Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v3.3.1.900
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets    
Cash and cash equivalents $ 1,083,280 $ 7,212,114
Accounts receivable 1,150,602 410,950
Inventory 2,715,913 5,784,905
Prepaid expenses and other assets 161,813 140,559
Total current assets 5,111,608 13,548,528
Property and Equipment, net 1,243,450 255,330
License, net 58,825 64,707
Prepaid expenses and other assets 4,058 13,799
Customer acquisition costs 897,428 1,156,521
Total assets 7,315,369 15,038,885
Current liabilities    
Accounts payable and accrued expenses 1,235,162 1,174,521
Deferred revenue 2,281,760 5,808,301
Convertible notes payable 2,497,114 3,080,376
Customer credits $ 936,500 936,500
Other current liabilites  
Total current liabilities $ 6,950,536 11,249,698
Convertible notes payable, net of discount and issuance costs 3,175,085 2,438,902
Warrant liability 9,854,400 5,597,011
Accrued interest 169,202 $ 337,999
Equipment notes payable 111,144
Total liabilities $ 20,260,367 $ 19,623,610
Stockholders' deficit    
Preferred stock, $.001 par value: 2,000,000 shares authorized
Common stock; $.001 par value; 150,000,000 shares authorized; 47,194,118 shares issued and outstanding as of December 31, 2015 40,228,123 shares issued and outstanding as of December 31, 2014 $ 47,194 $ 40,228
Additional paid-in capital 25,008,016 19,113,724
Accumulated deficit (38,000,208) (23,738,677)
Total stockholders' deficit (12,944,998) (4,584,725)
Total liabilities and stockholders' deficit $ 7,315,369 $ 15,038,885