Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 2,047,804 $ 1,083,280
Accounts receivable 5,242,893 1,150,602
Inventory 765,917 2,715,913
Prepaid expenses and other assets 186,000 161,813
Total current assets 8,242,614 5,111,608
Property and Equipment, net 2,379,808 1,243,450
License, net 54,415 58,825
Prepaid expenses and other assets 4,058
Customer acquisition costs, net 763,048 897,428
Total assets 11,439,885 7,315,369
Current liabilities    
Accounts payable and accrued expenses 5,190,907 1,235,162
Deferred revenue 2,281,760
Convertible notes payable 3,960,335 2,497,114
Current portion of equipment notes payable 39,043 20,979
Customer rebates 936,500 936,500
Total current liabilities 10,126,785 6,971,515
Convertible notes payable, net of discount 4,042,782 3,175,085
Warrant liability 23,763,000 9,854,400
Accrued interest 75,738 169,202
Equipment notes payable 153,183 90,165
Total liabilities 38,161,488 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; 49,292,297 shares issued and outstanding as of September 30, 2016 47, 194,118 shares issued and outstanding as of December 31, 2015 49,292 47,194
Additional paid-in capital 27,865,654 25,008,016
Accumulated deficit (54,636,549) (38,000,208)
Total stockholders' deficit (26,721,603) (12,944,998)
Total liabilities and stockholders' deficit $ 11,439,885 $ 7,315,369