Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 4,378,550 $ 7,751,557
Accounts receivable 2,205,739 3,553,096
Inventory 1,240,893 609,072
Prepaid expenses and other assets 201,905 199,495
Total current assets 8,027,087 12,113,220
Property and Equipment, net 2,938,955 2,569,354
Deferred tax asset 500,000 500,000
License, net 51,475 52,945
Customer acquisition costs, net 521,359 642,203
Total assets 12,038,876 15,877,722
Current liabilities    
Accounts payable and accrued expenses 950,948 4,363,553
Current portion of notes payable 2,125,000 1,500,000
Current portion of equipment notes payable 58,446 39,499
Customer credits 590,206 590,206
Total current liabilities 3,724,600 6,493,258
Notes payable, net of discount and issuance costs 11,208,465 11,678,669
Convertible notes payable, net of discount and issuance costs 1,185,041 1,142,154
Warrant liability 991,000 1,313,000
Accrued interest 38,750 78,750
Equipment notes payable 213,310 143,135
Total liabilities 17,361,166 20,848,966
Stockholders' deficit    
Preferred stock, $.001 par value: 2,000,000 shares authorized
Common stock; $.001 par value; 150,000,000 shares authorized; 73,707,128 shares issued and outstanding as of March 31, 2017 73,509,663 shares issued and outstanding as of December 31, 2016 73,707 73,510
Additional paid-in capital 50,932,511 49,838,469
Accumulated deficit (56,328,508) (54,883,223)
Total stockholders' deficit (5,322,290) (4,971,244)
Total liabilities and stockholders' deficit $ 12,038,876 $ 15,877,722