Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets    
Cash $ 1,499,287 $ 584,877
Accounts receivable 1,222,874 1,642,126
Inventory 513,498 509,416
Prepaid expenses and other assets 316,199 136,628
Customer acquisition costs, net 34,467
Total current assets 3,551,858 2,907,514
Property and equipment, net 2,082,343 2,397,691
Right of use asset 1,106,575
Intellectual property 2,532,462 2,733,662
Total assets 9,273,238 8,038,867
Current liabilities    
Accounts payable and accrued expenses 1,676,757 1,858,326
Current portion of equipment notes payable 53,304 63,424
Current portion of operating lease liability 383,307
Current portion of convertible notes payable, net of discount and issuance costs 990,000
Accrued interest 226,065 96,902
Customer credits 167,000 167,000
Deferred compensation 357,095 555,877
Total current liabilities 3,853,528 2,741,529
Equipment notes payable, less current portion 22,386 104,226
Operating lease liability 807,409
Convertible notes payable, net of discount and issuance costs 2,951,137 1,760,570
Profit share liability 2,328,845
Secured note payable 271,686 271,686
Unsecured note payable, net of discount and issuance costs 7,911,898 11,781,952
Total liabilities 18,146,889 16,659,963
COMMITMENTS AND CONTINGENCIES (Note 11)
Stockholders' deficit    
Preferred stock, $0.001 par value: 2,000,000 shares authorized, no shares issued
Common stock; $0.001 par value; 150,000,000 shares authorized; 76,747,750 and 76,246,113 shares issued and outstanding as of December 31, 2019 and 2018, respectively 76,748 76,246
Additional paid-in capital 48,708,085 42,785,990
Accumulated deficit (57,658,484) (51,483,332)
Total stockholders' deficit (8,873,651) (8,621,096)
Total liabilities and stockholders' deficit $ 9,273,238 $ 8,038,867