Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 629,583 $ 2,418,427
Accounts receivable 841,066 2,931,353
Inventory 618,763 659,579
Prepaid expenses and other assets 169,663 210,535
Total current assets 2,259,075 6,219,894
Property and equipment, net 2,679,178 2,728,993
Intellectual property, net 2,884,562 2,934,862
Customer acquisition costs, net 137,867 172,333
Total assets 7,960,682 12,056,082
Current liabilities    
Accounts payable and accrued expenses 285,136 1,795,703
Current portion of notes payable 2,625,000 2,500,000
Convertible notes payable, net of discount and issuance costs 1,499,031 1,461,417
Current portion of equipment notes payable 61,240 61,177
Customer credits 167,000 167,000
Accrued interest 38,750 77,500
Deferred revenue 517,060
Total current liabilities 4,676,157 6,579,857
Notes payable, net of discount and issuance costs 9,167,773 9,733,361
Equipment notes payable 152,070 167,650
Total liabilities 13,996,000 16,480,868
Stockholders' deficit    
Preferred stock, $.001 par value: 2,000,000 shares authorized
Common stock; $.001 par value; 150,000,000 shares authorized; 76,246,113 shares issued and outstanding as of March 31, 2018 76,246,113 shares issued and outstanding as of December 31, 2017 76,246 76,246
Additional paid-in capital 42,466,160 42,165,620
Accumulated deficit (48,577,724) (46,666,652)
Total stockholders' deficit (6,035,318) (4,424,786)
Total liabilities and stockholders' deficit $ 7,960,682 $ 12,056,082