Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current Assets    
Cash and Cash Equivalents $ 14,533,944 $ 11,877,058
Accounts Receivable 103,314 325,694
Inventories, Net 2,651,218 3,349,098
Manufacturing Vendor Prepayments 144,168 369,411
Prepaid Expenses and Other Assets 797,409 608,950
Total Current Assets 18,230,053 16,530,211
Long-Term Assets    
Fixed Assets, Net 3,364,908 2,015,433
Patents and Trademarks, Net 535,461 515,697
Software Development Costs, Net 214,838 501,288
Total Assets 22,345,260 19,562,629
Current Liabilities    
Accounts Payable 1,085,472 907,434
Current Portion of Long-term Debt, net of discount 1,416,480 55,790
Customer Deposits 66,162 27,847
Unearned Revenue 509,572 69,481
Accrued Expenses 1,331,983 734,497
Income and Other Taxes Payable 12,290 7,073
Total Current Liabilities 4,421,959 1,802,122
Long-Term Liabilities    
Derivative Liability 173,131 240,786
Term Debt, net of discounts 0 1,227,550
Accrued Expenses 28,333 38,333
Accrued Interest 0 160,967
Total Long-Term Liabilities 201,464 1,667,636
Total Liabilities 4,623,423 3,469,758
Stockholders' Equity    
Preferred Stock — $.001 Par Value, 5,000,000 Shares Authorized; 49,626 and 49,626 Shares Issued and Outstanding December 31, 2016 and 2015. 50 50
Common Stock — $.001 Par Value, 100,000,000 Shares Authorized December 31, 2016 and 2015; 19,569,247 and 16,087,951 Shares Issued and Outstanding December 31, 2016 and 2015, respectively. 19,569 16,088
Additional Paid-in Capital 94,541,168 73,665,601
Accumulated Deficit (76,838,950) (57,588,868)
Total Stockholders' Equity 17,721,837 16,092,871
Total Liabilities and Stockholders' Equity $ 22,345,260 $ 19,562,629