Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 619,064 $ 1,083,280
Accounts receivable 4,039,784 1,150,602
Inventory 877,767 2,715,913
Prepaid expenses and other assets 167,848 161,813
Total current assets 5,704,463 5,111,608
Property and Equipment, net 2,066,881 1,243,450
License, net 55,883 58,825
Prepaid expenses and other assets 4,058
Customer acquisition costs, net 883,895 897,428
Total assets 8,711,122 7,315,369
Current liabilities    
Accounts payable and accrued expenses 4,298,536 1,235,162
Deferred revenue 39,832 2,281,760
Convertible notes payable 4,041,935 2,497,114
Current portion of equipment notes payable 38,593 20,979
Customer credits 936,500 936,500
Total current liabilities 9,355,396 6,971,515
Convertible notes payable, net of discount 3,349,850 3,175,085
Warrant liability 15,207,000 9,854,400
Accrued interest 229,066 169,202
Equipment notes payable 163,114 90,165
Total liabilities 28,304,426 20,260,367
Stockholders' deficit    
Preferred stock, $.001 par value: 2,000,000 shares authorized
Common stock; $.001 par value; 150,000,000 shares authorized; 47,358,618 shares issued and outstanding as of June 30, 2016 47,194,118 shares issued and outstanding as of December 31, 2015 47,359 47,194
Additional paid-in capital 25,694,063 25,008,016
Accumulated deficit (45,334,726) (38,000,208)
Total stockholders' deficit (19,593,304) (12,944,998)
Total liabilities and stockholders' deficit $ 8,711,122 $ 7,315,369