Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current Assets    
Cash $ 114,456 $ 245,026
Accounts receivable 155,852 157,069
Other receivables 32,774 86,888
Inventory 293,946 294,714
Prepaid expenses 111,361 204,532
Short-term receivable 150,000
Total Current Assets 708,389 1,138,229
Property and Equipment, net of accumulated depreciation 73,279 87,173
Deposits 2,751 2,751
Total Assets 784,419 1,228,153
Current Liabilities    
Interest payable 72,246 69,222
Accounts payable 492,822 196,171
Accounts payable to related parties 34,962 12,319
Accrued liabilities 189,833 64,000
Notes payable, current portion 88,170 132,294
Short-term note payable 100,000
Dividend payable 7,707
Unearned revenue 1,048
Total Current Liabilities 985,740 475,054
Long-Term Liabilities    
Notes payable, net of current portion 5,674 38,990
Deferred rent 98 688
Total Long-Term Liabilities 5,772 39,678
Total Liabilities 991,511 514,732
Stockholders' (Deficit) Equity    
Common stock - $.001 par value: 49,500,000 shares authorized, 23,473,314 and 21,163,013 shares issued and outstanding at June 30, 2018 (unaudited) and December 31, 2017, respectively 23,473 21,163
Additional paid-in capital 34,926,514 33,509,648
Accumulated deficit (35,157,089) (32,817,403)
Total Stockholders' (Deficit) Equity (207,093) 713,421
Total Liabilities and Stockholders' (Deficit) Equity 784,419 1,228,153
Series A Preferred Stock [Member]    
Stockholders' (Deficit) Equity    
Preferred stock value 13
Total Stockholders' (Deficit) Equity 13
Series B Preferred Stock [Member]    
Stockholders' (Deficit) Equity    
Preferred stock value 9
Total Stockholders' (Deficit) Equity $ 9

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenues $ 252,163 $ 396,345
Less: Discounts Allowed (2,738) (3,731)
Cost of Goods Sold (204,868) (302,963)
Gross Profit 44,557 89,651
Operating Expenses        
General and administrative 867,863 1,025,938 1,764,224 2,448,416
Sales and marketing 200,622 145,621 451,114 227,758
Research and development 16,185 56,333 155,310 391,774
Depreciation 6,866 6,671 13,894 12,892
Total Operating Expenses 1,091,536 1,234,563 2,384,542 3,080,840
Operating Loss (1,046,979) (1,234,563) (2,294,891) (3,080,840)
Other Expenses        
Foreign currency transaction loss 11,641 12,034
Interest expense 27,280 1,438 32,761 392,235
Total Other Expenses 38,921 1,438 44,795 392,235
Total Loss from Continuing Operations (1,085,900) (1,236,001) (2,339,686) (3,473,075)
Discontinued Operations        
Loss from discontinued operations 1,163
Total Loss from Discontinued Operations (1,163)
Net Loss (1,085,900) (1,236,001) (2,339,686) (3,474,238)
Dividend on outstanding Series B Preferred stock (7,707) (7,707)
Deemed dividend on beneficial conversion features (259,350) (259,350)
Net loss attributable to common shareholders $ (1,352,957) $ (1,236,001) $ (2,606,743) $ (3,474,238)
Loss per share - Basic:        
Continuing Operations $ (0.06) $ (0.07) $ (0.12) $ (0.20)
Discontinued Operations
Net Loss per share (0.06) (0.07) (0.12) (0.20)
Loss per share - Diluted:        
Continuing Operations (0.06) (0.07) (0.12) (0.20)
Discontinued Operations
Net Loss per share $ (0.06) $ (0.07) $ (0.12) $ (0.20)
Weighted average outstanding shares used to compute basic net loss per share 23,397,228 17,966,591 22,440,756 17,171,528
Weighted average outstanding shares used to compute diluted net loss per share 23,397,228 17,966,591 22,440,756 17,171,528

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities    
Net loss $ (2,339,686) $ (3,474,238)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 13,894 12,892
Amortization of debt discount 25,646 31,772
Debt conversion expense 355,985
Accrued interest related to convertible debenture 1,194
Stock based compensation 85,539 500,408
Straight-line rent adjustment (590)
Changes in operating assets and liabilities, net of effects of disposition:    
Accounts receivable 1,217
Other receivables 54,114
Prepaid expenses 93,171 228,116
Inventory 768 (55,978)
Accounts payable 296,651 (123,628)
Accounts payable to related parties 22,643
Interest payable 3,024
Unearned revenue (1,048)
Accrued liabilities 125,833 (129,800)
Net Cash Used in Operating Activities (1,617,630) (2,654,471)
Cash Flows from Investing Activities    
Payment received from Streamline note receivable 150,000
Expenditures for property and equipment (10,461)
Net Cash Provided by (Used in) Investing Activities 150,000 (10,461)
Cash Flows from Financing Activities    
Principal payments under note payable obligations (77,440) (97,016)
Proceeds from issuance of common stock and preferred stock, net of offering costs 901,291 1,816,045
Proceeds from issuance of warrants, net of offering costs 238,855 802,017
Proceeds from issuance of convertible debt 74,354
Proceeds from issuance of short term loan 200,000
Net Cash Provided by Financing Activities 1,337,060 2,521,046
Net Decrease in Cash (130,570) (143,886)
Cash - Beginning of period 245,026 892,814
Cash - End of period 114,456 748,928
Supplementary Cash Flow Information    
Cash paid for interest 3,684 4,476
Non-cash investing and financing activities    
Financing agreement for insurance policy 74,672 66,895
Conversion of note and accrued interest to common stock 101,194 718,079
Conversion of short-term loan to preferred stock and warrants 100,000 126,720
Issuance of common stock for consideration of cancellation of warrants 208,000
Issuance of common stock warrants for conversion of notes 305,201
Issuance of common stock for board fees 240,000
Issuance of common stock for preferred stock conversion 1,274 931
Issuance of common stock warrants for placement agent fees 304,183
Issuance of warrants for promissory note 25,646
Dividends accrued $ 7,707

Source

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