Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current Assets    
Cash and Cash Equivalents $ 11,877,058 $ 84,967
Accounts Receivable, Net 325,694 383,533
Inventories, Net 3,349,098 911,949
Manufacturing Vendor Prepayments 369,411 156,091
Prepaid Expenses and Other Assets 608,950 422,909
Total Current Assets 16,530,211 1,959,449
Tooling and Equipment, Net 2,015,433 416,965
Patents and Trademarks, Net 515,697 423,489
Software Development Costs, Net 501,288 787,738
Total Assets 19,562,629 3,587,641
Current Liabilities    
Accounts Payable 907,434 2,183,565
Line of Credit 0 112,500
Notes Payable 0 37,038
Current Portion of Long-term Debt, Net of discount 55,790 128,425
Current Portion of Capital Leases 0 16,882
Customer Deposits 27,847 120,550
Unearned Revenue 69,481 53,403
Accrued Expenses 734,497 699,067
Income and Other Taxes Payable 7,073 35,158
Total Current Liabilities 1,802,122 3,386,588
Long-Term Liabilities    
Long-Term Derivative Liability 240,786 13,541,138
Long-Term Portion of Term Debt, net of discounts 1,227,550 976,475
Long-Term Portion of Accrued Expenses 38,333 0
Long-Term Portion of Accrued Interest 160,967 81,451
Total Long-Term Liabilities 1,667,636 14,599,064
Total Liabilities 3,469,758 17,985,652
Stockholders’ Equity (Deficit)    
Preferred Stock - $.001 Par Value, 5,000,000 Shares Authorized; 49,626 and 0 Shares Issued and Outstanding Respectively 50 0
Common Stock - $.001 Par Value, 100,000,000 Shares Authorized December 31, 2015 and 2014; 16,087,951 Shares Issued and Outstanding December 31, 2015 and 11,295,387 on December 31, 2014 16,088 11,296
Additional Paid-in Capital 73,665,601 29,752,083
Accumulated Deficit (57,588,868) (44,161,390)
Total Stockholders’ Equity (Deficit) 16,092,871 (14,398,011)
Total Liabilities and Stockholders’ Equity (Deficit) $ 19,562,629 $ 3,587,641