Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current Assets    
Cash and Cash Equivalents $ 4,586,333 $ 11,877,058
Accounts Receivable 101,883 325,694
Inventories, Net 3,470,954 3,349,098
Manufacturing Vendor Prepayments 424,574 369,411
Prepaid Expenses and Other Assets 869,000 608,950
Total Current Assets 9,452,744 16,530,211
Fixed Assets, Net 2,551,228 2,015,433
Patents and Trademarks, Net 520,403 515,697
Software Development Costs, Net 358,063 501,288
Total Assets 12,882,438 19,562,629
Current Liabilities    
Accounts Payable 1,057,169 907,434
Current Portion of Long-Term Debt, net of discount 1,468,396 55,790
Customer Deposits 34,970 27,847
Unearned Revenue 261,135 69,481
Accrued Expenses 915,062 734,497
Income and Other Taxes Payable 18,400 7,073
Total Current Liabilities 3,755,132 1,802,122
Long-Term Liabilities    
Long-Term Derivative Liability 238,799 240,786
Long-Term Portion of Term Debt, net of discount 0 1,227,550
Long-Term Portion of Accrued Expenses 33,333 38,333
Long-Term Portion of Accrued Interest 0 160,967
Total Long-Term Liabilities 272,132 1,667,636
Total Liabilities 4,027,264 3,469,758
Stockholders' Equity    
Preferred Stock - $.001 Par Value, 5,000,000 Shares Authorized; 49,626 Shares Issued and Outstanding June 30, 2016, and December 31, 2015 50 50
Common Stock - $.001 Par Value, 100,000,000 Shares Authorized; 16,155,529 Shares Issued and Outstanding June 30, 2016 and 16,087,951 on December 31, 2015 16,156 16,088
Additional Paid-in Capital 74,307,065 73,665,601
Accumulated Deficit (65,468,097) (57,588,868)
Total Stockholders' Equity 8,855,174 16,092,871
Total Liabilities and Stockholders' Equity $ 12,882,438 $ 19,562,629