Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash (Note 2) $ 536,141 $ 518,462
Accounts receivable, net (Note 2) 868,419 870,552
Notes receivable (Note 3) 555,784 617,681
Inventory (Note 4) 13,874,524 14,133,920
Prepaid expenses and other current assets 466,635 451,127
Total current assets 16,301,503 16,591,742
Property & equipment, net (Note 2) 390,590 439,615
Intangibles, net (Note 6) 5,405,650 5,620,000
Goodwill 4,643,812 4,643,812
Total other assets 10,440,052 10,703,427
Total assets 26,741,555 27,295,169
Current Liabilities:    
Accounts payable 878,632 659,408
Accrued expenses (Note 5) 408,432 522,719
Secured convertible promissory notes payable, net (Note 8) 0 881,803
Unsecured note payable to vendor 79,482 138,975
Contingent consideration 250,000 250,000
Total current liabilities 1,616,546 2,452,905
Non-current liabilities    
Unsecured note payable, net (Note 8) 560,911 0
Deferred tax liability 1,556,300 1,556,300
Total liabilities $ 3,733,757 $ 4,009,205
Commitments and contingencies (Note 11)
Stockholders' equity (Note 12)    
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; 51,513,924 and 45,451,389 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively 5,150 4,544
Additional paid-in capital 40,525,256 39,270,911
Accumulated Deficit (17,522,608) (15,989,491)
Total stockholders' equity 23,007,798 23,285,964
Total liabilities and stockholders' equity $ 26,741,555 $ 27,295,169