v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash and Cash Equivalents $ 3,335,637 $ 4,550,003
Accounts Receivable - net 2,165,014 1,835,949
Inventories (Note 3) 3,012,569 3,518,884
Deposits on Merchandise 87,213 0
Prepaid Expenses 361,343 270,419
Total Current Assets 8,961,774 10,175,255
Property and Equipment - net (Note 4) 585,974 712,822
Other Assets:    
Intangible Assets - net (Note 5) 1,363,778 1,548,532
Deposits 90,959 4,700
Total Other Assets 1,454,737 1,553,232
Total Assets 11,002,486 12,441,309
Current Liabilities:    
Accounts Payable 665,015 751,730
Accrued Expenses and Other Current Liabilities (Note 10) 350,580 267,136
Accrued Interest (Note 6) 66,667 80,000
Customer Deposits 1,000 3,062
Deferred Rent 0 781
Convertible Notes Payable, net of discount of $39,684 at June 30, 2018 (Note 6) 5,260,316 0
Total Current Liabilities 6,343,578 1,102,709
Convertible Notes Payable, net of discount of $55,625 at December 31, 2017 (Note 6) 0 5,944,375
Total Long-term Liabilities 0 5,944,375
Total Liabilities 6,343,578 7,047,084
Commitments and Contingencies 0 0
Stockholders' Equity:    
Cumulative Convertible Series A Preferred Stock; par value $0.01 per share, 1,000,000 shares authorized; 510,000 shares issued and outstanding at June 30, 2018 and December 31, 2017 5,100 5,100
Cumulative Convertible Series B Preferred Stock; $1,000 stated value; 7.5% Cumulative dividend; 4,000 shares authorized; none issued and outstanding at June 30, 2018 and December 31, 2017 0 0
Common Stock; par value $0.01 per share, 200,000,000 shares authorized; 124,290,418 and 122,049,958 shares issued and outstanding 1,242,904 1,220,499
Additional Paid-in Capital 42,930,773 42,139,675
Accumulated Deficit (39,519,869) (37,971,049)
Total Shareholders' Equity 4,658,908 5,394,225
Total Liabilities and Shareholders' Equity $ 11,002,486 $ 12,441,309
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Condensed Consolidated Statement Of Operations        
Sales, net $ 1,246,472 $ 1,379,769 $ 2,558,938 $ 2,478,653
Cost of Sales 557,810 512,494 1,049,469 928,851
Gross Profit 688,661 867,275 1,509,469 1,549,802
Operating Expenses:        
Professional Fees 85,714 394,710 192,172 666,721
Depreciation and Amortization 152,468 148,923 315,206 308,074
Selling Expenses 431,655 371,095 635,660 550,480
Research and Development 109,823 18,119 242,310 48,765
Equity Compensation Expense (Note 7) 0 232,345 12,685 243,897
Consulting fees 38,352 86,060 73,378 117,112
General and Administrative 736,919 771,869 1,400,806 1,382,224
Total Operating Expenses 1,554,931 2,023,120 2,872,217 3,317,273
Loss from Operations (866,270) (1,155,845) (1,362,748) (1,767,472)
Other Income (Expense):        
Amortization of Debt Discounts (7,904) (757) (15,941) (894)
Induced Conversion Costs (57,201) 0 (57,201) 0
Interest Income 1,751 636 2,949 636
Interest Expense (55,878) (57,123) (115,878) (71,256)
Total Other Income (Expense) (119,233) (57,244) (186,072) (71,514)
Net Loss $ (985,502) $ (1,213,089) $ (1,548,820) $ (1,838,986)
Net Loss Per Common Share        
Basic and Diluted $ (0.01) $ (0.01) $ (0.01) $ (0.02)
Basic and Diluted Weighted Average Common Shares Outstanding 123,457,386 121,032,400 122,847,063 120,929,340
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flow From Operating Activities:    
Net Loss $ (1,548,820) $ (1,838,986)
Adjustments to Reconcile Net loss to Net Cash Used In Operating Activities:    
Depreciation and Amortization 315,206 308,074
Amortization of Debt Discount 15,941 894
Equity Based Compensation 13,590 220,973
Value of Equity Issued for Services 37,500 35,000
Induced Conversion Costs 57,201 0
Reserve for Bad Debts (175,000) 50,000
Decrease (Increase) in:    
Accounts Receivable (154,065) (252,091)
Inventory 506,315 (16,809)
Prepaid Expenses (90,924) (106,447)
Deposits on Merchandise (87,213) 67,890
Deposits (86,259) 0
Increase (Decrease) in:    
Accounts Payable (86,716) 5,323
Accrued Expenses 83,444 7,085
Accrued Interest (8,122) 71,256
Deferred Rent (781) (3,880)
Customer Deposits (2,062) (22,632)
Net Cash Used in Operating Activities (1,210,763) (1,474,350)
Cash Flow From Investing Activities:    
Purchase of Property and Equipment (3,604) (6,453)
Net Cash Used in Investing Activities (3,604) (6,453)
Cash Flow From Financing Activities:    
Proceeds from Convertible Notes 0 6,000,000
Net Cash Provided by Financing Activities 0 6,000,000
Increase (Decrease) In Cash and Cash Equivalents (1,214,366) 4,519,197
Cash and Cash Equivalents - Beginning 4,550,003 948,324
Cash and Cash Equivalents - Ending 3,335,637 5,467,521
Supplemental Cash Flow Information:    
Cash Paid For Interest 124,000 0
Cash Paid For Income Taxes 800 800
Non-Cash Investing and Financing Activities :    
Establishment of discount on convertible debt 0 61,904
Conversion of Convertible Note Payable and Accrued Interest into Common Stock $ 705,212 $ 0