v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash and Cash Equivalents $ 3,867,420 $ 4,550,003
Accounts Receivable - net 2,230,402 1,835,949
Inventories (Note 3) 3,273,613 3,518,884
Deposits on Merchandise (Note 9) 15,714 0
Prepaid Expenses 276,685 270,419
Total Current Assets 9,663,834 10,175,255
Property and Equipment - net (Note 4) 642,461 712,822
Other Assets:    
Intangible Assets - net (Note 5) 1,456,155 1,548,532
Security Deposits 4,700 4,700
Total Other Assets 1,460,855 1,553,232
Total Assets 11,767,150 12,441,309
Current Liabilities:    
Accounts Payable 634,803 751,730
Accrued Expenses and Other Current Liabilities (Note 10) 287,861 267,136
Accrued Interest (Note 6) 16,000 80,000
Customer Deposits 1,578 3,062
Deferred Rent 0 781
Total Current Liabilities 940,242 1,102,709
Convertible Notes Payable, net of discount of $47,588 and 55,625 at March 31, 2018 and December 31, 2017, respectively (Note 6) 5,952,412 5,944,375
Total Long-term Liabilities 5,952,412 5,944,375
Total Liabilities 6,892,654 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 March 31, 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 March 31, 2018 and December 31, 2017 0 0
Common Stock; par value $0.01 per share, 200,000,000 shares authorized; 122,349,958 and 122,049,958 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 1,223,499 1,220,499
Additional Paid-in Capital 42,180,265 42,139,675
Accumulated Deficit (38,534,368) (37,971,049)
Total Shareholders' Equity 4,874,496 5,394,225
Total Liabilities and Shareholders' Equity $ 11,767,150 $ 12,441,309
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Condensed Consolidated Statement Of Operations    
Sales, net $ 1,312,466 $ 1,098,883
Cost of Sales 491,659 416,357
Gross Profit 820,807 682,526
Operating Expenses:    
Professional Fees 106,458 272,011
Depreciation and Amortization 162,738 159,151
Selling Expenses 204,005 179,384
Research and Development 132,487 30,647
Equity Compensation Expense (Note 7) 12,685 11,553
Consulting fees 35,026 31,052
General and Administrative 663,887 610,355
Total Operating Expenses 1,317,287 1,294,153
Loss from Operations (496,480) (611,627)
Other Income (Expense):    
Amortization of Debt Discounts (8,037) (137)
Interest Income 1,198 0
Interest Expense (60,000) (14,133)
Total Other Income (Expense) (66,839) (14,270)
Net Loss $ (563,319) $ (625,897)
Net Loss Per Common Share    
Basic and Diluted $ (0.00) $ (0.01)
Basic and Diluted Weighted Average Common Shares Outstanding 122,229,959 120,825,134
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flow From Operating Activities:    
Net Loss $ (563,319) $ (625,897)
Adjustments to Reconcile Net loss to Net Cash Used In Operating Activities:    
Depreciation and Amortization 162,738 159,151
Amortization of Debt Discount 8,037 137
Equity Based Compensation 13,590 11,553
Value of Equity Issued for Services 30,000 0
Decrease (increase) in:    
Accounts Receivable (394,453) 110,250
Inventory 245,271 (453,144)
Prepaid Expenses (6,266) (18,951)
Deposits on Merchandise (15,714) 67,890
Increase (Decrease) in:    
Accounts Payable (116,927) 541,012
Accrued Expenses 20,725 (49,024)
Accrued Interest (64,000) 14,133
Deferred Rent (781) (1,940)
Customer Deposits (1,484) (2,695)
Net Cash Used in Operating Activities (682,583) (247,525)
Cash Flow From Investing Activities:    
Purchase of Property and Equipment 0 (4,768)
Net Cash Used in Investing Activities 0 (4,768)
Cash Flow From Financing Activities:    
Proceeds from Convertible Notes 0 5,300,000
Net Cash Provided by Financing Activities 0 5,300,000
Increase (Decrease) In Cash and Cash Equivalents (682,583) 5,047,707
Cash and Cash Equivalents - Beginning 4,550,003 948,324
Cash and Cash Equivalents - Ending 3,867,420 5,996,031
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 $ 57,106