Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and Cash Equivalents $ 10,395,656 $ 14,533,944
Accounts Receivable 320,575 103,314
Inventories, Net 2,720,832 2,651,218
Manufacturing Vendor Prepayments 212,279 144,168
Prepaid Expenses and Other Assets 550,722 797,409
Total Current Assets 14,200,064 18,230,053
Long-Term Assets    
Fixed Assets, Net 3,413,262 3,364,908
Patents and Trademarks, Net 552,366 535,461
Software Development Costs, Net 143,225 214,838
Total Assets 18,308,917 22,345,260
Current Liabilities    
Accounts Payable 1,003,149 1,085,472
Current Portion of Long-Term Debt, net of discount 518,374 1,416,480
Customer Deposits 108,285 66,162
Unearned Revenue 298,173 509,572
Accrued Expenses 1,245,973 1,331,983
Income and Other Taxes Payable 11,120 12,290
Total Current Liabilities 3,185,074 4,421,959
Long-Term Liabilities    
Derivative Liability 150,571 173,131
Accrued Expenses 25,832 28,333
Total Long-Term Liabilities 176,403 201,464
Total Liabilities 3,361,477 4,623,423
Stockholders' Equity    
Preferred Stock — $.001 Par Value, 5,000,000 Shares Authorized; 49,626 Shares Issued and Outstanding March 31, 2017, and December 31, 2016 50 50
Common Stock — $.001 Par Value, 100,000,000 Shares Authorized; 20,293,173 Shares Issued and Outstanding March 31, 2017 and 19,569,247 on December 31, 2016 20,293 19,569
Additional Paid-in Capital 95,947,859 94,541,168
Accumulated Deficit (81,020,762) (76,838,950)
Total Stockholders' Equity 14,947,440 17,721,837
Total Liabilities and Stockholders' Equity $ 18,308,917 $ 22,345,260