Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.5.0.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 71,632 $ 116,783
Accounts receivable 511,108 113,256
Inventories, net of $50,000 reserve at June 30, 2016 and December 31, 2015 1,002,382 1,038,371
Prepaid income taxes 7,381 7,381
Prepaid expenses and other current assets 144,960 213,926
Total current assets 1,737,463 1,489,717
Investment in available-for-sale equity securities 81,783 294,522
Property and equipment, net 8,069 20,149
TOTAL ASSETS 1,827,315 1,804,388
CURRENT LIABILITIES    
Accounts payable 889,863 941,389
Accrued employee compensation 196,780 176,009
Accrued professional fees and other 638,920 821,088
Deferred revenue 307,244 140,878
Convertible debt, net of unamortized debt discounts of $29,373 at June 30, 2016 and $0 at December 31, 2015 192,627 100,000
Other debt, net of unamortized discounts of $15,084 and $3,041, respectively 454,369 151,628
Warrant derivative liability 4,552,995 3,295,976
Conversion option derivative liability 5,023,449 3,940,791
Total current liabilities 12,256,247 9,567,759
LONG TERM LIABILITIES    
Related party convertible debt, net of unamortized debt discounts of $233,261 and $0, respectively 57,743
Convertible debt, net of unamortized debt discounts of $4,760,592 and $5,223,658, respectively 1,910,908 177,342
Deferred revenue 36,935 36,935
TOTAL LIABILITIES 14,261,833 9,782,036
STOCKHOLDERS' DEFICIT    
Common stock, $.01 par value; 100,000,000 shares authorized; 29,031,845 and 23,004,898 shares issued and outstanding on June 30, 2016 and December 31, 2015, respectively 290,319 230,050
Warrants to acquire common stock 5,445,336 5,416,681
Additional paid-in capital 26,692,285 26,036,733
Accumulated other comprehensive income (317,764) (105,025)
Accumulated deficit (44,545,767) (39,557,206)
Total stockholders' deficit (12,434,518) (7,977,648)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 1,827,315 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 $ 68 $ 114