Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.5.0.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 41,939 $ 116,783
Accounts receivable 589,682 113,256
Inventories, net of $50,000 reserve at September 30, 2016 and December 31, 2015 1,008,138 1,038,371
Prepaid income taxes 7,405 7,381
Prepaid expenses and other current assets 179,954 213,926
Total current assets 1,827,118 1,489,717
Investment in available-for-sale equity securities 59,550 294,522
Property and equipment, net 7,933 20,149
TOTAL ASSETS 1,894,601 1,804,388
CURRENT LIABILITIES    
Accounts payable 532,214 941,389
Accrued employee compensation 185,909 176,009
Accrued professional fees and other 690,230 821,088
Deferred revenue 270,102 140,878
Convertible debt, net of unamortized debt discounts of $1,891,206 at September 30, 2016 and $0 at December 31, 2015 2,664,334 100,000
Other debt, net of unamortized discounts of $5,183 and $3,041, respectively 242,963 151,628
Warrant derivative liability 4,325,864 3,295,976
Conversion option derivative liability 4,627,452 3,940,791
Total current liabilities 13,539,068 9,567,759
LONG TERM LIABILITIES    
Related party convertible debt, net of unamortized debt discounts of $199,436 and $0, respectively 91,568
Convertible debt, net of unamortized debt discounts of $2,076,658 and $5,223,658, respectively 986,843 177,342
Deferred revenue 36,935 36,935
TOTAL LIABILITIES 14,654,414 9,782,036
STOCKHOLDERS’ DEFICIT    
Common stock, $.01 par value; 100,000,000 shares authorized; 30,599,839 and 23,004,898 shares issued and outstanding on September 30, 2016 and December 31, 2015, respectively 305,998 230,050
Warrants to acquire common stock 5,683,897 5,416,681
Additional paid-in capital 27,080,191 26,036,733
Accumulated other comprehensive income (339,997) (105,025)
Accumulated deficit (45,490,974) (39,557,206)
Total stockholders’ deficit (12,759,813) (7,977,648)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 1,894,601 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 35 36
Series K Convertible Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIT    
Convertible Preferred Stock, value $ 68 $ 114