Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets    
Cash and Cash Equivalents $ 8,677,341 $ 14,533,944
Accounts Receivable 470,484 103,314
Subscription Receivable from Officer 61,000 0
Accrued Project Revenue 687,001 0
Inventories, Net 2,842,591 2,651,218
Manufacturing Vendor Prepayments 117,524 144,168
Prepaid Expenses and Other Assets 762,679 797,409
Total Current Assets 13,618,620 18,230,053
Long-Term Assets    
Fixed Assets, Net 3,885,605 3,364,908
Patents and Trademarks, Net 632,740 535,461
Software Development Costs, Net 329,204 214,838
Total Assets 18,466,169 22,345,260
Current Liabilities    
Accounts Payable 1,819,950 1,085,472
Current Portion of Long-Term Debt, net of discount 0 1,416,480
Customer Deposits 63,589 66,162
Unearned Revenue 117,330 509,572
Accrued Expenses 1,160,765 1,331,983
Derivative Liability 122,533 0
Income and Other Taxes Payable 6,665 12,290
Total Current Liabilities 3,290,832 4,421,959
Long-Term Liabilities    
Derivative Liability 0 173,131
Accrued Expenses 20,832 28,333
Total Long-Term Liabilities 20,832 201,464
Total Liabilities 3,311,664 4,623,423
Stockholders’ Equity    
Preferred Stock — $.001 Par Value, 5,000,000 Shares Authorized; 49,626 Shares Issued and Outstanding September 30, 2017, and December 31, 2016 50 50
Common Stock — $.001 Par Value, 100,000,000 Shares Authorized; 22,178,911 Shares Issued and Outstanding September 30, 2017 and 19,569,247 on December 31, 2016 22,178 19,569
Additional Paid-in Capital 105,725,265 94,541,168
Accumulated Deficit (90,592,988) (76,838,950)
Total Stockholders’ Equity 15,154,505 17,721,837
Total Liabilities and Stockholders’ Equity $ 18,466,169 $ 22,345,260