Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 81,033 $ 138,363
Accounts receivable, net of $0 reserve at December 31, 2017 and $28,169 at December 31, 2016 206,848 281,320
Inventories, net of $179,600 reserve at December 31, 2017 and $20,000 December 31, 2016 857,662 905,284
Prepaid income taxes 7,482 7,405
Prepaid expenses and other current assets 214,676 258,103
Total current assets 1,367,701 1,590,475
Investment in available-for-sale equity securities 19,825 25,865
Property and equipment, net 22,662 9,413
Intangible assets, net 750,000
TOTAL ASSETS 2,160,188 1,625,753
CURRENT LIABILITIES    
Accounts payable 589,263 407,249
Accrued employee compensation 368,700 249,596
Accrued professional fees and other 800,620 610,589
Other current liabilities 1,536,507 346,295
Deferred revenue 263,106 159,654
Revolving note payable, net of unamortized debt discounts of $0 and $637,030, respectively 3,500,000 612,970
Related party convertible debt, net of unamortized debt discounts of $31,372 and $0, respectively 259,762
Convertible debt, net of unamortized discounts of $401,856 and $2,235,839, respectively 8,028,014 4,005,702
Other debt, net of unamortized discounts of $48,194 and $380, respectively 1,379,863 238,157
Warrant derivative liabilities 1,685,108
Conversion option derivative liabilities 951,059
Total current liabilities 16,725,835 9,266,379
LONG TERM LIABILITIES    
Related party convertible debt, net of unamortized debt discounts of $0 and $165,611, respectively 125,523
Convertible debt, net of unamortized discounts of $0 and $740,628, respectively 529,742
Deferred revenue 57,149 87,527
TOTAL LIABILITIES 16,782,984 10,009,171
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS’ DEFICIT    
Common stock, $.01 par value; 100,000,000 shares authorized; 1,342,858 and 1,033,328 shares issued and outstanding on December 31, 2017 and 2016, respectively 13,429 10,333
Warrants to acquire common stock 9,878,513 6,325,102
Additional paid-in capital 30,833,549 27,544,265
Accumulated other comprehensive loss
Accumulated deficit (55,349,299) (42,264,190)
Total stockholders’ deficit (14,622,796) (8,383,418)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 2,160,188 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 35 35
Series K Convertible Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIT    
Convertible Preferred Stock, value $ 68 $ 68