
Inventory (59,215) (67,007)
Prepaid expenses and other current assets (14,227) 27,423
Accounts payable 479,267 115,704
Deferred revenue 62,610 0
Accrued expenses 82,890 (94,987)
Net cash used in operating activities (627,706) (3,062,068)
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) 1,282,000 0
Repayment of convertible notes payable (753,333) 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 528,667 250,500
Net decrease in cash and cash equivalents (99,039) (2,818,078)
Cash and cash equivalents, beginning of period 157,278 3,387,428
Cash and cash equivalents, end of period 58,239 569,350
Supplemental disclosure of cash flow information:    
Cash paid during the period for: Interest 21,797 0
Cash paid during the period for: Income taxes 5,000 3,753
Non-cash financing activities    
Issuance of common stock for stock subscription received in 2013 0 250,000
Issuance of common stock in exchange for settlement of outstanding payables 31,287 0
Warrant liability associated with Typenex Convertible Note 146,995 0
Derivative liabilities associated with convertible notes payable $ 274,331 $ 0