Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.4.0.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 93,387 $ 116,783
Accounts receivable 393,911 113,256
Inventories, net of $50,000 reserve at March 31, 2016 and December 31, 2015 966,549 1,038,371
Prepaid income taxes 7,381 7,381
Prepaid expenses and other current assets 337,505 213,926
Total current assets 1,798,733 1,489,717
Investment in available-for-sale equity securities 154,824 294,522
Property and equipment, net 13,951 20,149
TOTAL ASSETS 1,967,508 1,804,388
CURRENT LIABILITIES    
Accounts payable 780,136 941,389
Accrued employee compensation 214,119 176,009
Accrued professional fees and other 645,003 821,088
Deferred revenue 207,129 140,878
Convertible debt, net of debt discount of $0 at March 31, 2016 and December 31, 2015 100,000 100,000
Other debt, net of discount of $2,499 and $3,041, respectively 238,979 151,628
Warrant derivative liability 5,571,000 3,295,976
Conversion option liability 7,028,206 3,940,791
Total current liabilities 14,784,572 $ 9,567,759
LONG TERM LIABILITIES    
Related party convertible debt, net of debt discount of $288,930 and $0, respectively 2,074
Convertible debt, net of debt discount of $5,655,498 and $5,223,658, respectively 1,005,002 $ 177,342
Deferred revenue 36,935 36,935
TOTAL LIABILITIES 15,828,583 9,782,036
STOCKHOLDERS’ DEFICIT    
Common stock, $.01 par value; 100,000,000 shares authorized; 23,309,898 and 23,004,898 shares issued and outstanding on March 31, 2016 and December 31, 2015, respectively 233,100 230,050
Warrants to acquire common stock 5,416,681 5,416,681
Additional paid-in capital 26,240,345 26,036,733
Accumulated other comprehensive income (244,723) (105,025)
Accumulated deficit (45,507,597) (39,557,206)
Total stockholders’ deficit (13,861,075) (7,977,648)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 1,967,508 1,804,388
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