Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash (Note 2) $ 781,857 $ 518,462
Restricted cash (Note 2) 275,611 0
Accounts receivable, net (Note 2) 360,475 870,552
Related party notes receivable (Note 3) 0 617,681
Inventory (Note 4) 2,851,772 14,133,920
Prepaid expenses and other current assets 551,395 451,127
Total current assets 4,821,110 16,591,742
Accounts receivable (Note 2) 389,723 0
Inventory, net (Note 4) 6,478,727 0
Property & equipment, net (Note 2) 242,702 439,615
Intangibles, net (Note 7) 3,871,600 5,620,000
Goodwill (Note 7) 2,788,300 4,643,812
Total other assets 13,771,052 10,703,427
Total assets 18,592,162 27,295,169
Current Liabilities:    
Accounts payable 523,581 659,408
Accrued expenses (Note 5) 378,218 522,719
Secured convertible promissory notes payable, net (Note 8) 1,897,976 881,803
Unsecured note payable, net (Note 8) 125,964 138,975
Contingent consideration (Note 6) 0 250,000
Derivative liability (Note 8) 222,800 0
Total current liabilities 3,148,539 2,452,905
Non-current liabilities    
Unsecured note payable, net (Note 8) 679,174 0
Deferred tax liability (Note 6) 1,556,300 1,556,300
Total liabilities 5,384,013 4,009,205
Stockholders' equity (Note 10)    
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; 57,617,545 and 45,451,389 shares issued and outstanding as of December 31, 2016 and 2015, respectively 5,762 4,544
Additional paid-in capital 43,333,176 39,270,911
Accumulated deficit (30,130,789) (15,989,491)
Total stockholders' equity 13,208,149 23,285,964
Total liabilities and stockholders' equity $ 18,592,162 $ 27,295,169