Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.3.0.814
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash and cash equivalents $ 76,875 $ 473,948
Accounts receivable 362,822 272,022
Inventories, net of $50,000 reserve at September 30, 2015 and December 31, 2014 808,843 850,552
Prepaid income taxes 7,381 7,381
Prepaid expenses and other current assets 74,396 104,204
Total current assets 1,330,317 $ 1,708,107
Investment in available-for-sale equity securities 322,860
Debt issuance costs, net 533,403
Property and equipment, net 24,408 $ 36,025
TOTAL ASSETS 2,210,988 1,744,132
CURRENT LIABILITIES    
Accounts payable 834,812 1,035,781
Accrued employee compensation 205,953 157,347
Accrued professional fees and other 837,052 719,432
Deferred revenue 101,421 27,117
Convertible debt, net of debt discount of $375,378 and $328,681, respectively 296,818 1,004,513
Other debt, net of discount of $4,676 and $0, respectively 246,036 80,480
Warrant derivative liability 1,541,130 159,875
Conversion option liability 2,227,330 590,341
Total current liabilities 6,290,552 $ 3,774,886
LONG TERM LIABILITIES    
Convertible debt, net of debt discount of $3,297,994 $ 412,325
Deferred revenue $ 28,977
TOTAL LIABILITIES $ 6,702,877 $ 3,803,863
COMMITMENTS AND CONTINGENCIES (Note 5)
STOCKHOLDERS' DEFICIT    
Common stock, $.01 par value; 100,000,000 shares authorized; 21,319,131 and 18,673,390 shares issued and outstanding on September 30, 2015 and December 31, 2014, respectively $ 213,192 $ 186,734
Warrants to acquire common stock 5,347,054 5,253,566
Additional paid-in capital 25,594,074 $ 24,617,564
Accumulated other comprehensive income (76,687)
Accumulated deficit (35,570,641) $ (32,118,714)
Total stockholders' deficit (4,491,889) (2,059,731)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 2,210,988 1,744,132
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 866 866
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 $ 36 $ 36
Series K Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock, value $ 114 $ 114