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v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 119,028 $ 38,203
Accounts receivable, net 27,851
Inventory 180,503 155,233
Prepaid expenses and other current assets 821 79,965
Total current assets 300,352 301,252
Property and equipment, net 66,832 138,883
Other assets 32,580 49,845
Total assets 399,764 489,980
Current liabilities:    
Asset based loans 120,460
Accounts payable 1,293,443 1,082,384
Customer deposits 20,107 16,767
Accrued liabilities 454,413 131,563
Current portion of leases payable 2,756 3,480
Due to related party 46,075 1,075
Convertible notes payable, current, net of debt discount 295,750 233,147
Derivative liability 2,596,005 1,812,441
Warrant liability 247,203
Total current liabilities 4,708,549 3,648,520
Convertible note payable - related party 200,000
Customer deposits 8,954
Total liabilities 4,717,503 3,848,520
Redeemable Series B Preferred stock, $0.001 par value; 10,000,000 shares authorized 296,700 and 300,000 shares issued and outstanding as of December 31, 2017 and 2016, respectively 5,637,300 5,700,000
Commitments and contingencies
Stockholders' deficit:    
Series A Preferred stock, $0.001 par value; 51 and 51 shares issued and outstanding as of December 31, 2017 and 2016, respectively
Common stock, $0.001 par value, 10,000,000,000 shares authorized; 1,858,272,792 and 645,060,704 shares issued and outstanding as of December 31, 2017 and 2016, respectively 1,859,397 645,061
Additional paid-in capital 19,818,536 16,695,852
Accumulated deficit (31,632,972) (26,399,453)
Total stockholders' deficit (9,955,039) (9,058,840)
Total liabilities and stockholders' deficit $ 399,764 $ 489,980

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v3.8.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Sales    
Product revenue $ 398,401 $ 651,418
Product service revenue 13,384 18,758
Licensing revenue 8,829 138,000
Total sales 420,614 808,176
Cost of goods sold    
Product costs 114,616 481,349
Total cost of sales 114,616 481,349
Gross profit 305,998 326,827
Operating Expenses    
Research and development 170,385 686,095
Sales and marketing 968,687 1,967,786
General and administrative 1,589,485 1,888,155
Total operating expenses 2,728,557 4,542,036
Loss from operations (2,422,559) (4,215,209)
Other income (expense)    
Interest expense, net (341,068) (2,723,187)
Change in fair value of derivative liability (196,545) (1,013,901)
Derivative expense (1,987,888) (2,464,439)
Gain (loss) on settlement of debt 179,276 (6,084,353)
Gain on forfeiture of technology transfer deposit 135,000
Loss on extinguishment of debt (599,735)
Income (loss) before provision for income taxes (5,233,519) (16,501,089)
Provision for income taxes 800
Net income (loss) (5,233,519) (16,501,889)
Dividends (119,670)
Net loss attributable to common shareholders $ (5,353,189) $ (16,501,889)
Income (loss) per share    
Basic and diluted $ 0 $ (0.19)
Weighted average common shares outstanding - basic and diluted 1,539,192,898 85,506,211

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (5,233,519) $ (16,501,889)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 72,051 81,055
Impairment of assets 13,126
Common stock issued in exchange for services 668,695 366,150
Change in fair value of derivative liability 196,545 1,013,901
Derivative expense 1,987,888 2,464,439
Loss on settlement of accrued payroll 5,691,993
Loss on settlement of debt (179,276)
(Gain)/loss on settlement of vendor liabilities 473,770 392,360
Stock based compensation 599,735 232,271
Loss on extinguishment of debt 599,735
Bad debt expense
Interest expense related to amortization of debt issuance costs and debt discount 280,841 1,602,635
Changes in assets and liabilities:    
Accounts receivable (17,149)
Inventory (25,270) 296,740
Prepaid expenses and other assets 96,409 26,533
Accounts payable and accrued liabilities 621,496 3,513,462
Customer deposits 7,300
Long term obligations 12,294
Current portion leases payable (724) (2,014)
Net cash used in operating activities (401,214) (819,087)
Cash flows from financing activities    
Proceeds from the issuance of common stock 245,500
Proceeds from note payable - related party loans 165,000 160,000
Repayment of related party loans (120,000) (135,000)
Proceeds from note payable, net of debt discount and issuance costs 263,500
Proceeds from the issuance of convertible notes payable, net of issuance costs 48,500 521,622
Proceeds from issuance of asset based loans, net of issuance costs 300,000
Repayments on asset based loans (120,461) (133,012)
Net cash provided by financing activities 482,039 713,610
Net increase 80,825 (105,477)
Cash, beginning of period 38,203 143,680
Cash, end of period 119,028 38,203
Supplemental cash flow information:    
Interest paid 13,755 44,200
Taxes paid
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of debt 908,828 1,836,127
Derivative cease to exist upon conversion of notes 1,845,677 4,321,381
Convertible notes issues through extinguishment of debt 465,295
Debt discount recorded on convertible debt $ 2,207,842

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