Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash and cash equivalents $ 116,783 $ 473,948
Accounts receivable 113,256 272,022
Inventories, net of $50,000 reserve at December 31, 2015 and December 31, 2014 1,038,371 850,552
Prepaid income taxes 7,381 7,381
Prepaid expenses and other current assets 213,926 104,204
Total current assets 1,489,717 $ 1,708,107
Investment in available-for-sale equity securities 294,522
Property and equipment, net 20,149 $ 36,025
TOTAL ASSETS 1,804,388 1,744,132
CURRENT LIABILITIES    
Accounts payable 941,389 1,035,781
Accrued employee compensation 176,009 157,347
Accrued professional fees and other 821,088 719,432
Deferred revenue 140,878 27,117
Convertible debt, net of unamortized discounts of $0 and $328,681, respectively 100,000 1,004,513
Other debt, net of unamortized discounts of $3,041 and $0, respectively 151,628 80,480
Warrant derivative liabilies 3,295,976 159,875
Conversion option derivatives liabilities 3,940,791 590,341
Total current liabilities 9,567,759 $ 3,774,886
LONG TERM LIABILITIES    
Convertible debt, net of unamortized discounts of $5,223,658 and $0, respectively 177,342
Deferred revenue 36,935 $ 28,977
TOTAL LIABILITIES 9,782,036 3,803,863
STOCKHOLDERS' DEFICIT    
Common stock, $.01 par value; 100,000,000 shares authorized; 23,004,898 and 18,673,390 shares issued and outstanding on December 31, 2015 and 2014, respectively 230,050 186,734
Warrants to acquire common stock 5,416,681 5,253,566
Additional paid-in capital 26,036,733 $ 24,617,564
Accumulated other comprehensive income (105,025)
Accumulated deficit (39,557,206) $ (32,118,714)
Total stockholders' deficit (7,977,648) (2,059,731)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 1,804,388 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