Main Content

Financials

Home / Investors / Financials
v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 108,252 $ 38,203
Accounts receivable 27,851 27,851
Inventory 163,150 155,233
Prepaid expenses and other current assets 46,738 79,965
Total current assets 345,991 301,252
Property and equipment, net 98,769 138,883
Other assets 49,845 49,845
Total assets 494,605 489,980
Current liabilities:    
Asset based loans 21,031 120,460
Accounts payable 1,216,649 1,082,384
Customer deposits 6,455 16,767
Accrued liabilities 137,986 131,563
Current portion of leases payable 2,738 3,480
Due to related party 116,075 1,075
Convertible notes payable, current, net of debt discount 22,202 233,147
Derivative liability 823,547 1,812,441
Warrant liability 247,203
Total current liabilities 2,346,683 3,648,520
Convertible note payable - related party 200,000
Notes payable 200,000
Total liabilities 2,546,683 3,848,520
Commitments and contingencies (Note 11)
Stockholders' deficit:    
Common stock, $0.001 par value, 10,000,000,000 shares authorized; 1,646,829,348 and 645,060,704 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively 1,646,829 645,061
Additional paid-in capital 24,832,709 22,395,552
Accumulated deficit (28,531,916) (26,399,453)
Total stockholders' deficit (2,052,078) (3,358,540)
Total liabilities and stockholders' deficit 494,605 489,980
Series A Preferred stock    
Stockholders' deficit:    
Preferred stock
Series B Preferred stock    
Stockholders' deficit:    
Preferred stock $ 300 $ 300

Source

v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Sales        
Product revenue $ 125,810 $ 211,382 $ 211,201 $ 372,640
Licensing revenue 68,000 68,000
Total sales 125,810 279,382 211,201 440,640
Cost of goods sold
Product costs 27,187 114,363 61,035 205,689
Total cost of sales 27,187 114,363 61,035 205,689
Gross profit 98,623 165,019 150,166 234,951
Operating Expenses        
Research and development 27,724 145,885 48,007 241,092
Sales and marketing 476,347 58,319 673,393 203,612
General and administrative 303,587 785,945 864,614 1,140,258
Total operating expenses 807,658 990,149 1,586,014 1,584,962
Loss from operations (709,035) (825,130) (1,435,848) (1,350,011)
Other income (expense)        
Interest expense, net (13,282) (36,550) (283,288) (55,380)
Change in fair value of derivative liability 3,711,673 119,842
Derivative expense (228,249) (866,431)
Gain (loss) on settlement of debt 71,701 (73,935) 198,261 (73,935)
Gain on forfeiture of technology transfer deposit 135,000 135,000
Income (loss) before provision for income taxes 2,967,808 (935,615) (2,132,464) (1,479,326)
Provision for income taxes 1,050 1,850
Net income (loss) $ 2,967,808 $ (936,665) $ (2,132,464) $ (1,481,176)
Income (loss) per share        
Basic $ 0.00 $ (0.04) $ (0.00) $ (0.07)
Diluted $ 0.00 $ (0.04) $ (0.00) $ (0.07)
Weighted average common shares outstanding - basic 1,574,702,974 22,647,732 1,348,619,233 22,415,242
Weighted average common shares outstanding - diluted 1,785,826,208 22,647,732 1,348,619,233 22,415,242

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (2,132,464) $ (1,481,176)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 40,114 42,692
Common stock issued in exchange for services 473,800 253,061
Change in fair value of derivative liability (119,842)
Derivative expense 866,431
Gain on settlement of accrued payroll (44,005)
Loss on settlement of debt 73,935
Gain on settlement of vendor liabilities (154,255)
Stock based compensation 247,420 208,302
Interest expense related to amortization of debt issuance costs and debt discount 260,420 13,845
Changes in assets and liabilities:    
Accounts receivable (365)
Inventory (7,917) 71,067
Prepaid expenses and other assets 33,227 44,303
Accounts payable and accrued liabilities 357,103 384,717
Customer deposits 4,174
Long term obligations (10,312)
Current portion leases payable (742)
Long term portion of asset based loans 21,629
Long-term portion of leases payable (1,473)
Net cash used in operating activities (191,022) (365,289)
Cash flows from financing activities    
Proceeds from the issuance of common stock 245,500
Proceeds from related party loans 135,000
Repayment of related party loans (20,000) (50,000)
Proceeds from the issuance of convertible notes payable, net of issuance costs 190,608
Proceeds from issuance of asset based loans, net of issuance costs 271,370
Repayments on asset based loans (99,429)
Net cash provided by financing activities 261,071 411,978
Net increase / (decrease) in cash 70,049 46,689
Cash, beginning of period 38,203 143,680
Cash, end of period 108,252 190,369
Supplemental cash flow information:    
Interest paid 12,023 9,385
Taxes paid 1,850
Supplemental disclosure of non-cash investing and financing activities:    
Settlement of debt with convertible note 535,288
Derivative cease to exist upon conversion of notes $ 1,656,420

Source