Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets    
Cash $ 748,928 $ 892,814
Inventory 55,978 0
Prepaid expenses 136,706 364,822
Short-term receivable 150,000 0
Total Current Assets 1,091,612 1,257,636
Long Term Receivable 0 150,000
Property and Equipment, net of accumulated depreciation 95,159 97,590
Deposits 2,751 2,751
Total Assets 1,189,522 1,507,977
Current Liabilities    
Interest payable 69,222 69,222
Accounts payable 102,097 225,725
Accrued liabilities 90,000 459,800
Notes payable, current portion 61,131 126,086
Short-term note payable, net of debt discount 0 970,240
Total Current Liabilities 322,450 1,851,073
Long-Term Liabilities    
Notes payable, net of current portion 71,681 103,742
Deferred rent 1,179 1,179
Total Long-Term Liabilities 72,860 104,921
Total Liabilities 395,310 1,955,994
Stockholders' Equity (Deficit)    
Preferred stock - $.001 par value: 500,000 shares authorized, 12,740 shares issued and 12,740 shares outstanding at June 30, 2017 (unaudited), no shares issued and outstanding at December 31, 2016 13 0
Common stock - $.001 par value: 49,500,000 shares authorized, 17,966,591 and 14,855,181 shares issued and outstanding at June 30, 2017 (unaudited) and December 31, 2016, respectively 17,967 14,855
Additional paid-in capital 30,611,396 25,898,054
Accumulated deficit (29,835,164) (26,360,926)
Total Stockholders' Equity (Deficit) 794,212 (448,017)
Total Liabilities and Stockholders' Equity (Deficit) $ 1,189,522 $ 1,507,977

Source

v3.7.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Operating Expenses        
General and administrative $ 1,025,938 $ 1,100,082 $ 2,448,416 $ 2,150,961
Sales and marketing 145,621 40,496 227,758 61,768
Research and development 56,333 233,303 391,774 376,486
Depreciation 6,671 2,046 12,892 4,009
Impairment of goodwill 0 6,455,645 0 6,455,645
Total Operating Expenses 1,234,563 7,831,572 3,080,840 9,048,869
Operating Loss (1,234,563) (7,831,572) (3,080,840) (9,048,869)
Other Expenses        
Interest expense 1,438 0 392,235 344,093
Total Other Expenses 1,438 0 392,235 344,093
Total Loss from Continuing Operations (1,236,001) (7,831,572) (3,473,075) (9,392,962)
Discontinued Operations        
Loss from discontinued operations 0 128,163 1,163 399,060
Impairment loss 0 1,584,048 0 1,584,048
Total Loss from Discontinued Operations 0 (1,712,211) (1,163) (1,983,108)
Net Loss $ (1,236,001) $ (9,543,783) $ (3,474,238) $ (11,376,070)
Loss per share – Basic and Diluted: Continuing Operations $ (.08) $ (.67) $ (0.20) $ (0.76)
Loss per share – Basic and Diluted: Discontinued Operations 0.00 (.15) 0.00 (0.16)
Loss per share – Basic and Diluted: Net Loss per share $ (.08) $ (.82) $ (0.20) $ (0.92)
Weighted average outstanding shares used to compute basic and diluted net loss per share 17,966,591 13,057,476 17,171,528 12,340,839

Source

v3.7.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities    
Net loss $ (3,474,238) $ (11,376,070)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 12,892 4,137
Amortization of intangibles 0 189,522
Amortization of debt discount 31,772 246,086
Debt conversion expense 355,985 68,694
Impairment loss 0 1,584,048
Goodwill impairment loss 0 6,455,645
Stock based compensation 500,408 332,639
Straight-line rent adjustment 0 592
Non-cash investor relations fees 0 48,000
Non-cash directors fees 0 10,000
Adjustment of fair value of warrant modification 0 25,720
Changes in operating assets and liabilities, net of effects of acquisition:    
Accounts receivable 0 33,045
Prepaid expenses 228,116 42,075
Inventory (55,978) 0
Accounts payable (123,628) (96,962)
Interest payable 0 (3,670)
Accrued liabilities (129,800) 64,116
Net Cash Used in Operating Activities (2,654,471) (2,372,383)
Cash Flows from Investing Activities    
Expenditures for property and equipment (10,461) (5,265)
Net Cash Used in Investing Activities (10,461) (5,265)
Cash Flows from Financing Activities    
Principal payments under note payable obligation (97,016) (80,654)
Proceeds from issuance of preferred and common stock, net of offering costs 1,816,045 969,191
Proceeds from issuance of warrants, net of offering costs 802,017 207,079
Net Cash Provided by Financing Activities 2,521,046 1,095,616
Net (Decrease) in Cash (143,886) (1,282,032)
Cash - Beginning of period 892,814 1,570,167
Cash - End of period 748,928 288,135
Supplementary Cash Flow Information    
Cash paid for interest 4,476 5,359
Non-cash investing and financing activities    
Financing agreement for insurance policy 66,895 0
Conversion of note and accrued interest to common stock 718,079 1,072,513
Conversion of short-term loan to common stock 126,720 0
Issuance of common stock for consideration of cancellation of warrants 208,000 0
Issuance of warrants for conversion of notes 305,201 0
Issuance of common stock for investor relations services 0 48,000
Common stock issued for board fees 239,826 0
Issuance of common stock for preferred stock conversion 931 0
Issuance of common stock warrants for placement agent fees 304,183 0
Repayment of due from stockholder through forgone director fees $ 0 $ 10,000

Source

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