Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash (Note 2) $ 663,378 $ 781,857
Restricted cash (Note 2) 1,117,115 275,611
Accounts receivable, net (Note 2) 871,048 360,475
Inventory (Note 3) 2,867,387 2,851,772
Prepaid expenses and other current assets 661,773 551,395
Total current assets 6,180,701 4,821,110
Accounts receivable (Note 2) 371,723 389,723
Inventory, net (Note 3) 5,775,345 6,478,727
Property & equipment, net (Note 2) 195,177 242,702
Intangibles, net (Note 5) 3,862,750 3,871,600
Goodwill 2,788,300 2,788,300
Total other assets 12,993,295 13,771,052
Total assets 19,173,996 18,592,162
Current Liabilities:    
Accounts payable 496,370 523,581
Accrued expenses (Note 4) 2,920,691 378,218
Secured convertible promissory notes payable, net (Note 7) 901,533 1,897,976
Unsecured note payable (Note 7) 73,402 125,964
Unsecured note payable, net (Note 7) 718,595 0
Derivative liabilities (Note 7) 41,500 222,800
Total current liabilities 5,152,091 3,148,539
Non-current liabilities    
Secured convertible promissory notes payable, net (Note 7) 730,942 0
Unsecured note payable, net (Note 7) 0 679,174
Deferred tax liability 1,556,300 1,556,300
Total liabilities 7,439,333 5,384,013
Commitments and contingencies (Note 10)
Stockholders' equity (Notes 8 and 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; 62,146,773 and 57,617,545 shares issued and outstanding as of March 31,2017 and December 31, 2016, respectively 6,215 5,762
Additional paid-in capital 45,644,014 43,333,176
Accumulated deficit (33,915,566) (30,130,789)
Total stockholders' equity 11,734,663 13,208,149
Total liabilities and stockholders' equity $ 19,173,996 $ 18,592,162