Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 103,118 $ 81,033
Accounts receivable, net of $0 reserve at December 31, 2018 and December 31, 2017 474,830 206,848
Inventories, net of $273,547 reserve at December 31, 2018 and $179,600 December 31, 2017 765,478 857,662
Prepaid income taxes 7,482
Prepaid expenses and other current assets 170,734 214,676
Total current assets 1,514,160 1,367,701
Investment in equity securities 16,643 19,825
Property and equipment, net 69,272 22,662
Right of use asset leases 136,385
Intangible assets, net 663,462 750,000
TOTAL ASSETS 2,399,922 2,160,188
CURRENT LIABILITIES    
Accounts payable 658,856 589,263
Accrued employee compensation 456,932 368,700
Accrued professional fees and other 1,112,995 800,620
Other current liabilities 1,233,325 1,536,507
Deferred revenue 20,623 263,106
Revolving note payable, net of unamortized debt discounts of $0 and $637,030, respectively 3,500,000
Related party convertible debt, net of unamortized debt discounts of $0 and $31,372, respectively 259,762
Convertible debt, net of unamortized discounts of $156,180 and $401,856, respectively 4,000,805 8,028,014
Other debt, net of unamortized discounts of $9,118 and $48,194, respectively 852,315 1,379,863
Other related party debt 15,000
Total current liabilities 8,350,851 16,725,835
LONG TERM LIABILITIES    
Right of use asset liability 136,385
Deferred revenue 37,757 57,149
TOTAL LIABILITIES 8,524,993 16,782,984
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS' DEFICIT    
Common stock, $.01 par value; 100,000,000 shares authorized; and 1,684,182 and 1,342,858 shares issued and outstanding on December 31, 2018 and 2017 respectively 16,842 13,429
Warrants to acquire common stock 19,807,247 9,878,513
Additional paid-in capital 39,777,301 30,833,549
Accumulated other comprehensive loss
Accumulated deficit (65,727,538) (55,349,299)
Total stockholders' deficit (6,125,071) (14,622,796)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 2,399,922 2,160,188
Series D Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock, value 3 3
Series G Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock, value 806 806
Series H Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock, value 100 100
Series H2 Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock, value
Series J Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock, value 35 35
Series K Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock, value 68 68
Series AA Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock, value $ 65