Investor Relations

Financials

v3.8.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 296,907 $ 687,185
Accounts receivable 873 5,011
Prepaid expenses and other current assets 319,460 82,710
Inventory, net 41,564 55,116
Total current assets 658,804 830,022
Property and equipment, net 2,690 1,577
Intangible assets, net 455,357 503,571
Goodwill 69,782 69,782
Total assets 1,186,633 1,404,952
Current liabilities:    
Accounts payable 270,667 319,474
Accrued expenses and other current liabilities 447,603 347,405
Deferred revenue 112,162 112,162
Notes payable - related party, current portion 281,532 297,820
Convertible notes payable, related party, net of discount, current portion 1,268,137
Convertible notes payable, net of discount, current portion 989,985  
Derivative liability, current portion 798,503
Total current liabilities 4,168,589 1,076,861
Convertible notes payable, related party, net of discount 754,461
Convertible notes payable, net of discount 364,619
Warrant liability 1,474,139 1,093,765
Derivative liability 1,234,106
Total liabilities 5,642,728 4,523,812
COMMITMENTS AND CONTINGENCIES (Note 9)
Stockholders' deficit:    
Preferred stock, $0.001 par value, 5,000,000 shares authorized: Series A Preferred stock, 150,000 shares authorized, 45,000 and 0 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively. 45
Common stock, $0.001 par value, 200,000,000 shares authorized, 49,937,163 and 46,702,836 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively. 49,937 46,703
Additional paid-in capital 15,289,281 15,060,616
Accumulated deficit (19,795,358) (18,226,179)
Total stockholders' deficit (4,456,095) (3,118,860)
Total liabilities and stockholders' deficit $ 1,186,633 $ 1,404,952
v3.8.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenue $ 4,400 $ 11,695 $ 14,092 $ 40,283
Cost of goods sold 17,783 17,233 33,875 41,862
Gross deficit (13,383) (5,538) (19,783) (1,579)
Operating expenses:        
Research and development 17,639 16,071 81,242 57,772
Sales and marketing 3,301 22,705 17,606 94,219
General and administrative 260,605 471,944 698,602 798,717
Total operating expenses 281,545 510,720 797,450 950,708
Operating loss (294,928) (516,258) (817,233) (952,287)
Interest expense (493,829) (1,176,014) (1,458,665) (1,523,026)
Other income (expense) (1) (4,010)
Financing cost (350,000) (350,000)
Change in fair value of warrant liability (163,891) 171,184
Change in fair value of derivative liabilities (18,961) (2,577,655) 535,535 (2,577,655)
Net loss $ (971,609) $ (4,619,928) $ (1,569,179) $ (5,406,978)
Net loss per share- basic and diluted (in dollars per share) $ (0.02) $ (0.10) $ (0.03) $ (0.13)
Weighted average shares outstanding basic and diluted (in shares) 48,336,915 45,107,792 47,557,779 42,615,867
v3.8.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (1,569,179) $ (5,406,978)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 50,415 53,093
Stock-based compensation 37,317 225,877
Amortization of discount on debt 1,250,980 500,626
Provision for inventory obsolescence 9,338
Non-cash interest expense and derivative costs 526,036
Change in fair value of warrant liability (171,184)
Change in fair value of derivative liabilities (535,535) 2,577,655
Stock issuance for financing costs 350,000
Changes in operating assets and liabilities:    
Accounts receivable 4,138 (7,608)
Inventory 4,214 9,300
Prepaid expenses and other current assets (236,750) 4,817
Other assets 3,625
Accounts payable (48,807) 180,356
Accrued expenses 184,377 (30,681)
Net cash used in operating activities (1,020,676) (1,013,882)
Cash flows from investing activities:    
Purchase of property and equipment (3,314)
Net cash used in investing activities (3,314)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes payable, related party (net of issuance discounts and fees) 200,000 552,000
Proceeds from issuance of convertible notes payable (net of issuance discounts and fees) 1,600,000
Proceeds from the issuance of preferred stock 450,000
Payment of deferred financing costs (256,186)
Repayment of notes payable to related party (16,288)
Net cash provided by financing activities 633,712 1,895,814
Net (decrease) increase in cash and cash equivalents (390,278) 881,932
Cash and cash equivalents, beginning of period 687,185 40,995
Cash and cash equivalents, end of period 296,907 922,927
Cash paid during the period for:    
Interest 7,699
Income taxes
Non-cash financing activities:    
Issuance of common stock in exchange for settlement of outstanding payables 468,889
Conversion of convertible notes payable plus accrued interest into common stock 117,475
Derivative liabilities associated with convertible notes payable and preferred stock 454,154
Conversion of accrued interest into common stock $ 81,306