Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

v3.8.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 18,723 $ 138,363
Accounts receivable, net of $28,169 reserve at September 30, 2017 and December 31, 2016 548,316 281,320
Inventories, net of $20,000 reserve at September 30, 2017 and December 31, 2016 1,122,782 905,284
Prepaid income taxes 7,482 7,405
Prepaid expenses and other current assets 146,278 258,103
Total current assets 1,843,581 1,590,475
Investment in available-for-sale equity securities 25,986 25,865
Property and equipment, net 19,004 9,413
TOTAL ASSETS 1,888,571 1,625,753
CURRENT LIABILITIES    
Accounts payable 853,173 407,249
Accrued employee compensation 298,675 249,596
Accrued professional fees and other 1,352,658 956,884
Deferred revenue 313,992 159,654
Revolving note payable, net of unamortized debt discounts of $335,833 and $637,030, respectively 3,164,167 612,970
Related party convertible debt, net of debt discount of $65,240 and $0, respectively 225,894
Convertible debt, net of unamortized debt discounts of $355,375 and $2,235,839, respectively 6,315,995 4,005,702
Other debt, net of unamortized discounts of $80,747 and $380, respectively 1,952,859 238,157
Warrant derivative liability 1,685,108
Conversion option liability 951,059
Total current liabilities 14,477,413 9,266,379
LONG TERM LIABILITIES    
Related party convertible debt, net of debt discount of $0 and $165,611, respectively 125,523
Convertible debt, net of debt discount of $0 and $740,628, respectively 529,742
Deferred revenue 61,592 87,527
TOTAL LIABILITIES 14,539,005 10,009,171
COMMITMENTS AND CONTINGENCIES (Note 5)
STOCKHOLDERS’ DEFICIT    
Common stock, $.01 par value; 100,000,000 shares authorized; 1,154,422 and 1,033,328 shares issued and outstanding on September 30, 2017 and December 31, 2016, respectively 11,544 10,333
Warrants to acquire common stock 9,721,627 6,325,102
Additional paid-in capital 29,976,405 27,544,265
Accumulated other comprehensive income 6,190
Accumulated deficit (52,367,211) (42,264,190)
Total stockholders’ deficit (12,650,434) (8,383,418)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 1,888,571 1,625,753
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 806 866
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 34 35
Series K Convertible Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIT    
Convertible Preferred Stock, value $ 68 $ 68