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v3.8.0.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 37,590 $ 119,028
Inventory 170,432 180,503
Prepaid expenses and other current assets 821
Total current assets 208,022 300,352
Tooling in process 137,641
Property and equipment, net 47,939 66,832
Other assets 26,483 32,580
Total assets 420,085 399,764
Current liabilities:    
Accounts payable 1,562,155 1,293,443
Customer deposits 14,884 20,107
Accrued liabilities 519,356 454,413
Current portion of leases payable 2,756 2,756
Due to related party 46,075 46,075
Convertible notes payable, current, net of debt discount 295,750 295,750
Derivative liability 1,230,950 2,596,005
Total current liabilities 3,671,926 4,708,549
Customer deposits 8,523 8,954
Total liabilities 3,680,449 4,717,503
Redeemable Series B Preferred stock, $0.001 par value; 10,000,000 shares authorized 296,700 and 296,700 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 5,637,300 5,637,300
Commitments and contingencies
Stockholders' deficit:    
Series A Preferred stock, $0.001 par value; 51 shares authorized 51 and 51 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively
Common stock, $0.001 par value, 10,000,000,000 shares authorized; 1,894,397,541 and 1,859,397,541 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 1,894,397 1,859,397
Additional paid-in capital 19,961,007 19,818,536
Accumulated deficit (30,753,068) (31,632,972)
Total stockholders' deficit (8,897,664) (9,955,039)
Total liabilities and stockholders' deficit $ 420,085 $ 399,764

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v3.8.0.1
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Sales    
Product revenue $ 66,844 $ 78,019
Product service revenue 5,455 7,372
Licensing revenue 4,130
Total sales 76,429 85,391
Cost of goods sold    
Product costs 26,338 33,848
Total cost of sales 26,338 33,848
Gross profit 50,091 51,543
Operating Expenses    
Research and development 233,090 20,283
Sales and marketing 52,253 197,046
General and administrative 245,647 561,027
Total operating expenses 530,990 778,356
Loss from operations (480,899) (726,813)
Other income (expense)    
Interest expense, net (8,751) (270,006)
Change in fair value of derivative liability 1,519,057 (3,591,831)
Derivative expense (154,002) (638,182)
Gain (loss) on settlement of debt 4,500 126,560
Gain on forfeiture of technology transfer deposit
Loss on extinguishment of debt
Total Other income (expense) 1,360,804 (4,373,459)
Income (loss) before provision for income taxes 879,905 (5,100,272)
Provision for income taxes
Net income (loss) $ 879,905 $ (5,100,272)
Income (loss) per share    
Basic $ 0.00 $ (0.00)
Diluted $ (0.00) $ (0.00)
Weighted average common shares outstanding - basic 1,878,730,874 1,120,023,451
Weighted average common shares outstanding - diluted 5,320,872,536 1,120,023,451

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income (loss) $ 879,905 $ (5,100,272)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activties:    
Depreciation and amortization 18,893 21,047
Common stock issued in exchange for services 150,000 76,300
Change in fair value of derivative liability (1,519,057) 3,591,831
Derivative expense 154,002 638,182
Gain on settlement of accrued payroll (44,005)
Gain on settlement of vendor liabilities (4,500) (82,554)
Stock based compensation 1,971 245,225
Interest expense related to amortization of debt issuance costs and debt discount 251,670
Changes in assets and liabilities:    
Inventory 10,071 8,221
Prepaid expenses and other assets 6,918 1,517
Tooling in process (137,641)
Accounts payable and accrued liabilities 358,431 261,015
Customer deposits (431)
Long term obligations 161,552
Current portion leases payable (197)
Net cash provided by (used in) operating activities (81,438) 29,533
Cash flows from financing activities    
Proceeds from the issuance of common stock 95,500
Proceeds from note payable - related party 25,000
Repayments on asset based loans (54,485)
Net cash provided by financing activities 66,015
Net change in cash (81,438) 95,548
Cash, beginning of period 119,028 38,203
Cash, end of period 37,590 133,751
Supplemental cash flow information:    
Interest paid 8,400
Taxes paid
Supplemental disclosure of non-cash investing and financing activities:    
Settlement of debt with convertible note 525,538
Derivative cease to exist upon conversion of notes 1,656,420
Stock issued for settlement of vendor liabilities $ 25,500

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