Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets:    
Cash (Note 2) $ 847,433 $ 518,462
Accounts receivable, net (Note 2) 752,831 870,552
Notes receivable (Note 3) 540,351 617,681
Inventory (Note 4) 13,206,088 14,133,920
Prepaid expenses and other current assets 496,840 451,127
Total current assets 15,843,543 16,591,742
Property and equipment, net (Note 2) 310,130 439,615
Intangibles, net (Note 6) 4,976,950 5,620,000
Goodwill 4,643,812 4,643,812
Total other assets 9,930,892 10,703,427
Total assets 25,774,435 27,295,169
Current Liabilities:    
Accounts payable 646,739 659,408
Accrued expenses (Note 5) 395,261 522,719
Secured convertible promissory notes payable, net (Note 8) 1,967,563 881,803
Unsecured note payable 0 138,975
Contingent consideration 0 250,000
Total current liabilities 3,009,563 2,452,905
Non-current liabilities    
Unsecured note payable, net (Note 8) 639,753 0
Deferred tax liability 1,556,300 1,556,300
Total liabilities 5,205,616 4,009,205
Commitments and contingencies (Note 11)
Stockholders' equity (Note 9)    
Preferred stock, par value $0.0001; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, par value $0.0001; 190,000,000 shares authorized; 52,338,924 and 45,451,389 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively 5,233 4,544
Additional paid-in capital 42,213,832 39,270,911
Accumulated Deficit (21,650,246) (15,989,491)
Total stockholders' equity 20,568,819 23,285,964
Total liabilities and stockholders' equity $ 25,774,435 $ 27,295,169