Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets    
Cash $ 1,930,780 $ 892,814
Accounts receivable 94,779
Other receivables 23,369
Inventory 178,617
Prepaid expenses 140,406 364,822
Short-term receivable 150,000
Total Current Assets 2,504,201 1,257,636
Long Term Receivable 150,000
Property and Equipment, net of accumulated depreciation 92,398 97,590
Deposits 2,751 2,751
Total Assets 2,599,350 1,507,977
Current Liabilities    
Interest payable 69,222 69,222
Accounts payable 268,831 225,725
Accounts payable to related parties 671
Accrued liabilities 135,000 459,800
Notes payable, current portion 62,147 126,086
Short-term note payable, net of debt discount 970,240
Total Current Liabilities 535,871 1,851,073
Long-Term Liabilities    
Notes payable, net of current portion 55,336 103,742
Deferred rent 983 1,179
Total Long-Term Liabilities 56,319 104,921
Total Liabilities 592,190 1,955,994
Stockholders' Equity (Deficit)    
Preferred stock - $.001 par value: 500,000 shares authorized, 12,740 shares issued and outstanding at September 30, 2017 (unaudited), no shares issued and outstanding at December 31, 2016 13
Common stock - $.001 par value: 49,500,000 shares authorized, 20,922,634 and 14,855,181 shares issued and outstanding at September 30, 2017 (unaudited) and December 31, 2016, respectively 20,923 14,855
Additional paid-in capital 33,188,739 25,898,054
Accumulated deficit (31,188,767) (26,360,926)
Total Stockholders' Equity (Deficit) 2,020,908 (448,017)
Total Liabilities and Stockholders' Equity (Deficit) $ 2,613,098 $ 1,507,977

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenues $ 117,277 $ 117,277
Cost of Goods Sold (82,933) (82,933)
Gross Profit 34,344 34,344
Operating Expenses        
General and administrative 1,092,084 1,230,833 3,540,500 3,384,322
Sales and marketing 216,950 107,001 444,708 166,240
Research and development 70,151 395,752 461,924 772,238
Depreciation 7,109 2,033 20,000 6,042
Impairment of goodwill 6,455,645
Total Operating Expenses 1,386,294 1,735,619 4,467,132 10,784,487
Operating Loss (1,351,950) (1,735,619) (4,432,788) (10,784,487)
Other Expenses        
Interest expense 1,654 15,887 393,890 359,981
Total Other Expenses 1,654 15,887 393,890 359,981
Total Loss from Continuing Operations (1,353,604) (1,751,506) (4,826,678) (11,144,468)
Discontinued Operations        
Loss from discontinued operations 57,023 1,163 456,083
Impairment loss 1,584,048
Total Loss from Discontinued Operations (57,023) (1,163) (2,040,131)
Net Loss $ (1,353,604) $ (1,808,529) $ (4,827,841) $ (13,184,599)
Loss per share – Basic and Diluted: Continuing Operations $ (0.07) $ (0.13) $ (0.26) $ (0.87)
Loss per share – Basic and Diluted: Discontinued Operations (0.16)
Loss per share – Basic and Diluted: Net Loss per share $ (0.07) $ (0.13) $ (0.26) $ (1.03)
Weighted average outstanding shares used to compute basic and diluted net loss per share 20,504,932 13,847,346 18,332,398 12,843,008

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows from Operating Activities    
Net loss $ (4,827,841) $ (13,184,599)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 20,000 6,171
Amortization of intangible assets 189,522
Amortization of debt discount 31,772 261,973
Debt conversion expense 355,985 68,694
Impairment loss 1,584,048
Goodwill impairment loss 6,455,645
Stock based compensation 611,522 562,209
Straight-line rent adjustment (196) 688
Non-cash consulting services 249,300
Non-cash directors fees 15,000
Adjustment of fair value of warrant modification 25,720
Changes in operating assets and liabilities, net of effects of acquisition:    
Accounts receivable (94,779) 33,045
Other receivables (23,369)
Prepaid expenses 224,416 (368,165)
Inventory (178,617)
Accounts payable 43,106 (80,152)
Accounts payable to related parties 671
Interest payable (2,061)
Accrued liabilities (84,800) 173,427
Net Cash Used in Operating Activities (3,922,130) (4,009,535)
Cash Flows from Investing Activities    
Expenditures for property and equipment (14,808) (6,221)
Net Cash Used in Investing Activities (14,808) (6,221)
Cash Flows from Financing Activities    
Principal payments under note payable obligations (112,342) (111,530)
Proceeds from issuance of common and preferred stock, net of offering costs 3,838,671 1,934,622
Proceeds from issuance of warrants, net of offering costs 1,248,575 541,648
Proceeds from issuance of short term loan 995,000
Net Cash Provided by Financing Activities 4,974,904 3,359,740
Net Increase/(Decrease) in Cash 1,037,966 (656,016)
Cash - Beginning of period 892,814 1,570,167
Cash - End of period 1,930,780 914,151
Supplementary Cash Flow Information    
Cash paid for interest 6,130 6,168
Non-cash investing and financing activities    
Financing agreement for insurance policy 66,895
Conversion of note and accrued interest to common stock 718,079 1,072,513
Conversion of short-term loan to common stock 126,720
Issuance of warrants for conversion of notes 305,201
Issuance of common stock for consulting services 249,300
Common stock issued for board fees 240,000
Issuance of common stock for preferred stock conversion 931
Issuance of common stock warrants for placement agent fees 304,183
Repayment of due from stockholder through foregone director fees (15,000)
Issuance of common stock for consideration of cancellation of warrants $ 208,000

Source

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