0001493152-18-011834.txt : 20180814 0001493152-18-011834.hdr.sgml : 20180814 20180814163445 ACCESSION NUMBER: 0001493152-18-011834 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Akers Biosciences, Inc. CENTRAL INDEX KEY: 0001321834 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 000000000 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36268 FILM NUMBER: 181018187 BUSINESS ADDRESS: STREET 1: 201 GROVE RD CITY: THOROFARE STATE: NJ ZIP: 08086 BUSINESS PHONE: 856-848-8698 MAIL ADDRESS: STREET 1: 201 GROVE RD CITY: THOROFARE STATE: NJ ZIP: 08086 FORMER COMPANY: FORMER CONFORMED NAME: Akers Biosciences Inc DATE OF NAME CHANGE: 20050325 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2018

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File No. 001-36268

AKERS BIOSCIENCES, INC.

(Exact name of registrant as specified in its charter)

New Jersey

22-2983783

(State or other jurisdiction

of incorporation)

(IRS Employer

Identification No.)

201 Grove Road

Thorofare, NJ 08086

(Address of principal executive offices)

(856) 848-8698

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	[ ]	Accelerated filer	[ ]
Non-accelerated filer	[ ]	Smaller reporting company	[X]
		Emerging growth company	[X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

As of August 13, 2018, there were 94,106,292 shares outstanding of the registrant’s Common Stock.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37

Item 4.	Controls and Procedures	37

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	39

Item 1A.	Risk Factors	40

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44

Item 3.	Defaults Upon Senior Securities	44

Item 4.	Mine Safety Disclosures	44

Item 5.	Other Information	45

Item 6.	Exhibits	45

Signatures		46

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

June 30, 2018 and December 31, 2017

	As of
	June 30, 2018			December 31, 2017
	(unaudited)			(audited)
ASSETS
Current Assets
Cash	$	275,963		$	438,432
Marketable Securities		7,977,575			5,011,607
Trade Receivables, net		412,623			964,671
Deposits and other receivables		30,288			16,590
Deposits and other receivables - Related Party		30,243			-
Inventories, net		1,014,549			947,612
Prepaid expenses		693,632			145,488
Prepaid expenses - Related Party		136,751			251,499
Total Current Assets		10,571,624			7,775,899

Non-Current Assets
Prepaid expenses - Related Party		208,398			120,118
Property, Plant and Equipment, net		245,462			235,113
Intangible Assets, net		1,045,113			1,130,667
Restricted Cash		500,000			-
Other Assets		76,093			76,093

Total Non-Current Assets		2,075,066			1,561,991

Total Assets	$	12,646,690		$	9,337,890

LIABILITIES
Current Liabilities
Trade and Other Payables	$	1,835,180		$	1,745,216
Trade and Other Payables - Related Party		16,701			39,821
Total Current Liabilities		1,851,881			1,785,037

Total Liabilities		1,851,881			1,785,037

SHAREHOLDERS’ EQUITY
Convertible Preferred Stock, No par value, 50,000,000 shares authorized, 0 and 1,755 shares issued and outstanding as of June 30, 2018 and December 31, 2017		-			1,755,000
Common Stock, No par value, 500,000,000 shares authorized, 94,106,292 and 44,220,552 issued and outstanding as of June 30, 2018 and December 31, 2017		119,580,543			110,647,169
Deferred Compensation		-			(3,469	)
Comprehensive Loss		(12,443	)		-
Accumulated Deficit		(108,773,291	)		(104,845,847	)

Total Shareholders’ Equity		10,794,809			7,552,853

Total Liabilities and Shareholders’ Equity	$	12,646,690		$	9,337,890

See accompanying notes to these condensed consolidated financial statements.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Loss

For the three and six months ended June 30, 2018 and 2017

(unaudited)

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Revenues:
Product Revenue	$	526,601		$	1,096,925		$	829,076		$	1,740,111
Product Revenue - Related party		-			(24,064	)		-			-
Total Revenues		526,601			1,072,861			829,076			1,740,111
Cost of Sales:
Product Cost of Sales		(302,826	)		(290,591	)		(600,326	)		(549,312	)

Gross Income		223,775			782,270			228,750			1,190,799

Administrative Expenses		1,565,602			829,929			2,481,134			1,620,457
Sales and Marketing Expenses		442,387			354,889			910,849			911,545
Sales and Marketing Expenses - Related Party		27,082			61,502			58,771			93,781
Research and Development Expenses		253,371			290,841			644,752			639,283
Research and Development Expenses – Related Party		5,753			22,994			54,342			22,994
Amortization of Non-Current Assets		42,777			42,777			85,554			85,554

Loss from Operations		(2,113,197	)		(820,662	)		(4,006,652	)		(2,182,815	)

Other (Income)/Expenses
Foreign Currency Transaction (Gain)/Loss		3,029			978			5,905			(9,367	)
Interest and Dividend Income		(48,773	)		(3,632	)		(85,113	)		(6,169	)
Total Other Income		(45,744	)		(2,654	)		(79,208	)		(15,536	)

Loss Before Income Taxes		(2,067,453	)		(818,008	)		(3,927,444	)		(2,167,279	)

Income Tax Benefit		-			-			-			-

Net Loss Attributable to Common Shareholders		(2,067,453	)		(818,008	)		(3,927,444	)		(2,167,279	)

Other Comprehensive Income/(Loss)
Net Unrealized Gain/(Loss) on Marketable Securities		4,401			852			(12,443	)		1,009
Total Other Comprehensive Income/(Loss)		4,401			852			(12,443	)		1,009

Comprehensive Loss	$	(2,063,052	)	$	(817,156	)	$	(3,939,887	)	$	(2,166,270	)

Basic and Diluted loss per common share	$	(0.02	)	$	(0.09	)	$	(0.05	)	$	(0.27	)

Weighted average basic and diluted common shares outstanding		93,254,241			8,882,326			82,348,494			7,943,168

See accompanying notes to these condensed consolidated financial statements.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statement of Changes in Shareholder’s Equity

For the six months ended June 30, 2018 and 2017

	Preferred						Common										Accumulated
	Shares						Shares										Other
	Issued and			Preferred			Issued and		Common		Deferred			Accumulated			Comprehensive			Total
	Outstanding			Stock			Outstanding		Stock		Compensation			Deficit			Loss			Equity

Balance at December 31, 2017 (audited)		1,755		$	1,755,000			44,220,552	$	110,647,169	$	(3,469	)	$	(104,845,847	)	$	-		$	7,552,853

Net loss		-			-			-		-		-			(3,927,444	)		-			(3,927,444	)
Exercise of warrants for common stock		-			-			38,160,738		7,155,200		-			-			-			7,155,200
Conversion of preferred stock to common stock		(1,755	)		(1,755,000	)		11,700,002		1,755,000		-			-			-			-
Amortization of deferred compensation		-			-			-		-		3,469			-			-			3,469
Issuance of restricted stock to key employees		-			-			25,000		5,175		-			-			-			5,175
Issuance of non-qualified stock options to key employees		-			-			-		5,454		-			-			-			5,454
Issuance of restricted stock for services for non-employees		-			-			-		12,545		-			-			-			12,545
Net unrealized loss on marketable securities		-			-			-		-		-			-			(12,443	)		(12,443	)

Balance at June 30, 2018 (unaudited)		-		$	-			94,106,292	$	119,580,543	$	-		$	(108,773,291	)	$	(12,443	)	$	10,794,809

See accompanying notes to these condensed consolidated financial statements.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

For the six months ended June 30, 2018 and 2017

(unaudited)

	For the Six Months Ended June 30,
	2018			2017
Cash flows from operating activities
Net loss	$	(3,927,444	)	$	(2,167,279	)
Adjustments to reconcile net loss to net cash used in operating activities:
Accrued income on marketable securities		(16,332	)		(1,001	)
Depreciation and amortization		112,903			121,381
Reserve and write-off for obsolete inventory		32,283			21,542
Reserve for doubtful accounts		97,000			46,239
Amortization of deferred compensation		3,469			15,864
Share based compensation to employees – options		5,454			10,184
Share based compensation to employees - restricted stock		5,175			-
Share based compensation to non-employees – options		-			2,183
Share based compensation to non-employees - restricted stock		12,545			-
Changes in assets and liabilities:
(Increase)/decrease in trade receivables		455,048			(372,502	)
Decrease in trade receivables - related party		-			31,892
(Increase)/decrease in deposits and other receivables		(13,698	)		10,692
Increase in deposit and other receivables - related party		(30,243	)		-
Increase in inventories		(99,220	)		(213,860	)
(Increase)/decrease in prepaid expenses		(548,144	)		20,752
Decrease in prepaid expenses - related party		26,468			46,890
Increase in other assets		-			(4,330	)
Increase in trade and other payables		89,964			38,278
Decrease in trade and other payables - related party		(23,120	)		(200,156	)
Net cash used in operating activities		(3,817,892	)		(2,593,231	)

Cash flows from investing activities
Purchases of property, plant and equipment		(37,698	)		(37,191	)
Purchases of marketable securities		(5,268,754	)		(2,705,168	)
Proceeds from sale of marketable securities		2,306,675			1,745,554
Net cash used in investing activities		(2,999,777	)		(996,805	)

Cash flows from financing activities
Net proceeds from issuance of common stock		-			3,413,311
Net proceeds from exercise of warrants for common stock		7,155,200			301,200
Net cash provided by financing activities		7,155,200			3,714,511

Net increase in cash and restricted cash		337,531			124,475
Cash and restricted cash at beginning of period		438,432			72,700
Cash and restricted cash at end of period	$	775,963		$	197,175

Supplemental Schedule of Non-Cash Financing and Investing Activities
Net unrealized gains/(losses) on marketable securities	$	(12,443	)	$	1,009
Issuance of a restricted common stock grant for services	$	-		$	5,455
Conversion of Series B Preferred Stock to common shares	$	1,755,000		$	-

See accompanying notes to these condensed consolidated financial statements.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 1 – Organization and Description of Business

Akers Biosciences, Inc. (“Akers”), is a New Jersey corporation. These condensed consolidated financial statements include two wholly owned subsidiaries, Akers Acquisition Sub, Inc. and Bout Time Marketing Corporation, (together, the “Company”). All material intercompany transactions have been eliminated in consolidation.

The Company’s primary focus is the development and sale of disposable diagnostic testing devices that can be performed in minutes, to facilitate time sensitive therapeutic decisions. The Company’s main products are a disposable breathalyzer test that measures the blood alcohol content of the user, a rapid test detecting the antibody causing an allergic reaction to Heparin and a disposable breathalyzer test that measures Free Radical activity in the human body.

Note 2 - Significant Accounting Policies

(a)

Basis of Presentation

The Condensed Consolidated Financial Statements of the Company are prepared in U.S. Dollars and in accordance with accounting principles generally accepted in the United States of America (US GAAP).

Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2017 and 2016 included in the Company’s 2017 Form 10-K/
A, Amendment No. 1, as filed on July 13, 2018. In the opinion of the management, these condensed consolidated financial statements include all adjustments, consisting of only normal recurring nature, necessary for a fair statement of the financial position of the Company as of June 30, 2018 and its results of operations and cash flows for the three and six months ended June 30, 2018 and 2017. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2018.

The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act enacted on April 5, 2012 and has elected to comply with certain reduced public company reporting requirements.

(b)

Use of Estimates and Judgments

The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes for revenue recognition, allowances for doubtful accounts, inventory write-downs, impairment of intangible assets and valuation of share-based payments.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 2 - Significant Accounting Policies, continued

(c)

Functional and Presentation Currency

These condensed consolidated financial statements are presented in U.S. Dollars, which is the Company’s functional currency. All financial information presented in U.S. Dollars has been rounded to the nearest dollar. Foreign Currency Transaction Gains or Losses, resulting from loans and cash balances denominated in Foreign Currencies, are recorded in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

(d)

Comprehensive Income (Loss)

The Company follows Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 220 in reporting comprehensive income (loss). Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income.

(e)

Cash and Cash Equivalents

Cash and cash equivalents comprise cash balances. The Company considers all highly liquid investments, which include short-term bank deposits (up to 3 months from date of deposit) that are not restricted as to withdrawal date or use, to be cash equivalents. Bank overdrafts are shown as part of trade and other payables in the Condensed Consolidated Balance Sheet.

(f)

Restricted Cash

At June 30, 2018, restricted cash included in non-current assets on the Company’s condensed consolidated balance sheet was $500,000 representing cash in trust for the purpose of funding legal fees for certain threatened litigation.

(g)

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, marketable securities, receivables and trade and other payables. The carrying value of cash and cash equivalents, receivables and trade and other payables approximate their fair value because of their short maturities.

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

	Level 1	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.
	Level 2	Inputs to the valuation methodology include:

	●	quoted prices for similar assets or liabilities in active markets;
	●	quoted prices for identical or similar assets or liabilities in inactive markets;
	●	inputs other than quoted prices that are observable for the asset or liability;
	●	inputs that are derived principally from or corroborated by observable market data by correlation or other means

	If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3

Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 2 - Significant Accounting Policies, continued

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value as of June 30, 2018 and December 31, 2017.

U.S. Agency Securities and Corporate and Municipal Securities: Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.

	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)		Significant Unobservable Inputs (Level 3)
Marketable securities at June 30, 2018	$	-	$	7,977,575	$	-

Marketable securities at December 31, 2017	$	-	$	5,011,607	$	-

Marketable securities include U.S. agency securities, corporate securities, and municipal securities, which are classified as available for sale. The securities are valued at fair market value. Maturities of the securities are less than one year. Unrealized gains and losses relating to the available for sale investment securities were recorded in the Condensed Consolidated Statement of Changes in Shareholders’ Equity as comprehensive income. These amounts were a decrease of $4,401 and an increase of $12,443 in unrealized losses for the three and six months ended June 30, 2018. These amounts were an increase of $852 and $1,009 in unrealized gains for the three and six months ended June 30, 2017.

Proceeds from the sale of marketable securities in the three and six months ended June 30, 2018 were $2,004,580 and $2,306,675. Proceeds from the sale of marketable securities in the three and six months ended June 30, 2017 were $650,336 and $1,745,554. Gross gains and losses, resulting from these sales, amounted to a loss of $4,401 and a gain of $605 for the three months ended June 30, 2018 and 2017 and a loss of $4,401 and $1,656 for the six months ended June 30, 2018 and 2017.

(h)

Trade Receivables, Trade Receivables – Related Party and Allowance for Doubtful Accounts

The carrying amounts of current trade receivables is stated at cost, net of allowance for doubtful accounts and approximate their fair value given their short-term nature.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 2 - Significant Accounting Policies, continued

The normal credit terms extended to customers ranges between 30 and 90 days. Credit terms longer than these may be extended after considering the credit worthiness of the customers and the business requirements. The Company reviews all receivables that exceed terms and establishes an allowance for doubtful accounts based on management’s assessment of the collectability of trade and other receivables. A considerable amount of judgment is required in assessing the amount of allowance. The Company considers the historical level of credit losses, makes judgments about the credit worthiness of each customer based on ongoing credit evaluations and monitors current economic trends that might impact the level of credit losses in the future.

As of June 30, 2018 and December 31, 2017, allowances for doubtful accounts for trade receivables were $693,196 and $596,196. Bad debt expenses for trade receivables were $125,500 and $5,380 for the three months ended June 30, 2018 and 2017, respectively, and $125,500 and $47,741 for the six months ended June 30, 2018 and 2017, respectively.

(i)

Concentrations

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash on deposit with financial institutions and accounts receivable. At times, the Company’s cash in banks is in excess of the FDIC insurance limit. The Company has not experienced any loss as a result of these cash deposits. These cash balances are maintained with four banks.

Major Customers

For the three months ended June 30, 2018, three customers generated 33%, 27% and 12%, or 72% in the aggregate, of the Company’s revenue. For the six months ended June 30, 2018, two customers generated 49% and 17%, or 66% in the aggregate, of the Company’s revenue. As of June 30, 2018, the amount due from these customers was $291,220. This concentration makes the Company vulnerable to a near-term severe impact should these relationships be terminated.

For the three months ended June 30, 2017, two customers generated 47% and 27%, or 74% in the aggregate, of the Company’s revenue. For the six months ended June 30, 2017, three customers generated 31%, 29% and 13%, or 73% in the aggregate, of the Company’s revenue.

Three customers accounted for 41%, 13%, and 13% or 67%, in the aggregate, of gross trade receivables, before accounting for allowance for doubtful accounts, as of June 30, 2018. To limit such risks, the Company performs ongoing credit evaluations of its customers’ financial condition. As of June 30, 2018, the Company had $457,881, $146,195 and $142,293 in trade receivables, respectively, from these customers.

Major Suppliers

For the three months ended June 30, 2018, two suppliers accounted for 13% and 11%, or 24% in the aggregate, of the Company’s purchases. For the six months ended June 30, 2018, no supplier accounted for 10% or more of the Company’s purchases.

For the three months ended June 30, 2017, two suppliers accounted for 15% and 13%, or 28% in the aggregate, of the Company’s purchases. For the six months ended June 30, 2017, one supplier accounted for 14% of the Company’s purchases.

Two vendors accounted for 29% and 12%, or 41%, in the aggregate, of trade payables as of June 30, 2018. As of June 30, 2018, the Company had $298,634 and $121,327 in trade payables, respectively, from these vendors.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 2 - Significant Accounting Policies, continued

(j)

Property, Plant and Equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized within “other income” in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Depreciation is recognized in profit and loss on the accelerated basis over the estimated useful lives of the property, plant and equipment. Leased assets are depreciated over the shorter of the lease term or their useful lives.

Depreciation expense totaled $13,675 and $17,885 for the three months ended June 30, 2018 and 2017, respectively, and $27,350 and $35,827 for the six months ended June 30, 2018 and 2017, respectively.

(k)

Intangible Assets

The Company’s long-lived intangible assets, other than goodwill, are assessed for impairment when events or circumstances indicate there may be an impairment. These assets were initially recorded at their estimated fair value at the time of acquisition and assets not acquired in acquisitions were recorded at historical cost. However, if their estimated fair value is less than the carrying amount, other intangible assets with indefinite life are reduced to their estimated fair value through an impairment charge to our condensed consolidated statements of income.

Intangible assets as of June 30, 2018 and December 31, 2017 were $1,045,113 and $1,130,667, respectively. Intangible assets at June 30, 2018 consisted of patents, trademarks and customer lists of $3,897,635 net of accumulated amortization and impairment of $2,852,522.

Amortization is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. Amortization expense was $42,777 for the three months ended June 30, 2018 and 2017 and $85,553 for the six months ended June 30, 2018 and 2017.

The following is an annual schedule of approximate future amortization of the Company’s intangible assets:

Period	Amount
2018 (six months)	$	85,554
2019		171,108
2020		149,298
2021		147,315
2022		147,315
2023		147,315

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 2 - Significant Accounting Policies, continued

(l)

Revenue Recognition

In accordance with FASB ASC 605, the Company recognizes revenue when (i) persuasive evidence of a customer or distributor arrangement exists, (ii) a retailer, distributor or wholesaler receives the goods and acceptance occurs, (iii) the price is fixed or determinable, and (iv) the collectability of the revenue is reasonably assured. Subject to these criteria, the Company recognizes revenue from product sales when title passes to the customer based on shipping terms. The Company typically does not accept returns nor offer charge backs or rebates except for certain distributors. Revenue recorded is net of any discount, rebate or sales return. The accrual for estimated sales returns was $- as of June 30, 2018 and December 31, 2017. In cases where the right of return is granted, and the Company does not have historical experience to reasonably estimate the sales returns, the revenue is recognized when the return privilege has substantially expired.

The Company may provide for rebates to the distributors under limited circumstances. The Company established an accrual of $54,228 and $126,471 as of June 30, 2018 and December 31, 2017. Accounts receivable will be reduced when the rebates are applied by the customer. The Company recognized $6,350 and $67,855 during the three months ended June 30, 2018 and 2017, respectively, for rebates and $43,894 and $170,678 during the six months ended June 30, 2018 and 2017, respectively, which is included as a reduction of product revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

License fee revenue is recognized on a straight-line basis over the term of the license agreement.

When the Company enters into arrangements that contain more than one deliverable, the Company allocates revenue to the separate elements under the arrangement based on their relative selling prices in accordance with FASB ASC 605-25.

(m)

Income Taxes

The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse.

The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.

Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of June 30, 2018 and 2017, no liability for unrecognized tax benefits was required to be reported.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 2 - Significant Accounting Policies, continued

There was no income tax expense for the three and six months ended June 30, 2018 and 2017. There is no income tax benefit for the losses for the three and six months ended June 30, 2018 and 2017 since management has determined that the realization of the net deferred assets is not assured and has created a valuation allowance for the entire amount of such tax benefits.

The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expense. There were no amounts accrued for penalties and interest for the six months ended June 30, 2018 and 2017. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

The Company has identified its federal tax return and its state tax returns in New Jersey and California as its “major” tax jurisdictions, and such returns for the years 2014 through 2017 remain subject to examination.

The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%. As December 31, 2017, the Company had made a reasonable estimate of the effects of the Tax Act. This estimate incorporates assumptions made based upon the Company’s current interpretation of the Tax Act and may change as the Company may receive additional clarification and implementation guidance and as the interpretation of the Tax Act evolves. In accordance with Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allows us to record provisional amounts during a measurement period not to extend beyond one year form the enactment date. SAB 118 was codified by the FASB as part of ASU No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. As of June 30, 2018, we have not made any additional measurement period adjustments. Such adjustments may be necessary in future periods due to, among other things, the significant complexity of the Act and anticipated additional regulatory guidance that may be issued by the Internal Revenue Service (“IRS”), changes in analysis, interpretations and assumptions the Company has made and actions the Company may take as a result of the Act. We are continuing to gather information to assess the application of the Act and expect to finalize the accounting for the effects of the Tax Act no later than the fourth quarter of 2018. Future adjustments made to the provisional effects will be reported as a component of income tax expense in the reporting period in which any such adjustments are determined. Based on the new tax law that lowers corporate tax rates, on December 31, 2017, the Company revalued its deferred tax assets.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 2 - Significant Accounting Policies, continued

(n)

Shipping and Handling Fees and Costs

The Company charges actual shipping plus a handling fee to customers, which amounted to $18,739 and $12,016 for the three months ended June 30, 2018 and 2017, respectively, and $32,380 and $30,436 for the six months ended June 30, 2018 and 2017, respectively. These fees are classified as part of product revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss. Shipping and other related delivery costs, including those for incoming raw materials consumed are classified as part of the cost of sales, which amounted to $37,993 and $31,393 for the three months ended June 30, 2018 and 2017, respectively, and $64,937 and $47,569 for the six months ended June 30, 2018 and 2017, respectively.

(o)

Basic and Diluted Earnings per Share of Common Stock

Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share are computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock.

The calculation of basic and diluted loss per share for the three months ended June 30, 2018 and 2017 was based on the loss attributable to common shareholders of $2,067,453 and $818,008, respectively, and $3,927,444 and $2,167,279 for the six months ended June 30, 2018 and 2017, respectively. The basic and diluted weighted average number of common shares outstanding for the three months ended June 30, 2018 and 2017 was 93,254,241 and 8,882,326, respectively, and 82,348,494 and 7,943,168 for the six months ended June 30, 2018 and 2017, respectively.

Diluted net loss per share is computed using the weighted average number of common and dilutive potential common shares outstanding during the period.

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	For the Three and Six Months Ended June 30,
	2018		2017
Incentive and Award Stock Options		202,000		259,000
Unvested Restricted Shares of Common Stock		-		9,166
Warrants		11,329,833		1,490,570
Total potentially dilutive shares		11,531,833		1,758,736

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 2 - Significant Accounting Policies, continued

(p)

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements Adopted

As the Company is an emerging growth company, it has elected to adopt recently issued accounting pronouncements based on effective dates applicable to other than public business entities.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. The amendments in this Update require that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company adopted this as of January 1, 2018.

Recently Issued Accounting Pronouncements Not Adopted

In May 2014 and April 2016, the FASB issued ASU No. 2014-09 and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14 which deferred the effective date of Update 2014-09 to annual reporting periods beginning after December 15, 2018 and for entities other than public business entities, and to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period for public business entities. Early application is permitted as of annual reporting periods beginning after December 15, 2016 including interim reporting periods within that reporting period. The Company is currently evaluating the effect of the amendments, but it does not anticipate a material impact of its financial statements. The Company expects to use the modified retrospective adoption method and will adopt this Update as of January 1, 2019.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 2 - Significant Accounting Policies, continued

In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance is effective for public business entities, certain not-for-profit entities, and certain employee benefit plans for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, ASU 2018-07 is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company is evaluating the impact of adopting this pronouncement.

In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements, to makes changes to a variety of topics to clarify, correct errors in, or make minor improvements to the Accounting Standards Codification. Certain items of the amendments in ASU 2018-09 will be effective for the Company in annual periods beginning after December 15, 2018. The Company is currently evaluating the effects the adoption of ASU 2018-09 will have on the consolidated financial statements.

Note 3 – Key Recent Events and Management Plans

On April 25, 2018, the Board of Directors of the Company terminated Dr. Raymond F. Akers from his position as Executive Chairman of the Board and from each of his officer positions as Chief Scientific Director and Secretary of the Company. Dr. Raymond F. Akers continued as a member of the Board of Directors until his resignation on May 27, 2018.

On April 25, 2018, the Board appointed Richard Carlyle Tarbox III, a current director of the Company as the interim Non-Executive Chairman of the Board, to hold that position until his successor is appointed, and to the position of Secretary of the Company.

By way of a letter dated May 22, 2018, the Listing Qualifications Department of the NASDAQ advised the Company that it did not comply with NASDAQ Listing Rule 5250(c)(1) for continued listing because NASDAQ has not received the Company’s Quarterly Report. NASDAQ has informed the Company that the Company is required to submit a plan to regain compliance with NASDAQ’s filing requirements for continued listing within 60 calendar days of the date of the Notice. NASDAQ has informed the Company that it is in Compliance with NASDAQ Listing Rule 5250(c)(1) on July 12, 2018.

On June 11, 2018, the Company received a letter from the Listing Qualifications Department NASDAQ notifying the Company that it has determined that the Company violated the shareholder approval requirements of Listing Rule 5635(c). Listing Rule 5635(c) requires shareholder approval prior to the issuance of securities when a stock option or purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees or consultants.

Prior to the Company’s public offering and listing on NASDAQ, the Company’s 2013 Incentive Stock and Award Plan (the “2013 Plan”) was approved by its Board of Directors. NASDAQ has concluded that the 2013 Plan was materially amended on two occasions after the Company’s public offering and listing on NASDAQ. The first amendment, as approved by the Board on January 9, 2015, increased the number of shares available under the 2013 Plan from 400,000 to 800,000 shares and the second amendment, as approved by the Board on October 5, 2016, increased the number of shares under the 2013 Plan from 800,000 to 830,000 shares (the “2013 Plan Amendments”).

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 3 – Key Recent Events and Management Plans, continued

During the first quarter of 2018, the Company promptly notified NASDAQ, as required by Listing Rule 5625, when it became aware of its potential non-compliance with Listing Rule 5635(c). On May 4, 2018, the Staff requested additional information from the Company with respect to such non-compliance and on May 31, 2018, the Company responded. On June 25, 2018, the Company submitted a plan to NASDAQ to remediate this matter (the “5635 Compliance Plan”). The 5635 Compliance Plan included that a proposal for shareholders of the Company to ratify the 2013 Plan Amendments be included in the proxy statement for the Company’s 2018 annual meeting of the shareholders of the Company and that the Company shall suspend the trading of each share granted, and each share granted upon the exercise of any option granted, in excess of 400,000 shares under the 2013 Plan (the number of shares properly approved pursuant to the 2013 Plan prior to the 2013 Plan Amendments until shareholder ratification). The 5635 Compliance Plan also proposes to prevent the exercise of any option granted under the 2013 Plan until shareholder ratification.

On July 12, 2018, NASDAQ approved of the 5635 Compliance Plan and granted the Company until December 10, 2018, to regain compliance with Listing Rule 5635.

On or about June 15, 2018, certain parties brought certain class action lawsuits against the Company. See Note 10 - Contingencies for details.

Historically, the Company has relied upon public offerings and private placements of Common Stock to raise operating capital. During the year ended December 31, 2017, the Company raised $9,478,897, net of expenses, in public and private offerings and an additional $981,948, net of expenses, from the exercise of warrants. During the six months ended June 30, 2018, the Company raised an additional $7,155,200 from the exercise of warrants (Note 7). As of August 2, 2018, the Company had cash and marketable securities of approximately $7.5 million and working capital of approximately $8.4 million. The Company is not yet able to determine the impact of the key events during June and July of 2018 may have on the Company’s ability to raise capital, nor the impact that these matters might have on its business operations.

The Company believes that its current working capital position will be sufficient to meet its obligations as they fall due within one year after these financial statements are issued.

Note 4 - Inventories

Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the weighted-average principle, and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, costs include an appropriate share of production overhead based on normal operating capacity.

Inventories consist of the following:

	June 30, 2018			December 31, 2017

Raw Materials	$	544,637		$	458,441
Sub-Assemblies		937,222			886,274
Finished Goods		745,298			815,505
Reserve for Obsolescence		(1,212,608	)		(1,212,608	)
	$	1,014,549		$	947,612

Obsolete inventory charged to cost of goods during the three months ended June 30, 2018 and 2017 totaled $7,823 and $21,542, respectively, and $32,283 and $21,542 during the six months ended June 30, 2018 and 2017, respectively.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 5 - Trade and Other Payables

Trade and other payables consist of the following:

	June 30, 2018		December 31, 2017

Trade Payables	$	1,024,413	$	948,951
Accrued Expenses		751,017		736,515
Deferred Compensation		59,750		59,750
	$	1,835,180	$	1,745,216

Trade and other payables – related party are as follows:

	June 30, 2018		December 31, 2017
Trade Payables	$	16,701	$	39,821
	$	16,701	$	39,821

Note 6 - Share-based Payments

On January 23, 2014, upon effectiveness of the registration statement filed with the SEC, the Company adopted the 2013 Stock Incentive Plan (the “Plan”) which will provide for the issuance of up to 400,000 shares. The purpose of the Plan is to provide additional incentive to those officers, employees, consultants and non-employee directors of the Company and its parents, subsidiaries and affiliates whose contributions are essential to the growth and success of the Company’s business.

On January 9, 2015, the Board of Directors of the Company approved, upon recommendation from the Compensation Committee of the Board, by unanimous written consent the Amended and Restated 2013 Incentive Stock and Award Plan (the “Amended Plan”), which increases the number of authorized shares of Common Stock subject to the Plan to 800,000 shares (Note 3)

On September 30, 2016, the Board of Directors increased the number of authorized shares of Common Stock subject to the Amended Plan to 830,000 shares. As of June 30, 2018, grants of restricted stock and options to purchase 202,000 shares of Common Stock have been issued, pursuant to the Amended Plan, and are unvested or unexercised and 60,292 shares of Common Stock remain available for grants under the Amended Plan.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 6 - Share-based Payments, continued

On August 7, 2017, the Shareholders approved and the Company adopted the 2017 Equity Incentive Plan (the “Plan”) which will provide for the issuance of up to 1,350,000 shares. The purpose of the Plan is to provide additional incentive to those officers, employees, consultants and non-employee directors of the Company and its parents, subsidiaries and affiliates whose contributions are essential to the growth and success of the Company’s business. As of June 30, 2018, grants totaling 320,107 shares of restricted Common Stock have been issued pursuant to the Plan and 1,029,893 shares of Common Stock remain available for grants under the Plan.

The Plan is administered by the Board or a Board-appointed committee. Eligible recipients of option awards are employees, officers, consultants or directors (including non-employee directors) of the Company or of any parent, subsidiary or affiliate of the Company. The Board has the authority to grant to any eligible recipient any options, restricted stock or other awards valued in whole or in part by reference to, or otherwise based on, the Company’s Common Stock.

The Company did not issue any options or warrants under the above plan during the six months ended June 30, 2018.

Stock Options

The following table summarizes the option activities for the six months ended June 30, 2018:

								Weighted
						Weighted		Average
				Weighted		Average		Remaining
	Number			Average		Grant		Contractual		Aggregate
	of			Exercise		Date		Term		Intrinsic
	Shares			Price		Fair Value		(years)		Value
Balance at December 31, 2017		255,000		$	4.25	$	2.56		2.02	$	-
Granted		-			-		-		-		-
Exercised		-			-		-		-		-
Forfeited		(53,000	)		-		2.69		1.30		-
Canceled/Expired		-			-		-		-		-
Balance at June 30, 2018		202,000		$	4.27	$	2.53		1.59	$	-
Exercisable as of June 30, 2018		197,334		$	4.30	$	2.53		1.55	$	-

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.387 for the Company’s common shares on June 30, 2018.

The numbers of non-vested employee stock options as of June 30, 2018 remained the same as that as of the year ended December 31, 2017 with 4,666 units and a weighted-average grant date fair value of $2.36.

Unrecognized compensation cost related to non-vested employee stock options totaled $1,477 as of June 30, 2018. The cost is to be recognized over a weighted average period of 0.13 years.

During the three months ended June 30, 2018 and 2017, the Company incurred stock option expenses totaling $2,742 and $7,275, respectively, and $5,454 and $12,367 during the six months ended June 30, 2018 and 2017, respectively.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 6 - Share-based Payments, continued

Stock Warrants

The table below summarizes the warrant activity for the six months ended June 30, 2018:

				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Warrants			Price		Term (years)		Value
Balance at December 31, 2017		49,490,571		$	0.22		4.95	$	-
Granted		-			-		-
Exercised		(38,160,738	)		0.19		-
Forfeited		-			-		-
Canceled/Expired		-			-		-
Balance at June 30, 2018		11,329,833		$	0.35		4.40	$	-
Exercisable as of June 30, 2018		11,329,833		$	0.35		4.40	$	-

Note 7 – Equity

The holders of common shares are entitled to one vote per share at meetings of the Company. Holders of Series B convertible preferred shares have no voting rights at meetings of the Company.

A restricted stock award is an award of common shares that are subject to certain restrictions during a specified period. Restricted stock awards are independent of option grants and are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the shares before the restricted shares vest. Shares on non-vested restricted stock have the same voting rights as Common Stock, are entitled to receive dividends and other distributions thereon and are considered to be currently issued and outstanding. The Company expenses the cost of the restricted stock awards, which is determined to be the fair market value of the shares at the date of grant, straight-line over the period during which the restrictions lapse. For these purposes, the fair market value of the restricted stock is determined based on the closing price of the Company’s Common Stock on the grant date.

On April 11, 2017, the Company issued 10,000 restricted shares to a consultant for services to be rendered during the year ending December 31, 2017. These shares vested on the date of the grant. The fair value of these shares was $18,000 and was based on the share price on the date of the grant. During the year ended December 31, 2017, $5,455 was recognized as stock-based compensation expense. The remaining $12,545 fair value of restricted shares issued was recognized during the three months ended March 31, 2018 as sales and marketing expenses on the Condensed Consolidated Statement of Operations and Comprehensive Loss.

On January 16, 2018, the Board of Directors issued 25,000 restricted shares of Common Stock to a key employee of the Company as part of the Plan. The fair value of the shares was $5,175 and was based on the closing share price of $0.2070 per share. The share grants vested immediately. The Company recorded the expense as sales and marketing expenses on the Condensed Consolidated Statement of Operations and Comprehensive Loss for the six months ended June 30, 2018.

During the six months ended June 30, 2018, 1,755 shares of the Company’s Series B Preferred Stock, no par value, were converted into 11,700,002 shares of Common Stock.

During the six months ended June 30, 2018, warrant holders from the December 21, 2017 public offering exercised 38,160,738 warrants with an exercise price of $0.1875 per common share, raising net proceeds of $7,155,200.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 8 - Related Party Transactions

On June 19, 2012, the Company entered into a 3-year exclusive License & Supply Agreement with ChubeWorkx Guernsey Limited (as successor to SONO International Limited) (“ChubeWorkx”) for the purchase and distribution of Akers’ proprietary breathalyzers outside North America. ChubeWorkx paid a licensing fee of $1,000,000 which was recognized over the term of the agreement through September 30, 2015.

On June 13, 2013, the Company announced an expansion of the License and Supply Agreement with ChubeWorkx to include worldwide marketing and distribution of the “Be CHUBE” program using the Company’s breathalyzer.

On August 17, 2016, the Company entered into a Settlement Agreement (the “Settlement Agreement”) with ChubeWorkx Guernsey Limited (“ChubeWorkx”), a major shareholder, which settled all pending claims between the Company and ChubeWorkx. Specifically, the Company and ChubeWorkx agreed to voluntarily dismiss (i) the action in the United States Federal Court, District of New Jersey brought by the Company against ChubeWorkx for outstanding amounts due to the Company under a promissory note and (ii) the action in The High Court of Justice, Queen’s Bench Division Commercial Court, Royal Courts of Justice, United Kingdom brought by ChubeWorkx against the Company arising from an exclusive licensing agreement between ChubeWorkx and the Company (“Licensing Agreement”).

Under the terms of the Settlement Agreement, the Company would receive the full outstanding principal amount in the year ended December 31, 2016 in the form of $750,000 of BreathScan® Alcohol Detector inventory and the balance of $549,609 as prepaid royalty. Akers’ established an allowance for this doubtful note in the Company’s financial statements for the year ended December 31, 2015. As a result of the Settlement Agreement, the Company reversed the allowance for doubtful note in the amount of $1,299,609 which was included in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2016.

In addition to addressing the promissory note described above, the Settlement Agreement also allows the Company to market and sell all of the Company’s breath technology tests worldwide, unencumbered by any past/future claims by ChubeWorkx under the Licensing Agreement (entered into with ChubeWorkx in 2012 and subsequently amended in 2013). Under the terms of the Settlement Agreement, ChubeWorkx no longer holds any rights pertaining to Akers’ BreathScan® technology, which serves as the basis for several commercialized products including BreathScan® Alcohol Detector and BreathScan OxiChek™; and a number of products in development.

In return for the Company regaining the full rights to sell breath technology products, under the terms of the Settlement Agreement, ChubeWorkx is entitled to receive a royalty of 5% of the Company’s gross revenues (the “ChubeWorkx Royalty”) until ChubeWorkx has earned an aggregate $5,000,000, after which point ChubeWorkx will no longer be entitled to receive any royalties from the Company and the Company shall have no further obligation to ChubeWorkx. The Settlement Agreement further allows the Company to retain 50% of the ChubeWorkx Royalty until the full $549,609 cash component of the monies owed by ChubeWorkx to the Company as described above has been satisfied. The Company recorded royalty expenses of $27,082 and $61,502 for the three months ended June 30, 2018 and 2017, respectively, and $58,771 and $93,781 for the six months ended June 30, 2018 and 2017, respectively, which are included in sales and marketing expenses – related party on the Condensed Consolidated Statement of Operations and Comprehensive Loss.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 8 - Related Party Transactions, continued

Other terms of the Settlement include: 1) the pledge as security of all earned but unpaid royalties by the Company to ChubeWorkx all Company assets, worthy to satisfy its obligations, including all inventory and receivables, with the exception of (i) distribution contracts of the Company or any of its affiliates, (ii) customer lists, (iii) manufacturing processes (including all intellectual property required to use those processes and exploit products made thereby), and (iv) all equipment required to perform said manufacturing processes and other equipment; 2) the pledge as security of the settlement sum which remains unpaid by the Company to ChubeWorkx all Company (i) distribution contracts of the Company or any of its affiliates, (ii) customer lists, (iii) manufacturing processes (including all intellectual property required to use those processes and exploit products made thereby), and (iv) all equipment required to perform said manufacturing processes and other equipment; and 3) the grant of voting proxy by ChubeWorkx to the Company which allows the Company to vote ChubeWorkx’s shares for corporate formalities under certain conditions.

The pledged assets are only at risk in the event that the Company cannot satisfy any outstanding royalty payment obligations subject to various cure periods and/or through a restructuring and/or liquidation under the United States Bankruptcy laws of the Company in favor of payment of said obligation.

During the three months ended June 30, 2018 and 2017, the Company recognized sales of $20,265 and $-, respectively, for the BreathScan Breath Alcohol products acquired from the Settlement and $20,265 and $- during the six months ended June 30, 2018 and 2017, respectively.

As of June 30, 2018, the Company owed ChubeWorkx Guernsey Limited, previously a major shareholder, royalties of $13,541 which is included in trade and other payables – related party on the condensed consolidated financial statements.

The Company began purchasing manufacturing molds, plastic components and the assembled BreathScan Lync™ device through Hainan and its related party during the year ended December 31, 2016. The Company purchased a total of $522 and $- during the three months ended June 30, 2018 and 2017, respectively, and $4,636 and $16,774 during the six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018, the Company owed Hainan and its related party $3,160 which is included in trade and other payables – related party on the Condensed Consolidated Balance Sheet.

As of June 30, 2018, the Company owed Hainan $670. Senior management at Hainan are actively involved in Shenzhen Savy-Akers Biosciences (“Shenzhen”) which is therefore being included as a related party. The Company owed Shenzhen $2,490 as of June 30, 2018.

On January 31, 2018, the Company engaged Medical Horizons, Inc. (“Medical Horizons”), a company owned and operated by the spouse of a member of the Company’s leadership team, to provide engineering and design services. The Company recorded $5,753 and $54,342 during the three and six months ended June 30, 2018, respectively, related to the engagement of Medical Horizons which is included in research and development – related party on the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Product revenue – related party for the three months ended June 30, 2018 and 2017 were $- and credit of $24,064, respectively, and $- for each of the six months ended June 30, 2018 and 2017, respectively. The credit of $24,064 was the result of an adjustment to sales to Hainan and its related party.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 9 – Commitments

The Company leases its facility in West Deptford, New Jersey under an operating lease (“Thorofare Lease”) with annual rentals of $132,000 plus common area maintenance (CAM) charges. The lease, which took effect on January 1, 2008, reduced the CAM charges allowing the Company to reach their own agreements with utilities and other maintenance providers. On January 7, 2013, the Company extended its lease agreement for a term of 7 years, expiring December 31, 2019. Rent expense for the Thorofare Lease, including related CAM charges for the three months ended June 30, 2018 and 2017 totaled $40,928 and $40,440, respectively, and $83,144 and $80,927 for the six months ended June 30, 2018 and 2017, respectively.

The Company entered into a 24-month lease for a satellite office located in Ramsey, New Jersey (“Ramsey Lease”) with annual rents of $25,980 plus common area maintenance (CAM) charges. The lease took effect on June 1, 2017 and runs through May 31, 2019. Rent expenses for the Ramsey Lease, including related CAM charges totaled $6,495 and $2,165 for the three months ended June 30, 2018 and 2017, respectively, and $12,990 and $2,165 for the six months ended June 30, 2018 and 2017, respectively. The Company posted a security deposit of $4,330 which is included in other assets on the Condensed Consolidated Balance Sheet.

The Company entered into a 29-month lease for warehouse space located in Pitman, New Jersey (“Pitman Lease”) with annual rents of $39,650. The lease took effect on August 1, 2017 and runs through December 31, 2019. Rent expenses for the Pitman Lease totaled $9,913 and $- for the three months ended June 30, 2018 and 2017, respectively, and $19,825 and $- for the six months ended June 30, 2018 and 2017, respectively. A security deposit of $4,950 is included in other assets on the Condensed Consolidated Balance Sheet.

The Company entered into a 60-month operating lease for equipment with annual rentals of $6,156 on September 29, 2014. The lease commenced on October 21, 2014 upon the delivery of the equipment.

The Company entered into a 36-month contract with Oracle Corporation for the NetSuite accounting platform in March 2018 at an annual cost of $64,938. Implementation of the platform began in April with a go-live target of January 1, 2019.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 9 – Commitments, continued

The schedule of lease commitments is as follows:

	Thorofare		Ramsey		Pitman		Equipment		Oracle
	Lease		Lease		Lease		Lease		NetSuite		Total
Next 12 Months	$	132,000	$	23,815	$	39,650	$	6,156	$	64,938	$	266,559
Next 13-24 Months		66,000		-		19,824		2,052		64,938		152,814
Next 25-36 Months		-		-		-		-		43,292		43,292

Note 10 – Contingencies

On October 17, 2016 the Company was served with a notice that Pulse Health LLC (“Pulse”) filed a lawsuit against the Company on September 30, 2016 in United States Federal District Court, District of Oregon, alleging a breach of contract under the settlement agreement entered into by the Company and Pulse on April 8, 2011 which settled all claims and disputes between the Company and Pulse arising from a previously executed Technology Development Agreement entered into by the Company and Pulse and damages resulting from said alleged breach. Additionally, Pulse alleges false advertising and unlawful trade practices in connection with the Company’s sales activities related to the Company’s OxiChek™ products.

The Company filed a series of motions with the Court seeking (1) to dismiss the Pulse complaint for lack of jurisdiction or, in the alternative, transfer the matter to the District Court for the District of New Jersey, Camden Vicinage and (2) to dismiss the unfair competition claims for failure to state a claim on which relief could be granted. Oral arguments on these motions were heard by the Court on March 10, 2017.

The Court decided by order dated April 14, 2017 in favor of the Company and has dismissed with prejudice the claims brought by Pulse for unfair competition (both federal and state counts). The court decided against the Company in its motions for transfer of venue and for lack of jurisdiction. As such, the case shall proceed in the District Court of Oregon.

The Company filed a Motion for Summary Judgment on January 24, 2018. On June 21, 2018, the Court ruled in favor of the Company on some issues and determined that other issues warranted a trial. As part of its ruling on the Motion for Summary Judgment, the Court held “While it seems likely that Plaintiff did suffer some amount of damages, Plaintiff has so far failed to provide a sufficient evidentiary foundation from which the trier of fact could reasonably calculate the value of its injury.” The Court stated that it was “reasonably certain that Plaintiff suffered some damage” and found that Pulse Health “may be entitled to nominal damages.” The Court further determined that equitable relief, such as an injunction, “may be warranted.” Following such rulings, the Company discovered certain deficiencies in its discovery responses and is taking the appropriate steps to supplement the record and correct these deficiencies. In addition, the Court has ordered a settlement conference in front of a U.S. magistrate to be held on August 31, 2018. Trial has been set for November 13, 2018 in Portland, Oregon.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 10 – Contingencies, continued

On or about June 15, 2018, certain parties brought certain class action lawsuits against the Company.

Faulkner v. Akers Biosciences, Inc., No. 2:18-cv-10521 (D.N.J.)

On June 13, 2018, Plaintiff Tim Faulkner filed a class action complaint alleging securities violations against Akers Biosciences, Inc. (“Akers”), John J. Gormally, and Gary M. Rauch (“Individual Defendants”) (together with Akers, “Defendants”) on behalf of all persons and entities who purchased publicly traded Akers securities from May 15, 2017 through June 5, 2018. The complaint alleges violations of Section 10(b) of the Exchange Act and Rule 10b-5 against all Defendants, and violations of Section 20(a) of the Exchange Act against the Individual Defendants. In particular, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose in its first, second, and third quarter 2017 10-Qs and its 2017 10-K that: (1) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; and, (2) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses. On July 10, 2018, Plaintiff and Defendants entered into a stipulation that Defendants are not required to respond to the complaint until the court appoints a lead plaintiff and lead counsel for the class, and then after the lead plaintiff chooses whether to file an amended complaint or whether to designate the complaint as the operative complaint.

Gleason v. Akers Biosciences, Inc., No. 2:18-cv-10805 (D.N.J.)

On June 20, 2018, Plaintiff David Gleason filed a class action complaint alleging securities violations against Akers Biosciences, Inc. (“Akers”), John J. Gormally, and Gary M. Rauch (“Individual Defendants”) (together with Akers, “Defendants”) on behalf of all persons and entities who purchased publicly traded Akers securities from May 15, 2017 through June 5, 2018. The complaint alleges violations of Section 10(b) of the Exchange Act and Rule 10b-5 against all Defendants, and violations of Section 20(a) of the Exchange Act against the Individual Defendants. In particular, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose in its first, second, and third quarter 2017 10-Qs and its 2017 10-K that: (1) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; and, (2) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses. No Defendant has been served yet, and no response is due at this time.

Other class action lawsuits have been threatened against the Company and may be filed shortly. Although there are currently two separate actions pending, we anticipate that the two actions will be consolidated into one action.

The Company maintains D&O liability insurance coverage, insuring both the Company and the Directors and Officers for covered defense and indemnification, and has noticed these matters thereunder.

Additionally, a former executive has threatened to sue the Company, Board members, and executives under CEPA over the termination of his employment. That statute prohibits any retaliatory action against an employee who discloses, or threatens to disclose to a supervisor or to a public entity any activity, policy or practice of the employer that is a violation of a law, or a rule or regulation. Remedies may include a counter claim for back pay, reinstatement, compensatory and punitive damages and attorneys’ fees if appropriate. The Company will vigorously defend any litigation brought by this former executive.

The Company intends to establish a rigorous defense of all claims. The Company is unable to assess the potential outcome, so no accrual for losses was made as of June 30, 2018. All legal fees were expensed as and when incurred.

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 11 – Revenue Information

Revenue by product lines was as follows:

	Three months ended				Six months ended
	June 30,				June 30,
Product Line	2018		2017		2018		2017

MicroParticle Catalyzed Biosensor (“MPC”)	$	106,680	$	69,848	$	125,630	$	155,507
Particle ImmunoFiltration Assay (“PIFA”)		356,082		426,747		616,066		987,668
Rapid Enzymatic Assay (“REA”)		45,100		-		55,000		-
Other		18,739		576,266		32,380		596,936
Total Revenue	$	526,601	$	1,072,861	$	829,076	$	1,740,111

The total revenue by geographic area determined based on the location of the customers was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Geographic Region	2018		2017		2018		2017
United States	$	462,383	$	512,257	$	757,116	$	1,129,482
People’s Republic of China		-		478,205		-		502,268
Rest of World		64,218		82,399		71,960		108,361
Total Revenue	$	526,601	$	1,072,861	$	829,076	$	1,740,111

The Company had long-lived assets totaling $66,847 and $59,830 located in the People’s Republic of China and $1,223,728 and $1,305,950 located in the United States as of June 30, 2018 and December 31, 2017, respectively.

Note 12 - Subsequent Events

On July 26, 2018, the Company implemented a reduction in workforce plan which resulted in the elimination of six staff positions in four operating departments.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This quarterly report on Form 10-Q and other reports filed by Akers Biosciences, Inc. (“Akers”, “Akers Bio”, “we” or the “Company”) from time to time with the SEC (collectively, the “Filings”) contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company’s management as well as estimates and assumptions made by Company’s management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the Filings, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions as they relate to the Company or the Company’s management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors, including the risks relating to the Company’s business, industry, and the Company’s operations and results of operations. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result. The following discussion should be read in conjunction with our financial statements and notes thereto appearing elsewhere in this report.

Overview

Akers Bio develops, manufactures, and supplies rapid, point-of-care screening and testing products designed to bring health-related information directly to the patient or clinician in a timely and cost-efficient manner. Akers believes it has advanced the science of diagnostics through the development of several proprietary platform technologies that provide product development flexibility.

All of Akers’ rapid, single-use tests are performed in vitro (outside the body) and are designed to enhance patient well-being and reduce the cost of healthcare. The Company’s current product offerings and pipeline products focus on delivering diagnostic assistance in a wide variety of healthcare fields/specialties, including diagnostic rapid manual point-of-care tests for the detection of allergic reactions to Heparin, metabolism/nutrition and for on- and off-the-job alcohol safety initiatives.

Akers believes that low-cost, single-use testing not only saves time and money, but allows for more frequent, near-patient testing which may save lives. We believe that our FDA-cleared rapid diagnostic tests help facilitate targeted diagnoses and real-time treatment. We also believe that our rapid diagnostic tests surpass most other current diagnostic products with their flexibility, speed, ease-of-use, readability, low cost and accuracy. In minutes, detection of disease states and medical conditions can be performed on single-patient specimens without sacrificing accuracy.

We believe the use of rapid tests, which can be performed at the point-of-care when and where the patient is being consulted, can result in immediate diagnostic decisions and subsequent treatment regimens and is an important development in the practice of medicine. Point-of-care testing addresses today’s challenges in the healthcare industry, such as:

	●	cost pressures/efficiency of healthcare delivery;

	●	need for affordable mass screening tests for key infectious diseases and metabolic markers; and

●

need for easy to use, accurate at-home tests for individuals to monitor their personal health and wellness

The Company has also developed tests for non-medical use within the health and wellness industry. These tests monitor general markers of health and wellness as they relate to diet, nutrition and exercise programs.

Key Events, Management’s Plans and Basis of Presentation

Prior to the Company’s public offering and listing on NASDAQ, the Company’s 2013 Plan was approved by its Board. NASDAQ has concluded that the 2013 Plan was materially amended on two occasions after the Company’s public offering and listing on NASDAQ. The first amendment, as approved by the Board on January 9, 2015, increased the number of shares available under the 2013 Plan from 400,000 to 800,000 shares and the second amendment, as approved by the Board on October 5, 2016, increased the number of shares under the 2013 Plan from 800,000 to 830,000 shares.

During the first quarter of 2018 the Company promptly notified NASDAQ, as required by Listing Rule 5625, when it became aware of its potential non-compliance with Listing Rule 5635(c). On May 4, 2018, the Staff requested additional information from the Company with respect to such non-compliance and on May 31, 2018, the Company responded. On June 25, 2018, the Company submitted the 5635 Compliance Plan to NASDAQ to remediate this matter. The 5635 Compliance Plan included that a proposal for shareholders of the Company to ratify the 2013 Plan Amendments be included in the proxy statement for the Company’s 2018 annual meeting of the shareholders of the Company and that the Company shall suspend the trading of each share granted, and each share granted upon the exercise of any option granted, in excess of 400,000 shares under the 2013 Plan (the number of shares properly approved pursuant to the 2013 Plan prior to the 2013 Plan Amendments until shareholder ratification). The 5635 Compliance Plan also proposes to prevent the exercise of any option granted under the 2013 Plan until shareholder ratification.

On July 12, 2018, NASDAQ approved of the 5635 Compliance Plan and granted the Company until December 10, 2018, to regain compliance with Listing Rule 5635.

On or about June 15, 2018, certain parties brought certain class action lawsuits against the Company.

Faulkner v. Akers Biosciences, Inc., No. 2:18-cv-10521 (D.N.J.)

On June 13, 2018, Plaintiff Tim Faulkner filed a class action complaint alleging securities violations against Akers Biosciences, Inc. (“Akers”), John J. Gormally, and Gary M. Rauch (“Individual Defendants”) (together with Akers, “Defendants”) on behalf of all persons and entities who purchased publicly traded Akers securities from May 15, 2017 through June 5, 2018. The complaint alleges violations of Section 10(b) of the Exchange Act and Rule 10b-5 against all Defendants, and violations of Section 20(a) of the Exchange Act against the Individual Defendants. In particular, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose in its first, second, and third quarter 2017 10-Qs and its 2017 10-K that: (1) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; and, (2) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses. On July 10, 2018, Plaintiff and Defendants entered into a stipulation that Defendants are not required to respond to the complaint until the court appoints a lead plaintiff and lead counsel for the class, and then after the lead plaintiff chooses whether to file an amended complaint or whether designate the complaint as the operative complaint.

Gleason v. Akers Biosciences, Inc., No. 2:18-cv-10805 (D.N.J.)

The Company maintains D&O liability insurance coverage, insuring both the Company and the Directors and Officers for covered defense and indemnification, and has noticed these matters thereunder.

As of June 30, 2018, the Company has in large part relied on equity financing to fund its operations, raising $30,717,381, net of expenses, in various public and private offering on the NASDAQ Capital Market and through the exercise of warrants associated with the offerings. The Company has experienced recurring losses and negative cash flows from operations. Management’s strategic plans include the following:

	●	continuing to advance the development and commercialization of the Company’s products, especially those that utilize MPC Biosensor, PIFA and seraSTAT technologies;

	●	continuing to strengthen and forge domestic and international relationships with well-established sales organizations with strong distribution channels in specific target markets for both our currently marketed and emerging products;

	●	establishing clinical protocols that support regulatory submissions and publication of data within peer-reviewed journals; and

	●	continuing to monitor and implement cost control initiatives to conserve cash.

Despite our plans, the Company expects to continue to incur losses from operations for the near-term for the following reasons:

	●	some of Akers’ distribution partnerships (Diagnostica Stago) have been recently established or are in the process of being initiated and, therefore, consistent and historical ordering patterns have not been instituted;

	●	the Company continues to incur expenses related to the commercialization and marketing activities for its existing product platforms and product development (research, clinical trials, regulatory tasks) costs;

	●	and to expand the use of its clinical laboratory products, the Company may need to invest in additional marketing support programs to increase brand awareness.

At June 30, 2018, Akers had cash (including restricted cash of $500,000) of $775,963, working capital of $8,719,743, shareholders’ equity of $10,794,809 and an accumulated deficit of $108,773,291. The Company believes that its current working capital position will be sufficient to meet its estimated cash needs for at least the next 12 months. The Company closely monitors its cash balances, cash needs and expense levels. The Company is not yet able to determine the impact of the key events during June and July of 2018, as discussed above, on the Company’s ability to raise capital, nor the impact that these matters might have on its business operations.

Summary of Statements of Operations for the Three Months Ended June 30, 2018 and 2017

Revenue

Akers’ revenue for the three months ended June 30, 2018 totaled $526,601, a 51% decrease from the same period in 2017. The table below summarizes our revenue by product line for the three months ended June 30, 2018 and 2017 as well as the percentage of change year-over-year:

	For the Three Months Ended June 30,				Percent
Product Lines	2018		2017		Change

Particle ImmunoFiltration Assay (“PIFA”)	$	356,082	$	426,747		(17	)%
MicroParticle Catalyzed Biosensor (“MPC”)		106,680		69,848		53	%
Rapid Enzymatic Assay (“REA”)		45,100		-		0	%
Other		18,739		576,266		(97	)%
Total Revenue	$	526,601	$	1,072,861		(51	)%

Revenue from the Company’s PIFA Heparin/PF4 Rapid Assay products decreased 17% to $356,082 (2017: $426,747) during the three months ended June 30, 2018, over the same period of 2017. The Company is taking steps to improve its market presence including the use of specialized Independent Sales Representatives (“ISRs”) and through a program to educate the marketplace through the preparation and publication of additional clinical studies and physician seminars on the risks associated with heparin induced thrombocytopenia.

During the three months ended June 30, 2018, we experienced lower yields in the process of extracting antigen from the platelets used to produce our PIFA Heparin product. At these yield levels, our production of this product was under target levels, resulting in backorders. Our engineers and representatives from our supplier have been working together to adjust our processes in order to restore the yield to appropriate levels, the results of which are not yet determined.

Furthermore, we are evaluating and testing a resolution that may involve one or more alternative antigen suppliers and processes that may provide a path to restoring yield levels for this product. For each of these potential solutions, we will be conducting production validation and stability testing.

The Company’s dedicated technical sales account executives are supporting over 300 sales representatives of Akers’ U.S. distribution partners, Cardinal Health, Thermo Fisher Scientific and Diagnostica Stago, and the Company’s ISRs. Domestic sales for the three months ended June 30, 2018, of our distributors, Cardinal Health, Thermo Fisher Scientific and Diagnostica Stago, accounted for $327,556 of the total PIFA Heparin/PF4 Rapid Assay sales as compared to $328,076 for the same period of 2017.

The Company’s MPC product sales increased by 53% to $106,680 (2017: $68,848) during the three months ended June 30, 2018. Sales of the Company’s Metron and BreathScan Alcohol products accounted for the revenue.

The Company’s REA products generated $45,100 (2017: $-) during the three months ended June 30, 2018.

Other revenue decreased to $18,739 (2017: $576,266) during the three months ended June 30, 2018. The category is made up of the sales of miscellaneous raw material components, sub-assembled products and fees billed for shipping and handling charges. During the three months ended June 30, 2017, the Company received an initial order for manufacturing components from NovoTek totaling $500,000. NovoTek plans to utilize these components along with additional materials to be purchased in a future period to assemble PIFA Heparin/PF4 products in either the Peoples Republic of China or Poland.

Gross Margin

The Company’s gross margin declined to 42% (2017: 73%) for the three months ended June 30, 2018, principally on account of the decline in revenue against a base of certain fixed costs within product cost of sales. These fixed costs within product cost of sales consisted principally of direct personnel costs, manufacturing and warehousing space and depreciation of equipment. Within these fixed costs, direct personnel costs increased during the period to $110,629 (2017: $59,612).

Furthermore, during the three months ended June 30, 2018, we incurred additional product cost of sales of approximately $8,000 in our evaluation, testing and production efforts for the extraction of antigen from platelets used to produce our PIFA Heparin product.

As a result, cost of sales for the three months ended June 30, 2018 increased to $302,826 (2017: $290,591). Direct cost of sales increased to 31% of product revenue while other cost of sales increased to 26% for the three months ended June 30, 2018 as compared to 13% and 14% respectively for the same period in 2017 as described above.

Direct cost of sales for the three-month period ended June 30, 2018 were $164,712 (2017: $143,545). Other cost of sales for the three months ended June 30, 2018 were $138,114 (2017: $147,046).

General and Administrative Expenses

General and administrative expenses for the three months ended June 30, 2018, totaled $1,565,602, which was an 89% increase as compared to $829,929 for the three months ended June 30, 2017.

The table below summarizes our general and administrative expenses for the three months ended June 30, 2018 and 2017 as well as the percentage of change year-over-year:

	For the Three Months Ended June 30,				Percent Change
Description	2018		2017
Personnel Costs	$	192,792	$	223,944		(14	)%
Professional Service Costs		927,812		354,570		162	%
Stock Market & Investor Relations Costs		145,771		117,253		24	%
Other General and Administrative Costs		299,227		134,162		123	%
Total General and Administrative Expense	$	1,565,602	$	829,929		89	%

Personnel expenses decreased by 14% for the three months ended June 30, 2018 as compared to the same period of 2017. A reduction in salaries, wages and bonuses to $162,756 (2017: $177,657) and employee benefit expenses of $4,994 (2017: $17,326) accounted for the savings.

Professional service costs increased 162% for the three months ended June 30, 2018 as compared to the same period of 2017. A significant increase in legal fees ($605,175 (2017: $171,511)) and accounting and audit expenses ($236,042 (2017: $104,000)) resulted in the change. The increase in the legal and accounting fees were principally in connection with our Board’s recent investigation and the resulting restatement of our previously issued financials, as well in connection with litigation matters.

Stock exchange fees totaling $45,819 (2017: $12,247) were the major contributors to the 24% increase in stock market and investor relations costs for the three months ended June 30, 2018.

Other general and administrative expenses increased by 123%. This increase is the result of increases in bad debts expense $125,500 (2017: $5,380) and rent and operating expenses of $79,361 (2017: $42,525) for the rental of the Ramsey, New Jersey satellite office.

Sales and Marketing Expenses

Sales and marketing expenses for the three months ended June 30, 2018 totaled $469,469 which was a 13% increase compared to $416,391 for the three months ended June 30, 2017.

The table below summarizes our sales and marketing expenses for the three months ended June 30, 2018 and 2017 as well as the percentage of change year-over-year:

	For the Three Months Ended June 30,
Description	2018		2017		Percent Change
Personnel Costs	$	266,889	$	181,653		47	%
Professional Service Costs		69,065		72,079		(4	)%
Royalties and Outside Commission Costs		69,983		103,702		(33	)%
Other Sales and Marketing Costs		63,532		58,957		8	%
Total Sales and Marketing Expenses	$	469,469	$	416,391		13	%

The US market has been divided into two regional zones, each with a business director that is responsible for recruiting and supporting ISRs and independent manufacturing representatives (“IMRs”) to target large integrated delivery networks and individual facilities. This strategy requires more experienced and technically knowledgeable sales personnel to interact with surgeons, executive management, laboratory and medical directors. The Company has increased its sales and marketing staff from 4 members on June 30, 2017 to 5 as of June 30, 2018.

Personnel costs increased in the three months ended June 30, 2018 as compared to the same period of 2017. A increase in compensation, bonuses, commissions and severance payments to $219,754 (2017: $153,273) primarily due to changes in the bonus and compensation plan and adjustments to staffing.

The legal settlement with ChubeWorkx Guernsey, Ltd (“ChubeWorkx”), signed on August 11, 2016, requires the Company to pay a 5% royalty on adjusted gross sales to ChubeWorkx on a quarterly basis. During the three months ended June 30, 2018, this royalty totaled $27,082 (2017: $61,502).

The Company recognized reductions in computer expenses ($11,709 (2017: $21,099)) plus smaller reductions in several other operating categories which were offset by an increase in travel expenses ($33,210 (2017: $21,065)) that resulted in an 8% increase in other sales and marketing costs.

Research and Development

Research and development expenses for the three months ended June 30, 2018 totaled $259,123, which was a 17% decrease as compared to $313,835 for the three months ended June 30, 2017.

The table below summarizes our research and development expenses for the three months ended June 30, 2018 and 2017 as well as the percentage of change year-over-year:

	For the Three Months Ended June 30,
Description	2018		2017		Percent Change
Personnel Costs	$	176,202	$	227,887		(23	)%
Clinical Trial Costs		575		150		283	%
Professional Service Costs		48,620		18,588		162	%
Other Research and Development Costs		33,727		67,210		(50	)%
Total Research and Development Expenses	$	259,124	$	313,835		(17	)%

Personnel costs decreased 23% during the three months ended June 30, 2018 as compared to the same period of 2017. On April 25, 2018, the Board of Directors of the Company terminated Dr. Raymond F. Akers from his position as Executive Chairman of the Board and from each of his officer positions as Chief Scientific Director and Secretary of the Company resulting in the decline in personnel costs.

Professional services consisted of fees paid to engineering consultants to address production mold designs, specialized tooling and manufacturing process development, regulatory consultants to assist with governmental filings and facility certifications and the medical director. Engineering service costs increased to $25,304 (2017: $5,630) and other general and regulatory consulting fees totaled $23,316 (2017: $12,848) in the three months ended June 30, 2018.

Decreases in laboratory supplies ($10,665 (2017: $34,124)) and the consumption of raw materials ($1,888 (2017: $11,851)) resulted in a decrease of 50% for other research and development costs during the three months ended June 30, 2018.

Other Income and Expense

Other income, net of expense for the three months ended June 30, 2018 totaled $45,744, which was a 1,624% increase as compared to $2,654 for the three months ended June 30, 2017.

The table below summarizes our other income and expenses for the three months ended June 30, 2018 and 2017 as well as the percentage of change year-over-year:

	For the Three Months Ended June 30,
Description	2018			2017			Percent Change
Currency Translation Loss	$	(3,029	)	$	(978	)		210	%
Realized Gains on Investments		(4,400	)		605			(827	)%
Interest and Dividends		53,173			3,027			1,657	%
Total Other Income, Net of Expenses	$	45,744		$	2,654			1,624	%

Losses associated with foreign currency transactions totaled $3,029 during the three months ended June 30, 2018 as compared to a loss of $978 the same period of 2017, primarily a result of the increased strength of the British Pound as compared to the US Dollar.

Realized gains, interest and dividend income increased to $48,773 (2017: $3,632). The Company’s available capital for investment activities increased significantly due to the capital raise in December 2017 and the subsequent exercises of warrants during the three months ended June 30, 2018 resulting in the increase in investment income.

Summary of Statements of Operations for the Six Months Ended June 30, 2018 and 2017

Revenue

Akers’ revenue for the six months ended June 30, 2018 totaled $829,076, a 52% decrease from the same period in 2017. The table below summarizes our revenue by product line for the six months ended June 30, 2018 and 2017 as well as the percentage of change year-over-year:

	For the Six Months Ended June 30,
Product Lines	2018		2017		Percent Change

Particle ImmunoFiltration Assay (“PIFA”)	$	616,066	$	987,668		(38	)%
MicroParticle Catalyzed Biosensor (“MPC”)		125,630		155,507		(19	)%
Rapid Enzymatic Assay (“REA”)		55,000		-		-
Other		32,380		596,936		(95	)%
Total Revenue	$	829,076	$	1,740,111		(52	)%

Revenue from the Company’s PIFA Heparin/PF4 Rapid Assay products decreased 38% to $616,066 (2017: $987,668) during the six months ended June 30, 2018, over the same period of 2017. The Company is taking steps to improve its market presence including the use of specialized Independent Sales Representatives (“ISRs”) and through a program to educate the marketplace through the preparation and publication of additional clinical studies and physician seminars on the risks associated with heparin induced thrombocytopenia.

During the six months ended June 30, 2018, we experienced lower yields in the process of extracting antigen from the supplier provided platelets used to produce our PIFA Heparin product. At these yield levels, our production of this product was under target levels, resulting in backorders. Our engineers and representatives from our supplier have been working together to adjust our processes in order to restore the yield to appropriate levels, the results of which are not yet determined.

The Company’s dedicated technical sales account executives are supporting over 300 sales representatives of Akers’ U.S. distribution partners, Cardinal Health, Thermo Fisher Scientific, Diagnostica Stago and the Company’s ISRs. Domestic sales for the six months ended June 30, 2018, of our distributors, Cardinal Health, Thermo Fisher Scientific and Diagnostica Stago accounted for $537,027 of the total PIFA Heparin/PF4 Rapid Assay sales as compared to $765,653 for the same period of 2017.

The Company’s MPC product sales decreased by 19% to $125,630 (2017: $155,508) during the six months ended June 30, 2018. Sales of the Company’s Metron and BreathScan Alcohol products accounted for the revenue.

The Company’s REA products generated $55,000 (2017: $-) during the six months ended June 30, 2018. The Company’s re-introduced Tri-Cholesterol product is produced with this technology.

Other revenue decreased to $32,380 (2017: $596,935) during the six months ended June 30, 2018. The category is made up of the sales of miscellaneous raw material components, sub-assembled products and fees billed for shipping and handling charges. During the six months ended June 30, 2017, the Company received an initial order for manufacturing components from NovoTek totaling $500,000. NovoTek plans to utilize these components along with additional materials to be purchased in a future period to assemble PIFA Heparin/PF4 products in either the Peoples Republic of China or Poland.

Gross Margin

The Company’s gross margin declined to 28% (2017: 68%) for the six months ended June 30, 2018 principally on account of the decline in revenue against a base of certain fixed costs within product cost of sales. These fixed costs within product cost of sales consisted principally of direct personnel costs, manufacturing and warehousing space, depreciation of equipment. Within these fixed costs, direct personnel costs increased during the period to $207,453 (2017: $124,965).

Furthermore, during the six months ended June 30, 2018, we incurred additional product cost of sales of approximately $19,200 in our evaluation, testing and production efforts for the extraction of antigen from platelets used to produce our PIFA Heparin product.

As a result, cost of sales for the six months ended June 30, 2018 increased to $600,326 (2017: $549,312). Direct cost of sales increased to 36% of product revenue while other cost of sales increased to 36% for the six months ended June 30, 2018 as compared to 15% and 17% respectively for the same period in 2017 as described above.

Direct cost of sales for the six -month period ended June 30, 2018 were $297,365 (2017: $249,673). Other cost of sales for the six months ended June 30, 2018 were $302,961 (2017: $299,639).

General and Administrative Expenses

General and administrative expenses for the six months ended June 30, 2018, totaled $2,481,135, which was a 53% increase as compared to $1,620,457 for the six months ended June 30, 2017.

The table below summarizes our general and administrative expenses for the six months ended June 30, 2018 and 2017 as well as the percentage of change year-over-year:

	For the Six Months Ended June 30,
Description	2018		2017		Percent Change
Personnel Costs	$	499,727	$	558,471		(11	)%
Professional Service Costs		1,231,750		546,322		125	%
Stock Market & Investor Relations Costs		259,937		199,639		30	%
Other General and Administrative Costs		489,721		316,025		55	%
Total General and Administrative Expense	$	2,481,135	$	1,620,457		53	%

Personnel expenses decreased by 11% for the six months ended June 30, 2018 as compared to the same period of 2017. A reduction in salaries, wages and bonuses to $406,697 (2017: $455,113) and employee benefit expenses of $20,739 (2017: $31,612) accounted for the savings.

Professional service costs increased by 125% for the six months ended June 30, 2018 as compared to the same period of 2017. A significant increase in legal fees ($883,451 (2017: $310,198)) and accounting and audit services ($236,042 (2017: $104,000)) were offset partially by a decrease in engineering fees $14,658 (2017: $56,794). The increase in the legal and accounting fees were principally in connection with our Board’s recent investigation and the resulting restatement of our previously issued financials, as well in connection with litigation matters.

Stock exchange fees totaled $116,001 (2017: $106,687) and transfer agent fees of $34,308 (2017: $21,124) were the major contributors to the 30% increase in stock market and investor relations costs for the six months ended June 30, 2018.

Other general and administrative expenses increased by 55%. This increase is the result of increases in bad debts expenses of $125,500 (2017: $47,741), rent and operating expenses of $154,270 (2017: $87,778) for the addition of the Ramsey, New Jersey satellite office and insurance expenses of $95,752 (2017: $76,580).

Sales and Marketing Expenses

Sales and marketing expenses for the six months ended June 30, 2018 totaled $969,620 which was a 4% decrease compared to $1,005,326 for the six months ended June 30, 2017.

The table below summarizes our sales and marketing expenses for the six months ended June 30, 2018 and 2017 as well as the percentage of change year-over-year:

	For the Six Months Ended June 30,
Description	2018		2017		Percent Change
Personnel Costs	$	588,598	$	517,485		14	%
Professional Service Costs		140,623		137,126		3	%
Royalties and Outside Commission Costs		97,838		148,836		(34	)%
Other Sales and Marketing Costs		142,561		201,879		(29	)%
Total Sales and Marketing Expenses	$	969,620	$	1,005,326		(4	)%

Personnel costs increased in the six months ended June 30, 2018 as compared to the same period of 2017. This was due to an increase in compensation, bonuses and commissions and severance payments to $476,106 (2017: $446,542) and employee benefit expenses of $27,327 (2017: $13,075) primarily due to changes in the bonus and compensation plan and adjustments to staffing.

During the six months ended June 30, 2018, the ChubeWorkx royalty totaled $58,771 (2017: $93,781) and commissions to IMRs were $39,067 (2017: $55,055) which contributed to the decline in royalty and outside commission costs during the six months ended June 30, 2018.

The Company recognized significant reductions in advertising expenses ($12,167 (2017: $54,700)) and trade show expenses ($885 (2017: $30,742)) plus smaller reductions in several other operating categories was offset by an increase in travel expenses ($60,921 (2017: $50,923)) that resulted in a 29% reduction in other sales and marketing costs.

Research and Development

Research and development expenses for the six months ended June 30, 2018 totaled $699,094, which was a 6% increase as compared to $662,277 for the six months ended June 30, 2017.

The table below summarizes our research and development expenses for the six months ended June 30, 2018 and 2017 as well as the percentage of change year-over-year:

	For the Six Months Ended June 30,
Description	2018		2017		Percent Change
Personnel Costs	$	475,415	$	512,837		(7	)%
Clinical Trial Costs		1,480		300		393	%
Professional Service Costs		137,896		47,711		189	%
Other Research and Development Costs		84,303		101,429		(17	)%
Total Research and Development Expenses	$	699,094	$	662,277		6	%

Personnel costs decreased 7% during the six months ended June 30, 2018 as compared to the same period of 2017. On April 25, 2018, the Board of Directors of the Company terminated Dr. Raymond F. Akers from his position as Executive Chairman of the Board and from each of his officer positions as Chief Scientific Director and Secretary of the Company resulting in the decline in personnel costs.

Professional services consisted of fees paid to engineering consultants to address production mold designs, specialized tooling and manufacturing process development, regulatory consultants to assist with governmental filings and facility certifications and the medical director. Engineering service costs increased to $97,800 (2017: $23,335), fees for the other general and regulatory consulting fees totaled $40,096 (2017: $21,503) in the six months ended June 30, 2018.

Decreases in laboratory supplies ($26,306 (2017: $42,183)) and travel expenses ($5,067 (2017: $19,593)) resulted in a decrease of 17% for other research and development costs during the six months ended June 30, 2018.

Other Income and Expense

Other income, net of expense for the six months ended June 30, 2018 totaled $79,209, which was a 410% increase as compared to $15,536 for the six months ended June 30, 2017.

The table below summarizes our other income and expenses for the six months ended June 30, 2018 and 2017 as well as the percentage of change year-over-year:

	For the Six Months Ended June 30,
Description	2018			2017		Percent Change
Currency Translation Gain/(Loss)	$	(5,904	)	$	9,367		(163	)%
Realized Gains on Investments		(4,401	)		1,656		(366	)%
Interest and Dividends		89,514			4,513		1,883	%
Total Other Income, Net of Expenses	$	79,209		$	15,536		410	%

Losses associated with foreign currency transactions totaled $5,904 during the six months ended June 30, 2018 as compared to a gain of $9,367 the same period of 2017, primarily a result of the increased strength of the British Pound as compared to the US Dollar.

Realized gains, interest and dividend income increased to $85,113 (2017: $6,169). The Company’s available capital for investment activities increased significantly due to the capital raise in December 2017 and the subsequent exercises of warrants during the three months ended June 30, 2018 resulting in the increase in investment income.

Income Taxes

As of June 30, 2018, the Company does not believe any uncertain tax positions exist that would result in the Company having a liability to the taxing authorities. The Company’s policy is to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and general and administrative expense, respectively in the consolidated statement of operations.

Liquidity and Capital Resources

For the six months ended June 30, 2018 and 2017, the Company generated a net loss attributable to shareholders of $3,927,444 and $2,167,279, respectively. As of June 30, 2018 and December 31, 2017, the Company has an accumulated deficit of $108,773,291 and $104,845,847 and had cash (excluding restricted cash) and marketable securities totaling $8,253,538 and $5,450,039, respectively.

Our primary focus is to expand the global distribution of our PIFA Heparin PF/4 rapid assays. The Company continues commercialization of its BreathScan OxiChek, BreathScan Lync Readers, METRON, BreathScan Alcohol detection devices and the Tri-Cholesterol assay and development activities for PIFA PLUSS Chlamydia rapid assay and BreathScan KetoChek products.

We expect to continue to incur losses from operations for the near-term and these losses could be significant as we incur product development, clinical and regulatory activities, contract consulting and other product development and commercialization related expenses. We expect that our current working capital position will be sufficient to meet our estimated cash needs for at least the next twelve months. We are closely monitoring our cash balances, cash needs and expense levels. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might result in the possible inability of the Company to continue as a going concern.

We expect that our primary expenditures will be to continue development of BreathScan KetoChek via the enrollment of patients in clinical trials.to support performance claims and generate studies in peer-reviewed journals to support product marketing. We will also continue to support commercialization and marketing activities of in-line products PIFA Heparin/PF4 rapid assays, PIFA PLUSS® PF4, breath alcohol detectors, METRON BreathScan OxiChek and BreathScan Lync Readers globally. Based upon our experience, clinical trial and related regulatory expenses can be significant costs. Steps to achieve commercialization of emerging products will be an ongoing and evolving process with expected improvements and possible subsequent generations being evaluated for commercialized and emerging tests. Should we be unable to achieve FDA clearance for products that require such regulatory “approval”, develop performance characteristics for rapid tests that satisfy market needs, or generate sufficient revenue from commercialized products, we would need to rely on other business or product opportunities to generate revenue and costs that we have incurred for the patents may be deemed impaired.

Capital expenditures for the six months ended June 30, 2018 were $37,698 (2017: $37,191). Capital expenditures, primarily for production, laboratory and facility improvement costs for the year ending December 31, 2018 are expected to be approximately $60,000. As per the Company’s lease agreement, the owner of the facility will be handling most of the facility upgrades, and we anticipate financing any production and laboratory capital expenditures through working capital.

The Company may enter into generally short-term consulting and development agreements primarily for testing services and in connection with clinical trials conducted as part of the Company’s development process which may include activities related to the development of technical files for FDA 510(k) clearance submissions. Such commitments at any point in time may be significant but the agreements typically contain cancellation provisions.

We lease our manufacturing facility which also contains our administrative offices. Our current lease was executed January 1, 2013 and is effective through December 31, 2019. The Company has leased this property from the current owner since 1997. The Company executed a lease for a satellite office in Ramsey, New Jersey on June 23, 2017 which expires May 31, 2019. The satellite office supports members of executive management and the sales and marketing team with convenient access to resources in the greater New York City area.

Due to recent market events that have adversely affected all industries and the economy as a whole, management has placed increased emphasis on monitoring the risks associated with the environment, particularly the recoverability of current assets, the fair value of assets, and the Company’s liquidity. At this point in time, there has not been a material impact on the Company’s assets and liquidity. Management will continue to monitor the risks associated with the environment and their impact on the Company’s results.

Our net cash consumed by operating activities totaled $3,817,892 during the six months ended June 30, 2018. Cash was consumed by the loss of $3,927,444 plus non-cash adjustments of $112,903 for depreciation and amortization of non-current assets, $3,469 for the amortization of deferred compensation, $32,283 for the reserve and write-off for obsolete inventory, $97,000 for the reserve and write-off of doubtful accounts, $10,629 for share based compensation to employees and $12,545 for share based compensation to non-employees less $16,332 for accrued interest and dividends on marketable securities. For the six months ended June 30, 2018, decreases in trade receivables of $455,048, prepaid expenses – related party of $26,468 and an increase in trade and other payables of $89,964 provided cash, primarily related to routine changes in operating activities. A net increase in deposits and other receivables of $13,698, deposits and other receivables – related party of $30,243, inventory of $99,220, prepaid expenses of $548,144, and a decrease in trade and other payables – related party of $23,120 consumed cash from operating activities.

Our net cash consumed by operating activities totaled $2,593,231 during the six months ended June 30, 2017. Cash was consumed by the loss of $2,167,279 plus non-cash adjustments of $121,381 for depreciation and amortization of non-current assets, $21,542 for the write-off and reserve for obsolete inventory, $46,239 for the reserve and write-off of doubtful accounts, $15,864 for the fair value of restricted common stock issued for services and $12,367 for share-based compensation less $1,001 for accrued interest and dividends on marketable securities. For the six months ended June 30, 2017, decreases in deposits and other receivables of $10,692, trade receivables – related parties of $31,892, prepaid expenses of $20,752, prepaid expenses – related party of $46,890, and an increase in trade and other payables of $38,278 provided cash, primarily related to routine changes in operating activities. A net increase in trade receivables of $372,502, inventories of $213,860 and other assets of $4,330 and decreases trade and other payables – related party of $200,156 consumed cash from operating activities.

Investing and Financing Activities

The Company’s net cash provided by investing and financing activities totaled $4,155,423 (2017: $2,717,706) during the six months ended June 30, 2018. Cash of $5,306,452 (2017: $2,742,359) was consumed by capital expenditures and the purchase of marketable securities. Proceeds from the sale of marketable securities contributed cash of $2,306,675 (2017: $1,745,554) and net proceeds from the public and private placements of common and Series B preferred stock and the exercise of warrants for Common Stock contributed $7,155,200 (2017: $3,714,511) for the six months ended June 30, 2018.

Critical Accounting Policies

See accounting policies in Note 2 of the condensed consolidated financial statements included in Part I, Item 1 of this report.

Off-Balance Sheet Arrangements

We have no significant known off balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We do not hold any derivative instruments and do not engage in any hedging activities.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

Pursuant to Rule 13a- 15(b) under the Exchange Act, the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report.

Subsequent to the filing of the Company’s Form 10-K for the year ended December 31, 2017, the Company determined that there were material errors within its Quarterly Reports on Form 10-Q for the periods ended June 30, 2017 and September 30, 2017 and in its Annual Report on Form 10-K for the year ended December 31, 2017. Specifically, the Company determined that certain revenue transactions did not qualify for revenue recognition under generally accepted accounting principles, that certain obligations were not recorded as expenses on a timely basis and that the Company did not properly value its inventory. The Company concluded that the impact of applying corrections for these errors was materially different from its previously reported results under its historical practice.

As of June 30, 2018 and based upon that evaluation, and in light of the restatement discussion above, the Company’s PEO and PFO concluded that the Company’s disclosure controls and procedures were not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, are recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s PEO and PFO, as appropriate, to allow timely decisions regarding required disclosure.

Management is actively engaged in the planning for and implementation of remediation efforts to address the material weakness identified above. The remediation plan includes (i) the hiring of an additional experienced financial executive which was consummated on July 9, 2018, (ii) the development and implementation of enhanced controls designed to evaluate the appropriateness of revenue recognition policies and procedures, (iii) the implementation of review and monitoring of transactions to ensure compliance with the new policies and procedures, and (iv) the training of personnel responsible for revenue and inventory.

(b) Changes in Internal Control over Financial Reporting

The Company has implemented additional controls around sales transactions to (i) further validate shipping terms including, the date for which risk of ownership transfers to the purchaser and (ii) that shipped product met purchasers’ specifications. In connection with the preparation of the condensed consolidated financial statements for the quarter ended June 30, 2018, the Company engaged a third party consultant to assist in the review of financial statements and to address complex accounting matters. There have been no other changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 under the Exchange Act that occurred during the fiscal quarter ended June 30, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we are a party to litigation and subject to claims incident to the ordinary course of business. Future litigation may be necessary to defend ourselves and our customers by determining the scope, enforceability and validity of third party proprietary rights or to establish our proprietary rights.

On or about June 15, 2018, certain parties brought certain class action lawsuits against the Company.

Faulkner v. Akers Biosciences, Inc., No. 2:18-cv-10521 (D.N.J.)

Gleason v. Akers Biosciences, Inc., No. 2:18-cv-10805 (D.N.J.)

The Company maintains D&O liability insurance coverage, insuring both the Company and the Directors and Officers for covered defense and indemnification, and has noticed these matters thereunder.

With the exception of the foregoing, we are not currently involved in any litigation that we believe could have a materially adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public Board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our Company, threatened against or affecting our Company or our Common Stock, in which an adverse decision could have a material adverse effect.

Item 1A. Risk Factors

In addition to the risk factors in our Annual Report on Form 10-K/A, Amendment No. 1, filed with the SEC on July 13, 2018, please see additional risk factors provided below.

The market price of our common stock is likely to be volatile and could subject us to litigation.

The market price of our common stock is likely to be highly volatile and could be subject to wide fluctuations in response to a number of factors that are beyond our control, including, but not limited to:

	●	variations in our revenue and operating expenses;

	●	actual or anticipated changes in the estimates of our operating results or changes in stock market analyst recommendations regarding our ordinary shares, other comparable companies or our industry generally;

	●	market conditions in our industry and the economy as a whole;

	●	developments in the financial markets and worldwide or regional economies;

	●	announcements of innovations or new products or services by us or our competitors;

	●	announcements by the government relating to regulations that govern our industry;

	●	sales of our common stock or other securities by us or in the open market;
	●	recruitment or departure of key personnel;
	●	any actions taken against the Company by former executives;
	●	Potential delisting from the NASDAQ Stock Market;
	●	any class action lawsuits brought against the Company; and
	●	changes in the market valuations of other comparable companies

In addition, if the market for biotech stocks or the stock market in general experiences loss of investor confidence, the trading price of our common stock could decline for reasons unrelated to our business, financial condition or operating results. The trading price of our shares might also decline in reaction to events that affect other companies in our industry, even if these events do not directly affect us. Each of these factors, among others, could harm the value of your investment in our common stock. In the past, following periods of volatility in the market, securities class-action litigation has often been instituted against companies. Such litigation, if instituted against us, could result in substantial costs and diversion of management’s attention and resources, which could materially and adversely affect our business, operating results and financial condition. Specifically, on or about June 15, 2018, certain parties have brought certain class action lawsuits against the Company, and a former executive has threatened to sue the Company, Board members, and executives under the New Jersey CEPA, N.J. Stat. Ann. § 34-19.1 over the termination of his employment. Both, the class action lawsuits brought against the Company and CEPA action threatened by a former executive could result in substantial costs and diversion of management’s attention and resources, which could harm the value of your investment in our common stock and materially and adversely affect our business, operating results and financial condition.

A robust public market for our common stock may not develop or be sustained, which could affect your ability to sell our common stock or depress the market price of our common stock.

Our common stock is listed on NASDAQ, but we cannot assure you that our common stock will continue to trade on this market or another national securities exchange. In addition, we are unable to predict whether an active trading market for our common stock will develop or will be sustained.

Prior to the Company’s public offering and listing on NASDAQ, the Company’s 2013 Plan was approved by its Board NASDAQ has concluded that the 2013 Plan was materially amended on two occasions after the Company’s public offering and listing on NASDAQ. The first amendment, as approved by the Board on January 9, 2015, increased the number of shares available under the 2013 Plan from 400,000 to 800,000 shares and the second amendment, as approved by the Board on October 5, 2016, increased the number of shares under the 2013 Plan from 800,000 to 830,000 shares. The Company has until December 10, 2018, to regain compliance with Listing Rule 5635.

During the first quarter of 2018 the Company promptly notified NASDAQ, as required by Listing Rule 5625, when it became aware of its potential non-compliance with Listing Rule 5635(c). On May 4, 2018, the Staff requested additional information from the Company with respect to such non-compliance and on May 31, 2018, the Company responded. On June 25, 2018, the Company submitted the 5635 Compliance Plan to NASDAQ to remediate this matter. The 5635 Compliance Plan included that a proposal for shareholders of the Company to ratify the 2013 Plan Amendments be included in the proxy statement for the Company’s 2018 annual meeting of the shareholders of the Company and that the Company shall suspend the trading of each share granted, and each share granted upon the exercise of any option granted, in excess of 400,000 shares under the 2013 Plan (the number of shares properly approved pursuant to the 2013 Plan prior to the 2013 Plan Amendments). The 5635 Compliance Plan also proposes to prevent the exercise of any option granted under the 2013 Plan.

If NASDAQ (i) does not believe that the filing of this Quarterly Report and the Amended Quarterly and Annual Reports as discussed above have cured the potential default as to the Company meeting the requirements to continue its listing in good standing under NASDAQ, or (ii) does not find that the 5635 Compliance Plan acceptable to cure the Company’s violation of Listing Rule 5635(c), then we cannot assure you that our common stock will continue to trade on this market or another national securities exchange.

The restatement of our previously issued financial statements contained in our Forms 10-Q for the periods ended June 30, 2017 and September 30, 2017 and the Form 10-K for the year ended December 31, 2017 may lead to additional risks and uncertainties, including regulatory, stockholder or other actions, loss of investor confidence and negative impacts on our stock price.

Our Audit Committee, after consultation with management and discussing with outside counsel, external auditors and third-party consultants, concluded that our previously issued consolidated financial statements for the quarterly periods ended June 30, 2017 and September 30, 2017 and for the year ended December 31, 2017 should be restated. The Company determined that certain revenue transactions did not qualify for revenue recognition under generally accepted accounting principles, that certain obligations were not recorded as expenses on a timely basis and that the Company did not properly value its inventory. The Company concluded that the impact of applying corrections for these errors was materially different from its previously reported results under its historical practice. As a result, the Company restated its consolidated financial statements for the periods impacted, as more fully described within each of the respective amended reports, as filed on July 13, 2018. Financial information included in our previously filed Form 10-K and our Quarterly Reports on Form 10-Q and all earnings press releases and similar communications issued by us, for such periods, should not be relied upon and are superseded in their entirety by the above described amended Quarterly and Annual reports.

Accordingly, this Form 10-Q reflects: (1) changes to our Condensed Consolidated Balance Sheet and our Condensed Consolidated Statements of Shareholders’ Equity as of December 31, 2017; (2) expanded risk factor disclosures within Part II, Item 1A, and (3) additional disclosures and conclusions regarding Controls and Procedures in Part II, Item 4.

As a result of the 2017 restatements and associated non-reliance on previously issued financial information, we have become subject to a number of additional costs and risks, including unanticipated costs for accounting and legal fees in connection with or related to the restatement and the remediation of our ineffective disclosure controls and procedures and material weakness in internal control over financial reporting. Likewise, the attention of our management team has been diverted by these efforts. In addition, we could also be subject to additional shareholder, governmental, regulatory or other actions or demands in connection with the restatement or other matters. Any such proceedings will, regardless of the outcome, consume a significant amount of management’s time and attention and may result in additional legal, accounting, insurance and other costs. If we do not prevail in any such proceedings, we could be required to pay damages or settlement costs. In addition, the restatement and related matters could impair our reputation or could cause our customers, shareholders, or other counterparties to lose confidence in us. Any of these occurrences could have a material adverse effect on our business, results of operations, financial condition and stock price.

In connection with the restatement of our financial statements for the quarterly periods ended June 30, 2017 and September 30, 2017 and for the year ended December 31, 2017, our management identified material weaknesses in our internal control over financial reporting, as described in Item 9A, “Control and Procedures” of this Form 10-K. A material weakness is a deficiency, or combination of deficiencies in internal controls over financial reporting that results in a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Further, management determined that control deficiencies existed with respect to certain aspects of our historical financial reporting and, accordingly, management has concluded that management’s reports related to the effectiveness of internal and disclosure controls may not have been correct.

A deterioration of global economic conditions may adversely affect our industry, business and results of operations.

Disruptions in the global credit and financial markets and in economic conditions generally may include diminished liquidity and credit availability, a decline in consumer confidence, a decline in economic growth, an increased unemployment rate and uncertainty about economic stability. Such disruptions may affect businesses such as ours in a number of ways, making it difficult to accurately forecast and plan our future business activities. Any adverse global economic conditions and tightening of credit in financial markets may lead consumers to postpone spending, which may cause our customers to cancel, decrease or delay their existing and future orders with us. In addition, financial difficulties experienced by our suppliers, manufacturers, distributors or customers could result in product delays, increased accounts receivable defaults and inventory challenges. We are unable to predict the likely duration and severity of disruptions in the credit and financial markets and adverse global economic conditions.

Our ability to grow and compete in the future will be adversely affected if adequate capital is not available to us or not available on terms favorable to us.

Historically, our cash generated from operations has not been sufficient to meet our expenses. We have financed our operations principally through the raising of equity capital, debt and through trade credit with our vendors. Our ability to continue our operations and to pay our obligations when they become due is contingent upon obtaining additional financing. If we are unable to obtain sufficient amounts of additional capital, we may be required to reduce the scope of our planned market development activities, and/or consider reductions in personnel costs or other operating costs. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

Obligations associated with being a public company require significant company resources and management attention, which may have a material adverse effect on our financial condition and results of operations.

We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the “Exchange Act,” and the other rules and regulations of the SEC, including the Sarbanes-Oxley Act. The Exchange Act requires, among other things, that we file annual, quarterly and current reports with respect to our business and financial condition and the Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. These reporting and other obligations place significant demands on our management, administrative, operational and accounting resources, make certain activities more time-consuming and cause us to incur significant legal, accounting and other expenses. In order to comply with these obligations, we may need to upgrade our systems or create new systems, implement additional financial and management controls, reporting systems and procedures, expand or outsource our internal audit function, and hire additional accounting and finance staff. Because our resources are limited compared to many public companies, these requirement may impose a disproportionate financial burden on us. Furthermore, our limited management resources may exacerbate the difficulties in complying with these reporting and other requirements and prevent us from focusing on executing our business strategy. In addition, if we are unable to comply with the financial reporting requirements and other rules that apply to reporting companies, the market price of our common stock could be adversely affected.

As an “emerging growth company” and a “smaller reporting company” we intend to continue to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” or “smaller reporting companies,” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and other scaled disclosure requirements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. In general, we will remain an “emerging growth company” until December 31, 2020, although a variety of circumstances could cause us to lose that status earlier, and will remain a “smaller reporting company” for each fiscal year where our public float remains below $75 million as of the last day of the second fiscal quarter of the prior fiscal year. We intend to take advantage of some or all of these exemptions and reduced reporting requirements until we are no longer an “emerging growth company” and/or a “smaller reporting company,” at which time, we expect to incur significant additional expenses and devote substantial management effort toward ensuring compliance with these additional requirements.

The Company’s business would suffer if the Company were unable to acquire adequate sources of supply.

We use a diverse and broad range of raw materials in the manufacturing of our products. We purchase all of our raw materials and select items, such as packaging, from external suppliers. In addition, we purchase some supplies from single sources for reasons of proprietary know-how, quality assurance, sole source availability, or due to regulatory qualification requirements and disruption of these sources could have, at a minimum, a temporary adverse effect on shipments and the financial results of the Company. We work closely with our suppliers to ensure continuity of supply while maintaining high quality and reliability. Any prolonged inability to obtain certain materials or components could have an adverse effect on the Company’s financial condition or results of operations and could result in damage to its relationships with its customers and, accordingly, adversely affect the Company’s business.

Negotiations are underway with multiple customers for the Company’s products and are anticipated to be completed in the near term, but a significant delay will impact revenue projections.

In May 2018, after extensive review both internally and with the FDA, we withdrew our initial 510(k) application for the PIFA Chlamydia rapid assay. We are currently evaluating the feasibility and marketability of this product in order to determine when and if the 510(k) application will be resubmitted.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no unregistered sales of the Company’s equity securities during the quarter ended June 30, 2018, other than those previously reported in a Current Report on Form 8-K.

Item 3. Defaults Upon Senior Securities

There has been no default in the payment of principal, interest, sinking or purchase fund installment, or any other material default, with respect to any indebtedness of the Company.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information.

There have been no material changes to the Other Information previously disclosed in Part II, Item 1A of our Quarterly Report on Form 10-Q, filed with the SEC on July 13, 2018.

Item 6. Exhibits.

31.1		Certification by the Principal Executive Officer of Registrant pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a) or Rule 15d-14(a)). *

31.2		Certification by the Principal Financial Officer of Registrant pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a) or Rule 15d-14(a)). *

32.1		Certification by the Principal Executive Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *

32.2		Certification by the Principal Financial Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema

101.CAL		XBRL Taxonomy Extension Calculation Linkbase

101.DEF		XBRL Taxonomy Extension Definition Linkbase

101.LAB		XBRL Taxonomy Extension Label Linkbase

101.PRE		XBRL Taxonomy Extension Presentation Linkbase

* Filed herewith

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	AKERS BIOSCIENCES, INC.

Date: August 14, 2018	By:	/s/ John J. Gormally
	Name:	John J. Gormally
	Title:	Chief Executive Officer (Principal Executive Officer)

Date: August 14, 2018	By:	/s/ Gary M. Rauch
	Name:	Gary M. Rauch
	Title:	Vice President, Finance & Treasurer (Principal Financial Officer)

EX-31.1 2 ex31-1.htm

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, John J. Gormally, certify that:

	1.	I have reviewed this Form 10-Q of Akers Biosciences, Inc.;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2018	By:	/s/ John J. Gormally
		John J. Gormally
		Principal Executive Officer
		Akers Biosciences, Inc.

EX-31.2 3 ex31-2.htm

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Gary M. Rauch, certify that:

	1.	I have reviewed this Form 10-Q of Akers Biosciences, Inc.;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2018	By:	/s/ Gary M. Rauch
		Gary M. Rauch
		Principal Financial Officer
		Akers Biosciences, Inc.

EX-32.1 4 ex32-1.htm

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report of Akers Biosciences, Inc. (the “Company”), on Form 10-Q for the period ended June 30, 2018, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, John J. Gormally, Principal Executive Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)	Such Quarterly Report on Form 10-Q for the period ended June 30, 2018, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in such Quarterly Report on Form 10-Q for the period ended June 30, 2018, 2018, fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2018	By:	/s/ John J. Gormally
		John J. Gormally
		Principal Executive Officer
		Akers Biosciences, Inc.

EX-32.2 5 ex32-2.htm

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report of Akers Biosciences, Inc. (the “Company”), on Form 10-Q for the period ended June 30, 2018, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Gary M. Rauch, Principal Financial Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)	Such Quarterly Report on Form 10-Q for the period ended June 30, 2018, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in such Quarterly Report on Form 10-Q for the period ended June 30, 2018, fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2018	By:	/s/ Gary M. Rauch
		Gary M. Rauch
		Principal Financial Officer
		Akers Biosciences, Inc.

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-818008

-2067453

AKER 10-Q Akers Biosciences, Inc.

829076

1740111

20565

670

1072861

526601

20265

Note 5 - Trade and Other Payables   Trade and other payables consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%; line-height: 107%">Trade Payables</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 20%; text-align: right; line-height: 107%">1,024,413</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 22%; text-align: right; line-height: 107%">948,951</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Accrued Expenses</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">751,017</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">736,515</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Deferred Compensation</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">59,750</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">59,750</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,835,180</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,745,216</td> <td style="line-height: 107%"> </td></tr> </table>   Trade and other payables – related party are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%; line-height: 107%">Trade Payables</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%">$</td> <td style="width: 20%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">16,701</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%">$</td> <td style="width: 22%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">39,821</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">16,701</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">39,821</td> <td style="line-height: 107%"> </td></tr> </table>

Note 6 - Share-based Payments   On January 23, 2014, upon effectiveness of the registration statement filed with the SEC, the Company adopted the 2013 Stock Incentive Plan (the “Plan”) which will provide for the issuance of up to 400,000 shares. The purpose of the Plan is to provide additional incentive to those officers, employees, consultants and non-employee directors of the Company and its parents, subsidiaries and affiliates whose contributions are essential to the growth and success of the Company’s business.   On January 9, 2015, the Board of Directors of the Company approved, upon recommendation from the Compensation Committee of the Board, by unanimous written consent the Amended and Restated 2013 Incentive Stock and Award Plan (the “Amended Plan”), which increases the number of authorized shares of Common Stock subject to the Plan to 800,000 shares (Note 3)   On September 30, 2016, the Board of Directors increased the number of authorized shares of Common Stock subject to the Amended Plan to 830,000 shares. As of June 30, 2018, grants of restricted stock and options to purchase 202,000 shares of Common Stock have been issued, pursuant to the Amended Plan, and are unvested or unexercised and 60,292 shares of Common Stock remain available for grants under the Amended Plan.   On August 7, 2017, the Shareholders approved and the Company adopted the 2017 Equity Incentive Plan (the “Plan”) which will provide for the issuance of up to 1,350,000 shares. The purpose of the Plan is to provide additional incentive to those officers, employees, consultants and non-employee directors of the Company and its parents, subsidiaries and affiliates whose contributions are essential to the growth and success of the Company’s business. As of June 30, 2018, grants totaling 320,107 shares of restricted Common Stock have been issued pursuant to the Plan and 1,029,893 shares of Common Stock remain available for grants under the Plan.   The Plan is administered by the Board or a Board-appointed committee. Eligible recipients of option awards are employees, officers, consultants or directors (including non-employee directors) of the Company or of any parent, subsidiary or affiliate of the Company. The Board has the authority to grant to any eligible recipient any options, restricted stock or other awards valued in whole or in part by reference to, or otherwise based on, the Company’s Common Stock.   The Company did not issue any options or warrants under the above plan during the six months ended June 30, 2018.   Stock Options   The following table summarizes the option activities for the six months ended June 30, 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Remaining</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Grant</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Contractual</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Aggregate</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Date</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Term</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Intrinsic</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Shares</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Price</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Fair Value</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">(years)</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 25%">Balance at December 31, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">255,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">4.25</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2.56</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">2.02</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">    -</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Forfeited</td> <td> </td> <td> </td> <td style="text-align: right">(53,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.69</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1.30</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Canceled/Expired</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">202,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4.27</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.53</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.59</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Exercisable as of June 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">197,334</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4.30</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.53</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.55</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.387 for the Company’s common shares on June 30, 2018.   The numbers of non-vested employee stock options as of June 30, 2018 remained the same as that as of the year ended December 31, 2017 with 4,666 units and a weighted-average grant date fair value of $2.36.   Unrecognized compensation cost related to non-vested employee stock options totaled $1,477 as of June 30, 2018. The cost is to be recognized over a weighted average period of 0.13 years.   During the three months ended June 30, 2018 and 2017, the Company incurred stock option expenses totaling $2,742 and $7,275, respectively, and $5,454 and $12,367 during the six months ended June 30, 2018 and 2017, respectively.   Stock Warrants   The table below summarizes the warrant activity for the six months ended June 30, 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Remaining</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Aggregate</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Number of</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Contractual</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Intrinsic</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Term (years)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Balance at December 31, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">49,490,571</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">0.22</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">4.95</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">    -</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(38,160,738</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">0.19</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Forfeited</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Canceled/Expired</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">11,329,833</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.35</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">4.40</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Exercisable as of June 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">11,329,833</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.35</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">4.40</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.387 for the Company’s common shares on June 30, 2018. All warrants were vested on date of grant.

Note 7 – Equity   The holders of common shares are entitled to one vote per share at meetings of the Company. Holders of Series B convertible preferred shares have no voting rights at meetings of the Company.   A restricted stock award is an award of common shares that are subject to certain restrictions during a specified period. Restricted stock awards are independent of option grants and are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the shares before the restricted shares vest. Shares on non-vested restricted stock have the same voting rights as Common Stock, are entitled to receive dividends and other distributions thereon and are considered to be currently issued and outstanding. The Company expenses the cost of the restricted stock awards, which is determined to be the fair market value of the shares at the date of grant, straight-line over the period during which the restrictions lapse. For these purposes, the fair market value of the restricted stock is determined based on the closing price of the Company’s Common Stock on the grant date.   On April 11, 2017, the Company issued 10,000 restricted shares to a consultant for services to be rendered during the year ending December 31, 2017. These shares vested on the date of the grant. The fair value of these shares was $18,000 and was based on the share price on the date of the grant. During the year ended December 31, 2017, $5,455 was recognized as stock-based compensation expense. The remaining $12,545 fair value of restricted shares issued was recognized during the three months ended March 31, 2018 as sales and marketing expenses on the Condensed Consolidated Statement of Operations and Comprehensive Loss.   On January 16, 2018, the Board of Directors issued 25,000 restricted shares of Common Stock to a key employee of the Company as part of the Plan. The fair value of the shares was $5,175 and was based on the closing share price of $0.2070 per share. The share grants vested immediately. The Company recorded the expense as sales and marketing expenses on the Condensed Consolidated Statement of Operations and Comprehensive Loss for the six months ended June 30, 2018.   During the six months ended June 30, 2018, 1,755 shares of the Company’s Series B Preferred Stock, no par value, were converted into 11,700,002 shares of Common Stock.   During the six months ended June 30, 2018, warrant holders from the December 21, 2017 public offering exercised 38,160,738 warrants with an exercise price of $0.1875 per common share, raising net proceeds of $7,155,200.

Note 8 - Related Party Transactions   On June 19, 2012, the Company entered into a 3-year exclusive License & Supply Agreement with ChubeWorkx Guernsey Limited (as successor to SONO International Limited) (“ChubeWorkx”) for the purchase and distribution of Akers’ proprietary breathalyzers outside North America. ChubeWorkx paid a licensing fee of $1,000,000 which was recognized over the term of the agreement through September 30, 2015.   On June 13, 2013, the Company announced an expansion of the License and Supply Agreement with ChubeWorkx to include worldwide marketing and distribution of the “Be CHUBE” program using the Company’s breathalyzer.   On August 17, 2016, the Company entered into a Settlement Agreement (the “Settlement Agreement”) with ChubeWorkx Guernsey Limited (“ChubeWorkx”), a major shareholder, which settled all pending claims between the Company and ChubeWorkx. Specifically, the Company and ChubeWorkx agreed to voluntarily dismiss (i) the action in the United States Federal Court, District of New Jersey brought by the Company against ChubeWorkx for outstanding amounts due to the Company under a promissory note and (ii) the action in The High Court of Justice, Queen’s Bench Division Commercial Court, Royal Courts of Justice, United Kingdom brought by ChubeWorkx against the Company arising from an exclusive licensing agreement between ChubeWorkx and the Company (“Licensing Agreement”).   Under the terms of the Settlement Agreement, the Company would receive the full outstanding principal amount in the year ended December 31, 2016 in the form of $750,000 of BreathScan® Alcohol Detector inventory and the balance of $549,609 as prepaid royalty. Akers’ established an allowance for this doubtful note in the Company’s financial statements for the year ended December 31, 2015. As a result of the Settlement Agreement, the Company reversed the allowance for doubtful note in the amount of $1,299,609 which was included in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2016.   In addition to addressing the promissory note described above, the Settlement Agreement also allows the Company to market and sell all of the Company’s breath technology tests worldwide, unencumbered by any past/future claims by ChubeWorkx under the Licensing Agreement (entered into with ChubeWorkx in 2012 and subsequently amended in 2013). Under the terms of the Settlement Agreement, ChubeWorkx no longer holds any rights pertaining to Akers’ BreathScan® technology, which serves as the basis for several commercialized products including BreathScan® Alcohol Detector and BreathScan OxiChek™; and a number of products in development.   In return for the Company regaining the full rights to sell breath technology products, under the terms of the Settlement Agreement, ChubeWorkx is entitled to receive a royalty of 5% of the Company’s gross revenues (the “ChubeWorkx Royalty”) until ChubeWorkx has earned an aggregate $5,000,000, after which point ChubeWorkx will no longer be entitled to receive any royalties from the Company and the Company shall have no further obligation to ChubeWorkx. The Settlement Agreement further allows the Company to retain 50% of the ChubeWorkx Royalty until the full $549,609 cash component of the monies owed by ChubeWorkx to the Company as described above has been satisfied. The Company recorded royalty expenses of $27,082 and $61,502 for the three months ended June 30, 2018 and 2017, respectively, and $58,771 and $93,781 for the six months ended June 30, 2018 and 2017, respectively, which are included in sales and marketing expenses – related party on the Condensed Consolidated Statement of Operations and Comprehensive Loss.    Other terms of the Settlement include: 1) the pledge as security of all earned but unpaid royalties by the Company to ChubeWorkx all Company assets, worthy to satisfy its obligations, including all inventory and receivables, with the exception of (i) distribution contracts of the Company or any of its affiliates, (ii) customer lists, (iii) manufacturing processes (including all intellectual property required to use those processes and exploit products made thereby), and (iv) all equipment required to perform said manufacturing processes and other equipment; 2) the pledge as security of the settlement sum which remains unpaid by the Company to ChubeWorkx all Company (i) distribution contracts of the Company or any of its affiliates, (ii) customer lists, (iii) manufacturing processes (including all intellectual property required to use those processes and exploit products made thereby), and (iv) all equipment required to perform said manufacturing processes and other equipment; and 3) the grant of voting proxy by ChubeWorkx to the Company which allows the Company to vote ChubeWorkx’s shares for corporate formalities under certain conditions.   The pledged assets are only at risk in the event that the Company cannot satisfy any outstanding royalty payment obligations subject to various cure periods and/or through a restructuring and/or liquidation under the United States Bankruptcy laws of the Company in favor of payment of said obligation.   During the three months ended June 30, 2018 and 2017, the Company recognized sales of $20,265 and $-, respectively, for the BreathScan Breath Alcohol products acquired from the Settlement and $20,265 and $- during the six months ended June 30, 2018 and 2017, respectively.   As of June 30, 2018, the Company owed ChubeWorkx Guernsey Limited, previously a major shareholder, royalties of $13,541 which is included in trade and other payables – related party on the condensed consolidated financial statements.   The Company began purchasing manufacturing molds, plastic components and the assembled BreathScan Lync™ device through Hainan and its related party during the year ended December 31, 2016. The Company purchased a total of $522 and $- during the three months ended June 30, 2018 and 2017, respectively, and $4,636 and $16,774 during the six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018, the Company owed Hainan and its related party $3,160 which is included in trade and other payables – related party on the Condensed Consolidated Balance Sheet.   As of June 30, 2018, the Company owed Hainan $670. Senior management at Hainan are actively involved in Shenzhen Savy-Akers Biosciences (“Shenzhen”) which is therefore being included as a related party. The Company owed Shenzhen $2,490 as of June 30, 2018.   On January 31, 2018, the Company engaged Medical Horizons, Inc. (“Medical Horizons”), a company owned and operated by the spouse of a member of the Company’s leadership team, to provide engineering and design services. The Company recorded $5,753 and $54,342 during the three and six months ended June 30, 2018, respectively, related to the engagement of Medical Horizons which is included in research and development – related party on the Condensed Consolidated Statement of Operations and Comprehensive Loss.   Product revenue – related party for the three months ended June 30, 2018 and 2017 were $- and credit of $24,064, respectively, and $- for each of the six months ended June 30, 2018 and 2017, respectively. The credit of $24,064 was the result of an adjustment to sales to Hainan and its related party.

Note 9 – Commitments   The Company leases its facility in West Deptford, New Jersey under an operating lease (“Thorofare Lease”) with annual rentals of $132,000 plus common area maintenance (CAM) charges. The lease, which took effect on January 1, 2008, reduced the CAM charges allowing the Company to reach their own agreements with utilities and other maintenance providers. On January 7, 2013, the Company extended its lease agreement for a term of 7 years, expiring December 31, 2019. Rent expense for the Thorofare Lease, including related CAM charges for the three months ended June 30, 2018 and 2017 totaled $40,928 and $40,440, respectively, and $83,144 and $80,927 for the six months ended June 30, 2018 and 2017, respectively.   The Company entered into a 24-month lease for a satellite office located in Ramsey, New Jersey (“Ramsey Lease”) with annual rents of $25,980 plus common area maintenance (CAM) charges. The lease took effect on June 1, 2017 and runs through May 31, 2019. Rent expenses for the Ramsey Lease, including related CAM charges totaled $6,495 and $2,165 for the three months ended June 30, 2018 and 2017, respectively, and $12,990 and $2,165 for the six months ended June 30, 2018 and 2017, respectively. The Company posted a security deposit of $4,330 which is included in other assets on the Condensed Consolidated Balance Sheet.   The Company entered into a 29-month lease for warehouse space located in Pitman, New Jersey (“Pitman Lease”) with annual rents of $39,650. The lease took effect on August 1, 2017 and runs through December 31, 2019. Rent expenses for the Pitman Lease totaled $9,913 and $- for the three months ended June 30, 2018 and 2017, respectively, and $19,825 and $- for the six months ended June 30, 2018 and 2017, respectively. A security deposit of $4,950 is included in other assets on the Condensed Consolidated Balance Sheet.   The Company entered into a 60-month operating lease for equipment with annual rentals of $6,156 on September 29, 2014. The lease commenced on October 21, 2014 upon the delivery of the equipment.   The Company entered into a 36-month contract with Oracle Corporation for the NetSuite accounting platform in March 2018 at an annual cost of $64,938. Implementation of the platform began in April with a go-live target of January 1, 2019.    The schedule of lease commitments is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%">Thorofare</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%">Ramsey</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%">Pitman</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%">Equipment</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: top; text-align: center; line-height: 107%">Oracle</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Lease</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Lease</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Lease</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Lease</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">NetSuite</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Total</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%; line-height: 107%">Next 12 Months</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 8%; text-align: right; line-height: 107%">132,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 8%; text-align: right; line-height: 107%">23,815</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 8%; text-align: right; line-height: 107%">39,650</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 7%; text-align: right; line-height: 107%">6,156</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 7%; text-align: right; line-height: 107%">64,938</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 7%; text-align: right; line-height: 107%">266,559</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Next 13-24 Months</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">66,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">19,824</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,052</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">64,938</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">152,814</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Next 25-36 Months</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">43,292</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">43,292</td> <td style="line-height: 107%"> </td></tr> </table>

Note 10 – Contingencies   On October 17, 2016 the Company was served with a notice that Pulse Health LLC (“Pulse”) filed a lawsuit against the Company on September 30, 2016 in United States Federal District Court, District of Oregon, alleging a breach of contract under the settlement agreement entered into by the Company and Pulse on April 8, 2011 which settled all claims and disputes between the Company and Pulse arising from a previously executed Technology Development Agreement entered into by the Company and Pulse and damages resulting from said alleged breach. Additionally, Pulse alleges false advertising and unlawful trade practices in connection with the Company’s sales activities related to the Company’s OxiChek™ products.   The Company filed a series of motions with the Court seeking (1) to dismiss the Pulse complaint for lack of jurisdiction or, in the alternative, transfer the matter to the District Court for the District of New Jersey, Camden Vicinage and (2) to dismiss the unfair competition claims for failure to state a claim on which relief could be granted. Oral arguments on these motions were heard by the Court on March 10, 2017.   The Court decided by order dated April 14, 2017 in favor of the Company and has dismissed with prejudice the claims brought by Pulse for unfair competition (both federal and state counts). The court decided against the Company in its motions for transfer of venue and for lack of jurisdiction. As such, the case shall proceed in the District Court of Oregon.   The Company filed a Motion for Summary Judgment on January 24, 2018. On June 21, 2018, the Court ruled in favor of the Company on some issues and determined that other issues warranted a trial. As part of its ruling on the Motion for Summary Judgment, the Court held “While it seems likely that Plaintiff did suffer some amount of damages, Plaintiff has so far failed to provide a sufficient evidentiary foundation from which the trier of fact could reasonably calculate the value of its injury.”  The Court stated that it was “reasonably certain that Plaintiff suffered some damage” and found that Pulse Health “may be entitled to nominal damages.”  The Court further determined that equitable relief, such as an injunction, “may be warranted.” Following such rulings, the Company discovered certain deficiencies in its discovery responses and is taking the appropriate steps to supplement the record and correct these deficiencies. In addition, the Court has ordered a settlement conference in front of a U.S. magistrate to be held on August 31, 2018. Trial has been set for November 13, 2018 in Portland, Oregon.    On or about June 15, 2018, certain parties brought certain class action lawsuits against the Company.   Faulkner v. Akers Biosciences, Inc., No. 2:18-cv-10521 (D.N.J.)   On June 13, 2018, Plaintiff Tim Faulkner filed a class action complaint alleging securities violations against Akers Biosciences, Inc. (“Akers”), John J. Gormally, and Gary M. Rauch (“Individual Defendants”) (together with Akers, “Defendants”) on behalf of all persons and entities who purchased publicly traded Akers securities from May 15, 2017 through June 5, 2018. The complaint alleges violations of Section 10(b) of the Exchange Act and Rule 10b-5 against all Defendants, and violations of Section 20(a) of the Exchange Act against the Individual Defendants. In particular, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose in its first, second, and third quarter 2017 10-Qs and its 2017 10-K that: (1) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; and, (2) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses. On July 10, 2018, Plaintiff and Defendants entered into a stipulation that Defendants are not required to respond to the complaint until the court appoints a lead plaintiff and lead counsel for the class, and then after the lead plaintiff chooses whether to file an amended complaint or whether to designate the complaint as the operative complaint.   Gleason v. Akers Biosciences, Inc., No. 2:18-cv-10805 (D.N.J.)   On June 20, 2018, Plaintiff David Gleason filed a class action complaint alleging securities violations against Akers Biosciences, Inc. (“Akers”), John J. Gormally, and Gary M. Rauch (“Individual Defendants”) (together with Akers, “Defendants”) on behalf of all persons and entities who purchased publicly traded Akers securities from May 15, 2017 through June 5, 2018. The complaint alleges violations of Section 10(b) of the Exchange Act and Rule 10b-5 against all Defendants, and violations of Section 20(a) of the Exchange Act against the Individual Defendants. In particular, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose in its first, second, and third quarter 2017 10-Qs and its 2017 10-K that: (1) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; and, (2) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses. No Defendant has been served yet, and no response is due at this time.   Other class action lawsuits have been threatened against the Company and may be filed shortly. Although there are currently two separate actions pending, we anticipate that the two actions will be consolidated into one action.   The Company maintains D&O liability insurance coverage, insuring both the Company and the Directors and Officers for covered defense and indemnification, and has noticed these matters thereunder.   Additionally, a former executive has threatened to sue the Company, Board members, and executives under CEPA over the termination of his employment. That statute prohibits any retaliatory action against an employee who discloses, or threatens to disclose to a supervisor or to a public entity any activity, policy or practice of the employer that is a violation of a law, or a rule or regulation. Remedies may include a counter claim for back pay, reinstatement, compensatory and punitive damages and attorneys’ fees if appropriate. The Company will vigorously defend any litigation brought by this former executive.   The Company intends to establish a rigorous defense of all claims. The Company is unable to assess the potential outcome, so no accrual for losses was made as of June 30, 2018. All legal fees were expensed as and when incurred.

Note 12 - Subsequent Events   On July 26, 2018, the Company implemented a reduction in workforce plan which resulted in the elimination of six staff positions in four operating departments.

Inventories consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%; line-height: 107%">Raw Materials</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 20%; text-align: right; line-height: 107%">544,637</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 22%; text-align: right; line-height: 107%">458,441</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Sub-Assemblies</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">937,222</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">886,274</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Finished Goods</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">745,298</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">815,505</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Reserve for Obsolescence</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(1,212,608</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(1,212,608</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,014,549</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">947,612</td> <td style="line-height: 107%"> </td></tr> </table>

Trade and other payables consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%; line-height: 107%">Trade Payables</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 20%; text-align: right; line-height: 107%">1,024,413</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 22%; text-align: right; line-height: 107%">948,951</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Accrued Expenses</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">751,017</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">736,515</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Deferred Compensation</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">59,750</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">59,750</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,835,180</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,745,216</td> <td style="line-height: 107%"> </td></tr> </table>

Trade and other payables – related party are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%; line-height: 107%">Trade Payables</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%">$</td> <td style="width: 20%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">16,701</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%">$</td> <td style="width: 22%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">39,821</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">16,701</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">39,821</td> <td style="line-height: 107%"> </td></tr> </table>

The following table summarizes the option activities for the six months ended June 30, 2018:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Weighted</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Weighted</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Average</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Weighted</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Average</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Remaining</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Number</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Average</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Grant</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Contractual</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Aggregate</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">of</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Exercise</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Date</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Term</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Intrinsic</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Shares</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Price</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Fair Value</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">(years)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Value</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 27%; line-height: 107%">Balance at December 31, 2017</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">255,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 12%; text-align: right; line-height: 107%">4.25</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 12%; text-align: right; line-height: 107%">2.56</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">2.02</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">    -</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%">Granted</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%">Exercised</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%">Forfeited</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(53,000</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2.69</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.30</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%">Canceled/Expired</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Balance at June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">202,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4.27</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2.53</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1.59</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Exercisable as of June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">197,334</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4.30</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2.53</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1.55</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> </table>

The schedule of lease commitments is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%">Thorofare</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%">Ramsey</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%">Pitman</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%">Equipment</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: top; text-align: center; line-height: 107%">Oracle</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Lease</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Lease</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Lease</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Lease</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">NetSuite</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Total</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%; line-height: 107%">Next 12 Months</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 8%; text-align: right; line-height: 107%">132,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 8%; text-align: right; line-height: 107%">23,815</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 8%; text-align: right; line-height: 107%">39,650</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 7%; text-align: right; line-height: 107%">6,156</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 7%; text-align: right; line-height: 107%">64,938</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 7%; text-align: right; line-height: 107%">266,559</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Next 13-24 Months</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">66,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">19,824</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,052</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">64,938</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">152,814</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Next 25-36 Months</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">43,292</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">43,292</td> <td style="line-height: 107%"> </td></tr> </table>

Note 11 – Revenue Information   Revenue by product lines was as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%"> </td> <td colspan="6" style="vertical-align: bottom; text-align: center; line-height: 107%">Three months ended</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="6" style="vertical-align: bottom; text-align: center; line-height: 107%">Six months ended</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30,</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30,</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 107%">Product Line</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2018</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2018</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 35%; line-height: 107%">MicroParticle Catalyzed Biosensor (“MPC”)</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 21%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 8%; text-align: right; line-height: 107%">106,680</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 8%; text-align: right; line-height: 107%">69,848</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 8%; text-align: right; line-height: 107%">125,630</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 8%; text-align: right; line-height: 107%">155,507</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%">Particle ImmunoFiltration Assay (“PIFA”)</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">356,082</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">426,747</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">616,066</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">987,668</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%">Rapid Enzymatic Assay (“REA”)</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">45,100</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">-</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">55,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">-</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%">Other</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">18,739</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">576,266</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">32,380</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">596,936</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%">Total Revenue</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">526,601</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,072,861</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">829,076</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,740,111</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> </table>   The total revenue by geographic area determined based on the location of the customers was as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="text-align: center; line-height: 107%">Three Months Ended</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="text-align: center; line-height: 107%">Six Months Ended</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30,</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30,</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 107%">Geographic Region</td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; line-height: 107%">United States</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">462,383</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">512,257</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 10%; text-align: right; line-height: 107%">757,116</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 10%; text-align: right; line-height: 107%">1,129,482</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">People’s Republic of China</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">478,205</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">502,268</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Rest of World</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">64,218</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">82,399</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">71,960</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">108,361</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total Revenue</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">526,601</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,072,861</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">829,076</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,740,111</td> <td style="line-height: 107%"> </td></tr> </table>   The Company had long-lived assets totaling $66,847 and $59,830 located in the People’s Republic of China and $1,223,728 and $1,305,950 located in the United States as of June 30, 2018 and December 31, 2017, respectively.

Revenue by product lines was as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%"> </td> <td colspan="6" style="vertical-align: bottom; text-align: center; line-height: 107%">Three months ended</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="6" style="vertical-align: bottom; text-align: center; line-height: 107%">Six months ended</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30,</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30,</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 107%">Product Line</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2018</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2018</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 35%; line-height: 107%">MicroParticle Catalyzed Biosensor (“MPC”)</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 21%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 8%; text-align: right; line-height: 107%">106,680</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 8%; text-align: right; line-height: 107%">69,848</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 8%; text-align: right; line-height: 107%">125,630</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 8%; text-align: right; line-height: 107%">155,507</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%">Particle ImmunoFiltration Assay (“PIFA”)</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">356,082</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">426,747</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">616,066</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">987,668</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%">Rapid Enzymatic Assay (“REA”)</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">45,100</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">-</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">55,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">-</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%">Other</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">18,739</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">576,266</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">32,380</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">596,936</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%">Total Revenue</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">526,601</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,072,861</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">829,076</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,740,111</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> </table>

7552853

110647169

-3469

-104845847

1755000

10794809

119580543

-108773291

-12443

44220552

1755

94106292

38160738 7155200 7155200 3469 3469 0001321834 94106292 The table below summarizes the warrant activity for the six months ended June 30, 2018:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Weighted</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Average</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Average</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Remaining</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Aggregate</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Number of</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Exercise</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Contractual</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%">Intrinsic</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Warrants</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Price</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Term (years)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Value</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 107%">Balance at December 31, 2017</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">49,490,571</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 12%; text-align: right; line-height: 107%">0.22</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">4.95</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">    -</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%">Granted</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%">Exercised</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(38,160,738</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.19</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%">Forfeited</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%">Canceled/Expired</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Balance at June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">11,329,833</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.35</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4.40</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Exercisable as of June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">11,329,833</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.35</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4.40</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> </table>

910849

911545

354889

442387

3413311

7155200

301200

228750

1190799

782270

223775

-4006652

-2182815

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-2113197

85554

42777

644752

639283

290841

253371

58771 93781 61502 27082

-79208

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-2654

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5905

-9367

978

3029

-3927444

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-818008

-2067453

-12443

1009

852

4401

-3939887

-2166270

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-2063052

-0.05

-0.27

-0.09

-0.02

82348494

7943168

8882326

93254241

-23120

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89964

38278

548144

-20752

99220

213860

13698

-10692

-31892

-455048

372502

12545 2183

5454

10184

3469

15864

112903

121381

16332 1001

2306675

1745554

5268754

2705168

37698

37191

438432

275963

32283 21542 5175

-12443

25000

5175

18000

12545

-1755

11700002

-1755000

1755000

-26468 -46890

125500

47741

5380

125500

0.73

0.41

0.13

0.66

0.72

0.33

0.27

0.12

0.74

0.47

0.27

0.49

0.17

0.31

0.29

0.13

0.11

0.13

0.24

0.10

0.28

0.14

0.29

0.12

0.41

0.15

0.13

43894

170678

67855

6350

64937

47569

31393

37993

32283

21542

7823

458441

544637

886274

937222

815505

745298

1212608

58771

93781

61502

27082

2490

549609

948951

1024413

400000

1350000

400000

60292

1029893

1477

P1M16D

5454

12367

7275

2742

5455

255000

202000

197334

4.25

4.27

4.30

P2Y7D

P0Y P0Y P1Y3M19D P0Y P1Y7M2D

P1Y6M18D

2481134

1620457

829929

1565602

66847

1305950

1223728

59830

59750

320107

10000

7155200 981948

7500000

5011607

7977575

16590

30288

30243

947612

1014549

145488

693632

251499 136751

7775899

10571624

120118 208398

76093

1561991

2075066

9337890

12646690

1745216

1835180

298634

121327

1785037

1851881

1785037

1851881

1755000

110647169

119580543

9337890

12646690

50000000

1755

500000000

44220552

94106292

44220552

94106292

3469

30243 P30D P90D

39821

16701

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">(g)</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Fair Value of Financial Instruments</td></tr> </table>   The Company’s financial instruments consist of cash and cash equivalents, marketable securities, receivables and trade and other payables. The carrying value of cash and cash equivalents, receivables and trade and other payables approximate their fair value because of their short maturities.   The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 120px; line-height: 107%"> </td> <td style="width: 48px; line-height: 107%">Level 1</td> <td style="text-align: justify; line-height: 107%">Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"> </td> <td style="line-height: 107%">Level 2</td> <td style="text-align: justify; line-height: 107%">Inputs to the valuation methodology include:</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 168px; line-height: 107%"> </td> <td style="width: 24px; line-height: 107%">●</td> <td style="text-align: justify; line-height: 107%">quoted prices for similar assets or liabilities in active markets;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"> </td> <td style="line-height: 107%">●</td> <td style="text-align: justify; line-height: 107%">quoted prices for identical or similar assets or liabilities in inactive markets;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"> </td> <td style="line-height: 107%">●</td> <td style="text-align: justify; line-height: 107%">inputs other than quoted prices that are observable for the asset or liability;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"> </td> <td style="line-height: 107%">●</td> <td style="text-align: justify; line-height: 107%">inputs that are derived principally from or corroborated by observable market data by correlation or other means</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: justify; line-height: 107%">If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 120px; line-height: 107%"> </td> <td style="width: 48px; line-height: 107%">Level 3</td> <td style="text-align: justify; line-height: 107%">Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr> </table>    The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.   Following is a description of the valuation methodologies used for assets measured at fair value as of June 30, 2018 and December 31, 2017.   U.S. Agency Securities and Corporate and Municipal Securities: Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Significant Unobservable Inputs (Level 3)</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 47%; line-height: 107%">Marketable securities at June 30, 2018</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">7,977,575</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Marketable securities at December 31, 2017</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">           -</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">5,011,607</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">                          -</td> <td style="line-height: 107%"> </td></tr> </table>   Marketable securities include U.S. agency securities, corporate securities, and municipal securities, which are classified as available for sale. The securities are valued at fair market value. Maturities of the securities are less than one year. Unrealized gains and losses relating to the available for sale investment securities were recorded in the Condensed Consolidated Statement of Changes in Shareholders’ Equity as comprehensive income. These amounts were a decrease of $4,401 and an increase of $12,443 in unrealized losses for the three and six months ended June 30, 2018. These amounts were an increase of $852 and $1,009 in unrealized gains for the three and six months ended June 30, 2017.   Proceeds from the sale of marketable securities in the three and six months ended June 30, 2018 were $2,004,580 and $2,306,675. Proceeds from the sale of marketable securities in the three and six months ended June 30, 2017 were $650,336 and $1,745,554. Gross gains and losses, resulting from these sales, amounted to a loss of $4,401 and a gain of $605 for the three months ended June 30, 2018 and 2017 and a loss of $4,401 and $1,656 for the six months ended June 30, 2018 and 2017.

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif">(o)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">Basic and Diluted Earnings per Share of Common Stock</td></tr> </table>   Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share are computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock.   The calculation of basic and diluted loss per share for the three months ended June 30, 2018 and 2017 was based on the loss attributable to common shareholders of $2,067,453 and $818,008, respectively, and $3,927,444 and $2,167,279 for the six months ended June 30, 2018 and 2017, respectively. The basic and diluted weighted average number of common shares outstanding for the three months ended June 30, 2018 and 2017 was 93,254,241 and 8,882,326, respectively, and 82,348,494 and 7,943,168 for the six months ended June 30, 2018 and 2017, respectively.   Diluted net loss per share is computed using the weighted average number of common and dilutive potential common shares outstanding during the period.   The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">For the Three and Six Months Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Incentive and Award Stock Options</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">202,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">259,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Unvested Restricted Shares of Common Stock</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,166</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">11,329,833</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,490,570</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Total potentially dilutive shares</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">11,531,833</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,758,736</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

25000

0.2070

P3Y 0.05 0.50

4636

16774

522

6156

132000

25980

39650

64938

2019-12-31

2019-05-31

2019-12-31

83144

80927

12990

2165

19825

40928

40440

6495

2165

9913

266559

132000

23815

39650

6156

64938

152814

66000

19824

2052

64938

24064

4330

4950

-12443

-104845847

-108773291

5454 5454

12545

736515

751017

39821 16701

0.387

54342 22994 22994 5753

1755000

1755

11700002

-12443 1009

4330

Note 1 – Organization and Description of Business   Akers Biosciences, Inc. (“Akers”), is a New Jersey corporation. These condensed consolidated financial statements include two wholly owned subsidiaries, Akers Acquisition Sub, Inc. and Bout Time Marketing Corporation, (together, the “Company”). All material intercompany transactions have been eliminated in consolidation.   The Company’s primary focus is the development and sale of disposable diagnostic testing devices that can be performed in minutes, to facilitate time sensitive therapeutic decisions. The Company’s main products are a disposable breathalyzer test that measures the blood alcohol content of the user, a rapid test detecting the antibody causing an allergic reaction to Heparin and a disposable breathalyzer test that measures Free Radical activity in the human body.

Note 2 - Significant Accounting Policies   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif">(a)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">Basis of Presentation</td></tr> </table>   The Condensed Consolidated Financial Statements of the Company are prepared in U.S. Dollars and in accordance with accounting principles generally accepted in the United States of America (US GAAP).   Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2017 and 2016 included in the Company’s 2017 Form 10-K/ A, Amendment No. 1, as filed on July 13, 2018. In the opinion of the management, these condensed consolidated financial statements include all adjustments, consisting of only normal recurring nature, necessary for a fair statement of the financial position of the Company as of June 30, 2018 and its results of operations and cash flows for the three and six months ended June 30, 2018 and 2017. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2018.   The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act enacted on April 5, 2012 and has elected to comply with certain reduced public company reporting requirements.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(b)</td> <td style="text-align: justify">Use of Estimates and Judgments</td></tr> </table>   The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes for revenue recognition, allowances for doubtful accounts, inventory write-downs, impairment of intangible assets and valuation of share-based payments.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(c)</td> <td style="text-align: justify">Functional and Presentation Currency</td></tr> </table>   These condensed consolidated financial statements are presented in U.S. Dollars, which is the Company’s functional currency. All financial information presented in U.S. Dollars has been rounded to the nearest dollar. Foreign Currency Transaction Gains or Losses, resulting from loans and cash balances denominated in Foreign Currencies, are recorded in the Condensed Consolidated Statement of Operations and Comprehensive Loss.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(d)</td> <td style="text-align: justify">Comprehensive Income (Loss)</td></tr> </table>   The Company follows Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 220 in reporting comprehensive income (loss). Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(e)</td> <td style="text-align: justify">Cash and Cash Equivalents </td></tr> </table>   Cash and cash equivalents comprise cash balances. The Company considers all highly liquid investments, which include short-term bank deposits (up to 3 months from date of deposit) that are not restricted as to withdrawal date or use, to be cash equivalents. Bank overdrafts are shown as part of trade and other payables in the Condensed Consolidated Balance Sheet.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(f)</td> <td style="text-align: justify">Restricted Cash</td></tr> </table>   At June 30, 2018, restricted cash included in non-current assets on the Company’s condensed consolidated balance sheet was $500,000 representing cash in trust for the purpose of funding legal fees for certain threatened litigation.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(g)</td> <td style="text-align: justify">Fair Value of Financial Instruments</td></tr> </table>   The Company’s financial instruments consist of cash and cash equivalents, marketable securities, receivables and trade and other payables. The carrying value of cash and cash equivalents, receivables and trade and other payables approximate their fair value because of their short maturities.   The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 120px"> </td> <td style="width: 48px">Level 1</td> <td style="text-align: justify">Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>Level 2</td> <td style="text-align: justify">Inputs to the valuation methodology include:</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 168px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">quoted prices for similar assets or liabilities in active markets;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">quoted prices for identical or similar assets or liabilities in inactive markets;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">inputs other than quoted prices that are observable for the asset or liability;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">inputs that are derived principally from or corroborated by observable market data by correlation or other means</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td colspan="2" style="text-align: justify">If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 120px"> </td> <td style="width: 48px">Level 3</td> <td style="text-align: justify">Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr> </table>   The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.   Following is a description of the valuation methodologies used for assets measured at fair value as of June 30, 2018 and December 31, 2017.   U.S. Agency Securities and Corporate and Municipal Securities: Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 47%; padding-bottom: 2.5pt">Marketable securities at June 30, 2018</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right">-</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right">7,977,575</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right">-</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Marketable securities at December 31, 2017</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">           -</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">5,011,607</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">                          -</td> <td style="padding-bottom: 1pt"> </td></tr> </table>   Marketable securities include U.S. agency securities, corporate securities, and municipal securities, which are classified as available for sale. The securities are valued at fair market value. Maturities of the securities are less than one year. Unrealized gains and losses relating to the available for sale investment securities were recorded in the Condensed Consolidated Statement of Changes in Shareholders’ Equity as comprehensive income. These amounts were a decrease of $4,401 and an increase of $12,443 in unrealized losses for the three and six months ended June 30, 2018. These amounts were an increase of $852 and $1,009 in unrealized gains for the three and six months ended June 30, 2017.   Proceeds from the sale of marketable securities in the three and six months ended June 30, 2018 were $2,004,580 and $2,306,675. Proceeds from the sale of marketable securities in the three and six months ended June 30, 2017 were $650,336 and $1,745,554. Gross gains and losses, resulting from these sales, amounted to a loss of $4,401 and a gain of $605 for the three months ended June 30, 2018 and 2017 and a loss of $4,401 and $1,656 for the six months ended June 30, 2018 and 2017.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(h)</td> <td style="text-align: justify">Trade Receivables, Trade Receivables – Related Party and Allowance for Doubtful Accounts</td></tr> </table>   The carrying amounts of current trade receivables is stated at cost, net of allowance for doubtful accounts and approximate their fair value given their short-term nature.   The normal credit terms extended to customers ranges between 30 and 90 days. Credit terms longer than these may be extended after considering the credit worthiness of the customers and the business requirements. The Company reviews all receivables that exceed terms and establishes an allowance for doubtful accounts based on management’s assessment of the collectability of trade and other receivables. A considerable amount of judgment is required in assessing the amount of allowance. The Company considers the historical level of credit losses, makes judgments about the credit worthiness of each customer based on ongoing credit evaluations and monitors current economic trends that might impact the level of credit losses in the future.   As of June 30, 2018 and December 31, 2017, allowances for doubtful accounts for trade receivables were $693,196 and $596,196. Bad debt expenses for trade receivables were $125,500 and $5,380 for the three months ended June 30, 2018 and 2017, respectively, and $125,500 and $47,741 for the six months ended June 30, 2018 and 2017, respectively.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(i)</td> <td style="text-align: justify">Concentrations </td></tr> </table>   Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash on deposit with financial institutions and accounts receivable. At times, the Company’s cash in banks is in excess of the FDIC insurance limit. The Company has not experienced any loss as a result of these cash deposits. These cash balances are maintained with four banks.   Major Customers   For the three months ended June 30, 2018, three customers generated 33%, 27% and 12%, or 72% in the aggregate, of the Company’s revenue. For the six months ended June 30, 2018, two customers generated 49% and 17%, or 66% in the aggregate, of the Company’s revenue. As of June 30, 2018, the amount due from these customers was $291,220. This concentration makes the Company vulnerable to a near-term severe impact should these relationships be terminated.   For the three months ended June 30, 2017, two customers generated 47% and 27%, or 74% in the aggregate, of the Company’s revenue. For the six months ended June 30, 2017, three customers generated 31%, 29% and 13%, or 73% in the aggregate, of the Company’s revenue.   Three customers accounted for 41%, 13%, and 13% or 67%, in the aggregate, of gross trade receivables, before accounting for allowance for doubtful accounts, as of June 30, 2018. To limit such risks, the Company performs ongoing credit evaluations of its customers’ financial condition. As of June 30, 2018, the Company had $457,881, $146,195 and $142,293 in trade receivables, respectively, from these customers.   Major Suppliers   For the three months ended June 30, 2018, two suppliers accounted for 13% and 11%, or 24% in the aggregate, of the Company’s purchases. For the six months ended June 30, 2018, no supplier accounted for 10% or more of the Company’s purchases.   For the three months ended June 30, 2017, two suppliers accounted for 15% and 13%, or 28% in the aggregate, of the Company’s purchases. For the six months ended June 30, 2017, one supplier accounted for 14% of the Company’s purchases.   Two vendors accounted for 29% and 12%, or 41%, in the aggregate, of trade payables as of June 30, 2018. As of June 30, 2018, the Company had $298,634 and $121,327 in trade payables, respectively, from these vendors.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(j)</td> <td style="text-align: justify">Property, Plant and Equipment</td></tr> </table>   Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset.   Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized within “other income” in the Condensed Consolidated Statement of Operations and Comprehensive Loss.   Depreciation is recognized in profit and loss on the accelerated basis over the estimated useful lives of the property, plant and equipment. Leased assets are depreciated over the shorter of the lease term or their useful lives.   Depreciation expense totaled $13,675 and $17,885 for the three months ended June 30, 2018 and 2017, respectively, and $27,350 and $35,827 for the six months ended June 30, 2018 and 2017, respectively.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(k)</td> <td style="text-align: justify">Intangible Assets</td></tr> </table>   The Company’s long-lived intangible assets, other than goodwill, are assessed for impairment when events or circumstances indicate there may be an impairment. These assets were initially recorded at their estimated fair value at the time of acquisition and assets not acquired in acquisitions were recorded at historical cost. However, if their estimated fair value is less than the carrying amount, other intangible assets with indefinite life are reduced to their estimated fair value through an impairment charge to our condensed consolidated statements of income.   Intangible assets as of June 30, 2018 and December 31, 2017 were $1,045,113 and $1,130,667, respectively. Intangible assets at June 30, 2018 consisted of patents, trademarks and customer lists of $3,897,635 net of accumulated amortization and impairment of $2,852,522.   Amortization is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. Amortization expense was $42,777 for the three months ended June 30, 2018 and 2017 and $85,553 for the six months ended June 30, 2018 and 2017.   The following is an annual schedule of approximate future amortization of the Company’s intangible assets:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center">Period</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Amount</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 69%">2018 (six months)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 28%; text-align: right">85,554</td> <td style="width: 1%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">2019</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">171,108</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top">2020</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">149,298</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">2021</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">147,315</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top">2022</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">147,315</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">2023</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">147,315</td> <td style="vertical-align: bottom"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(l)</td> <td style="text-align: justify">Revenue Recognition</td></tr> </table>   In accordance with FASB ASC 605, the Company recognizes revenue when (i) persuasive evidence of a customer or distributor arrangement exists, (ii) a retailer, distributor or wholesaler receives the goods and acceptance occurs, (iii) the price is fixed or determinable, and (iv) the collectability of the revenue is reasonably assured. Subject to these criteria, the Company recognizes revenue from product sales when title passes to the customer based on shipping terms. The Company typically does not accept returns nor offer charge backs or rebates except for certain distributors. Revenue recorded is net of any discount, rebate or sales return. The accrual for estimated sales returns was $- as of June 30, 2018 and December 31, 2017. In cases where the right of return is granted, and the Company does not have historical experience to reasonably estimate the sales returns, the revenue is recognized when the return privilege has substantially expired.   The Company may provide for rebates to the distributors under limited circumstances. The Company established an accrual of $54,228 and $126,471 as of June 30, 2018 and December 31, 2017. Accounts receivable will be reduced when the rebates are applied by the customer. The Company recognized $6,350 and $67,855 during the three months ended June 30, 2018 and 2017, respectively, for rebates and $43,894 and $170,678 during the six months ended June 30, 2018 and 2017, respectively, which is included as a reduction of product revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss.   License fee revenue is recognized on a straight-line basis over the term of the license agreement.   When the Company enters into arrangements that contain more than one deliverable, the Company allocates revenue to the separate elements under the arrangement based on their relative selling prices in accordance with FASB ASC 605-25.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(m)</td> <td style="text-align: justify">Income Taxes</td></tr> </table>   The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse.   The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.   Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of June 30, 2018 and 2017, no liability for unrecognized tax benefits was required to be reported.   There was no income tax expense for the three and six months ended June 30, 2018 and 2017. There is no income tax benefit for the losses for the three and six months ended June 30, 2018 and 2017 since management has determined that the realization of the net deferred assets is not assured and has created a valuation allowance for the entire amount of such tax benefits.   The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expense. There were no amounts accrued for penalties and interest for the six months ended June 30, 2018 and 2017. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.   The Company has identified its federal tax return and its state tax returns in New Jersey and California as its “major” tax jurisdictions, and such returns for the years 2014 through 2017 remain subject to examination.   The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%. As December 31, 2017, the Company had made a reasonable estimate of the effects of the Tax Act. This estimate incorporates assumptions made based upon the Company’s current interpretation of the Tax Act and may change as the Company may receive additional clarification and implementation guidance and as the interpretation of the Tax Act evolves. In accordance with Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allows us to record provisional amounts during a measurement period not to extend beyond one year form the enactment date. SAB 118 was codified by the FASB as part of ASU No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. As of June 30, 2018, we have not made any additional measurement period adjustments. Such adjustments may be necessary in future periods due to, among other things, the significant complexity of the Act and anticipated additional regulatory guidance that may be issued by the Internal Revenue Service (“IRS”), changes in analysis, interpretations and assumptions the Company has made and actions the Company may take as a result of the Act. We are continuing to gather information to assess the application of the Act and expect to finalize the accounting for the effects of the Tax Act no later than the fourth quarter of 2018. Future adjustments made to the provisional effects will be reported as a component of income tax expense in the reporting period in which any such adjustments are determined. Based on the new tax law that lowers corporate tax rates, on December 31, 2017, the Company revalued its deferred tax assets.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(n)</td> <td style="text-align: justify">Shipping and Handling Fees and Costs</td></tr> </table>   The Company charges actual shipping plus a handling fee to customers, which amounted to $18,739 and $12,016 for the three months ended June 30, 2018 and 2017, respectively, and $32,380 and $30,436 for the six months ended June 30, 2018 and 2017, respectively. These fees are classified as part of product revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss. Shipping and other related delivery costs, including those for incoming raw materials consumed are classified as part of the cost of sales, which amounted to $37,993 and $31,393 for the three months ended June 30, 2018 and 2017, respectively, and $64,937 and $47,569 for the six months ended June 30, 2018 and 2017, respectively.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(o)</td> <td style="text-align: justify">Basic and Diluted Earnings per Share of Common Stock</td></tr> </table>   Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share are computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock.   The calculation of basic and diluted loss per share for the three months ended June 30, 2018 and 2017 was based on the loss attributable to common shareholders of $2,067,453 and $818,008, respectively, and $3,927,444 and $2,167,279 for the six months ended June 30, 2018 and 2017, respectively. The basic and diluted weighted average number of common shares outstanding for the three months ended June 30, 2018 and 2017 was 93,254,241 and 8,882,326, respectively, and 82,348,494 and 7,943,168 for the six months ended June 30, 2018 and 2017, respectively.   Diluted net loss per share is computed using the weighted average number of common and dilutive potential common shares outstanding during the period.   The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">For the Three and Six Months Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Incentive and Award Stock Options</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">202,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">259,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Unvested Restricted Shares of Common Stock</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,166</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">11,329,833</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,490,570</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Total potentially dilutive shares</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">11,531,833</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,758,736</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">(p)</td> <td style="text-align: justify">Recently Issued Accounting Pronouncements</td></tr> </table>   Recently Issued Accounting Pronouncements Adopted   As the Company is an emerging growth company, it has elected to adopt recently issued accounting pronouncements based on effective dates applicable to other than public business entities.   In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. The amendments in this Update require that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company adopted this as of January 1, 2018.   Recently Issued Accounting Pronouncements Not Adopted   In May 2014 and April 2016, the FASB issued ASU No. 2014-09 and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14 which deferred the effective date of Update 2014-09 to annual reporting periods beginning after December 15, 2018 and for entities other than public business entities, and to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period for public business entities. Early application is permitted as of annual reporting periods beginning after December 15, 2016 including interim reporting periods within that reporting period. The Company is currently evaluating the effect of the amendments, but it does not anticipate a material impact of its financial statements. The Company expects to use the modified retrospective adoption method and will adopt this Update as of January 1, 2019.   In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance is effective for public business entities, certain not-for-profit entities, and certain employee benefit plans for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, ASU 2018-07 is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company is evaluating the impact of adopting this pronouncement.   In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements, to makes changes to a variety of topics to clarify, correct errors in, or make minor improvements to the Accounting Standards Codification. Certain items of the amendments in ASU 2018-09 will be effective for the Company in annual periods beginning after December 15, 2018. The Company is currently evaluating the effects the adoption of ASU 2018-09 will have on the consolidated financial statements.

Note 3 – Key Recent Events and Management Plans   On April 25, 2018, the Board of Directors of the Company terminated Dr. Raymond F. Akers from his position as Executive Chairman of the Board and from each of his officer positions as Chief Scientific Director and Secretary of the Company. Dr. Raymond F. Akers continued as a member of the Board of Directors until his resignation on May 27, 2018.   On April 25, 2018, the Board appointed Richard Carlyle Tarbox III, a current director of the Company as the interim Non-Executive Chairman of the Board, to hold that position until his successor is appointed, and to the position of Secretary of the Company.   By way of a letter dated May 22, 2018, the Listing Qualifications Department of the NASDAQ advised the Company that it did not comply with NASDAQ Listing Rule 5250(c)(1) for continued listing because NASDAQ has not received the Company’s Quarterly Report. NASDAQ has informed the Company that the Company is required to submit a plan to regain compliance with NASDAQ’s filing requirements for continued listing within 60 calendar days of the date of the Notice. NASDAQ has informed the Company that it is in Compliance with NASDAQ Listing Rule 5250(c)(1) on July 12, 2018.   On June 11, 2018, the Company received a letter from the Listing Qualifications Department NASDAQ notifying the Company that it has determined that the Company violated the shareholder approval requirements of Listing Rule 5635(c). Listing Rule 5635(c) requires shareholder approval prior to the issuance of securities when a stock option or purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees or consultants.   Prior to the Company’s public offering and listing on NASDAQ, the Company’s 2013 Incentive Stock and Award Plan (the “2013 Plan”) was approved by its Board of Directors. NASDAQ has concluded that the 2013 Plan was materially amended on two occasions after the Company’s public offering and listing on NASDAQ. The first amendment, as approved by the Board on January 9, 2015, increased the number of shares available under the 2013 Plan from 400,000 to 800,000 shares and the second amendment, as approved by the Board on October 5, 2016, increased the number of shares under the 2013 Plan from 800,000 to 830,000 shares (the “2013 Plan Amendments”).    During the first quarter of 2018, the Company promptly notified NASDAQ, as required by Listing Rule 5625, when it became aware of its potential non-compliance with Listing Rule 5635(c). On May 4, 2018, the Staff requested additional information from the Company with respect to such non-compliance and on May 31, 2018, the Company responded. On June 25, 2018, the Company submitted a plan to NASDAQ to remediate this matter (the “5635 Compliance Plan”). The 5635 Compliance Plan included that a proposal for shareholders of the Company to ratify the 2013 Plan Amendments be included in the proxy statement for the Company’s 2018 annual meeting of the shareholders of the Company and that the Company shall suspend the trading of each share granted, and each share granted upon the exercise of any option granted, in excess of 400,000 shares under the 2013 Plan (the number of shares properly approved pursuant to the 2013 Plan prior to the 2013 Plan Amendments until shareholder ratification). The 5635 Compliance Plan also proposes to prevent the exercise of any option granted under the 2013 Plan until shareholder ratification.   On July 12, 2018, NASDAQ approved of the 5635 Compliance Plan and granted the Company until December 10, 2018, to regain compliance with Listing Rule 5635.   On or about June 15, 2018, certain parties brought certain class action lawsuits against the Company. See Note 10 - Contingencies for details.   Historically, the Company has relied upon public offerings and private placements of Common Stock to raise operating capital. During the year ended December 31, 2017, the Company raised $9,478,897, net of expenses, in public and private offerings and an additional $981,948, net of expenses, from the exercise of warrants. During the six months ended June 30, 2018, the Company raised an additional $7,155,200 from the exercise of warrants (Note 7). As of August 2, 2018, the Company had cash and marketable securities of approximately $7.5 million and working capital of approximately $8.4 million. The Company is not yet able to determine the impact of the key events during June and July of 2018 may have on the Company’s ability to raise capital, nor the impact that these matters might have on its business operations.   The Company believes that its current working capital position will be sufficient to meet its obligations as they fall due within one year after these financial statements are issued.

43292

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549609

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7155200

38160737

0.1875

49490571

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0.35

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830000

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800000

830000

5011607

7977575

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1009

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693196

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35827

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1130667

1045113

235113

245462

964671

412623

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146195

142293

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2306675

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3927444

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259000

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259000

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3714511

This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Significant Unobservable Inputs (Level 3)</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 47%; line-height: 107%">Marketable securities at June 30, 2018</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">7,977,575</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Marketable securities at December 31, 2017</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">           -</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">5,011,607</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">                          -</td> <td style="line-height: 107%"> </td></tr> </table>

The following is an annual schedule of approximate future amortization of the Company’s intangible assets:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Period</td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Amount</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 69%; line-height: 107%">2018 (six months)</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 27%; text-align: right; line-height: 107%">85,554</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 107%">2019</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">171,108</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 107%">2020</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">149,298</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 107%">2021</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">147,315</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; line-height: 107%">2022</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">147,315</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; line-height: 107%">2023</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">147,315</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> </table>

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">For the Three and Six Months Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Incentive and Award Stock Options</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">202,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">259,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Unvested Restricted Shares of Common Stock</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,166</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">11,329,833</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,490,570</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Total potentially dilutive shares</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">11,531,833</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,758,736</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Note 4 - Inventories   Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the weighted-average principle, and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, costs include an appropriate share of production overhead based on normal operating capacity.    Inventories consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%; line-height: 107%">Raw Materials</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 20%; text-align: right; line-height: 107%">544,637</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 22%; text-align: right; line-height: 107%">458,441</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Sub-Assemblies</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">937,222</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">886,274</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Finished Goods</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">745,298</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">815,505</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Reserve for Obsolescence</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(1,212,608</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(1,212,608</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,014,549</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">947,612</td> <td style="line-height: 107%"> </td></tr> </table>   Obsolete inventory charged to cost of goods during the three months ended June 30, 2018 and 2017 totaled $7,823 and $21,542, respectively, and $32,283 and $21,542 during the six months ended June 30, 2018 and 2017, respectively.

500000

5455

438432

72700

197175

775963

337531

124475

4666

The total revenue by geographic area determined based on the location of the customers was as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="text-align: center; line-height: 107%">Three Months Ended</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="text-align: center; line-height: 107%">Six Months Ended</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30,</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30,</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 107%">Geographic Region</td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; line-height: 107%">United States</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">462,383</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">512,257</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 10%; text-align: right; line-height: 107%">757,116</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 10%; text-align: right; line-height: 107%">1,129,482</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">People’s Republic of China</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">478,205</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">502,268</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Rest of World</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">64,218</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">82,399</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">71,960</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">108,361</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total Revenue</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">526,601</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,072,861</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">829,076</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,740,111</td> <td style="line-height: 107%"> </td></tr> </table>

829076

1129482

757116

502268

108361

71960

155507

125630

987668

616066

32380

596936

55000

1740111

1072861

526601

1096925

1740111

829076

-24064

512257

478205

82399

462383

64218

106680

69848

356082

426747

45100

18739

576266

2018

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Disclosure - Trade and Other Payables - Schedule of Trade and Other Payables - Related Party (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Commitments (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Commitments - Schedule of Lease Commitments (Details) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Revenue Information (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Segment Information - Schedule of Revenue by Geographic Area Determined Based On Location of Customers (Details) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Revenue Information - Schedule of Revenue by product lines (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 aker-20180630_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 aker-20180630_def.xml XBRL DEFINITION FILE EX-101.LAB 10 aker-20180630_lab.xml XBRL LABEL FILE Concentration Risk Benchmark [Axis] Trade Receivable [Member] Fair Value, Hierarchy [Axis] Level 2 [Member] Plan Name [Axis] Amended and Restated 2013 Incentive Stock And Award Plan [Member] 2013 Stock Incentive Plan [Member] Range [Axis] Maximum [Member] Geographical [Axis] People's Republic of China [Member] United States [Member] Rest of World [Member] Legal Entity [Axis] MicroParticle Catalyzed Biosensor ("MPC") [Member] Particle ImmunoFiltration Assay ("PIFA") [Member] Other [Member] Equity Components [Axis] Common Stock [Member] Deferred Compensation [Member] Accumulated Deficit [Member] Accumulated Other Comprehensive Loss [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Settlement Agreement [Member] Warrants [Member] Rapid Enzymatic Assay ("REA") [Member] Preferred Stock [Member] Title of Individual [Axis] Board of Directors [Member] Amended Plan [Member] Award Type [Axis] Restricted Stock [Member] 2017 Equity Incentive Plan [Member] Minimum [Member] Related Party [Axis] Key Employees [Member] Report Date [Axis] December 21, 2017 [Member] Sale of Stock [Axis] Public Offering [Member] Antidilutive Securities [Axis] Warrants [Member] ChubeWorkx [Member] BreathScan Breath Alcohol [Member] Property, Plant and Equipment, Type [Axis] Thorofare Lease [Member] Ramsey Lease [Member] Pitman Lease [Member] Equipment Lease [Member] Sales Revenue, Net [Member] Class of Stock [Axis] Series B Preferred Stock [Member] Product and Service [Axis] Product Revenue [Member] Product Revenue Related Party [Member] Oracle Net Suite [Member] 2013 Plan [Member] August 2, 2018 [Member] Level 1 [Member] Level 3 [Member] Customer [Axis] Customer One [Member] Customer Two [Member] Customer Three [Member] Supplier Two [Member] Supplier One [Member] Two Suppliers [Member] No Suppliers [Member] One Supplier [Member] Trade Payables [Member] Vendor One [Member] Vendor Two [Member] Shipping and Handling [Member] Incentive and Award Stock Options [Member] Unvested Restricted Shares of Common Stock [Member] License [Member] Royalty [Member] Suppliers One [Member] Suppliers Two [Member] Adjustmet to Sales [Member] Document And Entity Information [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current Assets Cash Marketable Securities Trade Receivables, net Deposits and other receivables Deposits and other receivables - Related Party Inventories, net Prepaid expenses Prepaid expenses - Related Party Total Current Assets Non-Current Assets Prepaid expenses - Related Party Property, Plant and Equipment, net Intangible Assets, net Restricted cash Other Assets Total Non-Current Assets Total Assets LIABILITIES Current Liabilities Trade and Other Payables Trade and Other Payables - Related Party Total Current Liabilities Total Liabilities SHAREHOLDERS' EQUITY Convertible Preferred Stock, No par value, 50,000,000 shares authorized, 0 and 1,755 shares issued and outstanding as of June 30, 2018 and December 31, 2017 Common Stock, No par value, 500,000,000 shares authorized, 94,106,292 and 44,220,552 issued and outstanding as of June 30, 2018 and December 31, 2017 Deferred Compensation Comprehensive Loss Accumulated Deficit Total Shareholders' Equity Total Liabilities and Shareholders' Equity Convertible preferred stock, no par value Convertible preferred stock, shares authorized Convertible preferred stock, shares issued Convertible preferred stock, shares outstanding Common stock, no par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Schedule of Finite-Lived Intangible Assets [Table] Statement [Line Items] Revenues: Total Revenues Cost of Sales: Product Cost of Sales Gross Income Administrative Expenses Sales and Marketing Expenses Sales and Marketing Expenses - Related Party Research and Development Expenses Research and Development Expenses - Related Party Amortization of Non-Current Assets Loss from Operations Other (Income)/Expenses Foreign Currency Transaction (Gain)/Loss Interest and Dividend Income Total Other Income Loss Before Income Taxes Income Tax Benefit Net Loss Attributable to Common Shareholders Other Comprehensive Income/(Loss) Net Unrealized Gain/(Loss) on Marketable Securities Total Other Comprehensive Income/(Loss) Comprehensive Loss Basic and Diluted loss per common share Weighted average basic and diluted common shares outstanding Statement [Table] Balance Balance, shares Net loss Exercise of warrants for common stock Exercise of warrants for common stock, shares Conversion of preferred stock to common stock Conversion of preferred stock to common stock, shares Amortization of deferred compensation Issuance of restricted stock to key employees Issuance of restricted stock to key employees, shares Issuance of non-qualified stock options to key employees Issuance of restricted stock for services for non-employees Net unrealized loss on marketable securities Balance Balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities Adjustments to reconcile net loss to net cash used in operating activities: Accrued income on marketable securities Depreciation and amortization Reserve and write-off for obsolete inventory Reserve for doubtful accounts Amortization of deferred compensation Share based compensation to employees - options Share based compensation to employees - restricted stock Share based compensation to non-employees - options Share based compensation to non-employees - restricted stock Changes in assets and liabilities: (Increase)/decrease in trade receivables Decrease in trade receivables - related party (Increase)/decrease in deposits and other receivables EX-101.PRE 11 aker-20180630_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Aug. 13, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Akers Biosciences, Inc.
Entity Central Index Key	0001321834
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		94,106,292
Trading symbol	AKER
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Assets
Cash	$ 275,963	$ 438,432
Marketable Securities	7,977,575	5,011,607
Trade Receivables, net	412,623	964,671
Deposits and other receivables	30,288	16,590
Deposits and other receivables - Related Party	30,243
Inventories, net	1,014,549	947,612
Prepaid expenses	693,632	145,488
Prepaid expenses - Related Party	136,751	251,499
Total Current Assets	10,571,624	7,775,899
Non-Current Assets
Prepaid expenses - Related Party	208,398	120,118
Property, Plant and Equipment, net	245,462	235,113
Intangible Assets, net	1,045,113	1,130,667
Restricted cash	500,000
Other Assets	76,093	76,093
Total Non-Current Assets	2,075,066	1,561,991
Total Assets	12,646,690	9,337,890
Current Liabilities
Trade and Other Payables	1,835,180	1,745,216
Trade and Other Payables - Related Party	16,701	39,821
Total Current Liabilities	1,851,881	1,785,037
Total Liabilities	1,851,881	1,785,037
SHAREHOLDERS' EQUITY
Convertible Preferred Stock, No par value, 50,000,000 shares authorized, 0 and 1,755 shares issued and outstanding as of June 30, 2018 and December 31, 2017		1,755,000
Common Stock, No par value, 500,000,000 shares authorized, 94,106,292 and 44,220,552 issued and outstanding as of June 30, 2018 and December 31, 2017	119,580,543	110,647,169
Deferred Compensation		(3,469)
Comprehensive Loss	(12,443)
Accumulated Deficit	(108,773,291)	(104,845,847)
Total Shareholders' Equity	10,794,809	7,552,853
Total Liabilities and Shareholders' Equity	$ 12,646,690	$ 9,337,890

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Convertible preferred stock, no par value
Convertible preferred stock, shares authorized	50,000,000	50,000,000
Convertible preferred stock, shares issued	0	1,755
Convertible preferred stock, shares outstanding	0	1,755
Common stock, no par value
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	94,106,292	44,220,552
Common stock, shares outstanding	94,106,292	44,220,552

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total Revenues	$ 526,601	$ 1,072,861	$ 829,076	$ 1,740,111
Cost of Sales:
Product Cost of Sales	(302,826)	(290,591)	(600,326)	(549,312)
Gross Income	223,775	782,270	228,750	1,190,799
Administrative Expenses	1,565,602	829,929	2,481,134	1,620,457
Sales and Marketing Expenses	442,387	354,889	910,849	911,545
Sales and Marketing Expenses - Related Party	27,082	61,502	58,771	93,781
Research and Development Expenses	253,371	290,841	644,752	639,283
Research and Development Expenses - Related Party	5,753	22,994	54,342	22,994
Amortization of Non-Current Assets	42,777	42,777	85,554	85,554
Loss from Operations	(2,113,197)	(820,662)	(4,006,652)	(2,182,815)
Other (Income)/Expenses
Foreign Currency Transaction (Gain)/Loss	3,029	978	5,905	(9,367)
Interest and Dividend Income	(48,773)	(3,632)	(85,113)	(6,169)
Total Other Income	(45,744)	(2,654)	(79,208)	(15,536)
Loss Before Income Taxes	(2,067,453)	(818,008)	(3,927,444)	(2,167,279)
Income Tax Benefit
Net Loss Attributable to Common Shareholders	(2,067,453)	(818,008)	(3,927,444)	(2,167,279)
Other Comprehensive Income/(Loss)
Net Unrealized Gain/(Loss) on Marketable Securities	4,401	852	(12,443)	1,009
Total Other Comprehensive Income/(Loss)	4,401	852	(12,443)	1,009
Comprehensive Loss	$ (2,063,052)	$ (817,156)	$ (3,939,887)	$ (2,166,270)
Basic and Diluted loss per common share	$ (0.02)	$ (0.09)	$ (0.05)	$ (0.27)
Weighted average basic and diluted common shares outstanding	93,254,241	8,882,326	82,348,494	7,943,168
Product Revenue [Member]
Revenues:
Total Revenues	$ 526,601	$ 1,096,925	$ 829,076	$ 1,740,111
Product Revenue Related Party [Member]
Revenues:
Total Revenues		$ (24,064)

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Changes in Shareholder's Equity - 6 months ended Jun. 30, 2018 - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Deferred Compensation [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Dec. 31, 2017	$ 1,755,000	$ 110,647,169	$ (3,469)	$ (104,845,847)		$ 7,552,853
Balance, shares at Dec. 31, 2017	1,755	44,220,552
Net loss				(3,927,444)		(3,927,444)
Exercise of warrants for common stock		$ 7,155,200				7,155,200
Exercise of warrants for common stock, shares		38,160,738
Conversion of preferred stock to common stock	$ (1,755,000)	$ 1,755,000
Conversion of preferred stock to common stock, shares	(1,755)	11,700,002
Amortization of deferred compensation			3,469			3,469
Issuance of restricted stock to key employees		$ 5,175				5,175
Issuance of restricted stock to key employees, shares		25,000
Issuance of non-qualified stock options to key employees		$ 5,454				5,454
Issuance of restricted stock for services for non-employees		12,545				12,545
Net unrealized loss on marketable securities					(12,443)	(12,443)
Balance at Jun. 30, 2018		$ 119,580,543		$ (108,773,291)	$ (12,443)	$ 10,794,809
Balance, shares at Jun. 30, 2018		94,106,292

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net loss	$ (3,927,444)	$ (2,167,279)
Adjustments to reconcile net loss to net cash used in operating activities:
Accrued income on marketable securities	(16,332)	(1,001)
Depreciation and amortization	112,903	121,381
Reserve and write-off for obsolete inventory	32,283	21,542
Reserve for doubtful accounts	97,000	46,239
Amortization of deferred compensation	3,469	15,864
Share based compensation to employees - options	5,454	10,184
Share based compensation to employees - restricted stock	5,175
Share based compensation to non-employees - options		2,183
Share based compensation to non-employees - restricted stock	12,545
Changes in assets and liabilities:
(Increase)/decrease in trade receivables	455,048	(372,502)
Decrease in trade receivables - related party		31,892
(Increase)/decrease in deposits and other receivables	(13,698)	10,692
Increase in deposit and other receivables - related party	(30,243)
Increase in inventories	(99,220)	(213,860)
(Increase)/decrease in prepaid expenses	(548,144)	20,752
Decrease in prepaid expenses - related party	26,468	46,890
Increase in other assets		(4,330)
Increase in trade and other payables	89,964	38,278
Decrease in trade and other payables - related party	(23,120)	(200,156)
Net cash used in operating activities	(3,817,892)	(2,593,231)
Cash flows from investing activities
Purchases of property, plant and equipment	(37,698)	(37,191)
Purchases of marketable securities	(5,268,754)	(2,705,168)
Proceeds from sale of marketable securities	2,306,675	1,745,554
Net cash used in investing activities	(2,999,777)	(996,805)
Cash flows from financing activities
Net proceeds from issuance of common stock		3,413,311
Net proceeds from exercise of warrants for common stock	7,155,200	301,200
Net cash provided by financing activities	7,155,200	3,714,511
Net increase in cash and restricted cash	337,531	124,475
Cash and restricted cash at beginning of period	438,432	72,700
Cash and restricted cash at end of period	775,963	197,175
Supplemental Schedule of Non-Cash Financing and Investing Activities
Net unrealized gains/(losses) on marketable securities	(12,443)	1,009
Issuance of a restricted common stock grant for services		5,455
Conversion of Series B Preferred Stock to common shares	$ 1,755,000

XML 18 R7.htm IDEA: XBRL DOCUMENT

Organization and Description of Business

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

Note 1 – Organization and Description of Business

XML 19 R8.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2 - Significant Accounting Policies

(a)

Basis of Presentation

The Condensed Consolidated Financial Statements of the Company are prepared in U.S. Dollars and in accordance with accounting principles generally accepted in the United States of America (US GAAP).

(b)

Use of Estimates and Judgments

(c)

Functional and Presentation Currency

(d)

Comprehensive Income (Loss)

(e)

Cash and Cash Equivalents

(f)

Restricted Cash

(g)

Fair Value of Financial Instruments

	Level 1	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.
	Level 2	Inputs to the valuation methodology include:

	●	quoted prices for similar assets or liabilities in active markets;
	●	quoted prices for identical or similar assets or liabilities in inactive markets;
	●	inputs other than quoted prices that are observable for the asset or liability;
	●	inputs that are derived principally from or corroborated by observable market data by correlation or other means

	If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3

Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Following is a description of the valuation methodologies used for assets measured at fair value as of June 30, 2018 and December 31, 2017.

	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)		Significant Unobservable Inputs (Level 3)
Marketable securities at June 30, 2018	$	-	$	7,977,575	$	-

Marketable securities at December 31, 2017	$	-	$	5,011,607	$	-

(h)

Trade Receivables, Trade Receivables – Related Party and Allowance for Doubtful Accounts

The carrying amounts of current trade receivables is stated at cost, net of allowance for doubtful accounts and approximate their fair value given their short-term nature.

(i)

Concentrations

Major Customers

Major Suppliers

(j)

Property, Plant and Equipment

(k)

Intangible Assets

The following is an annual schedule of approximate future amortization of the Company’s intangible assets:

Period	Amount
2018 (six months)	$	85,554
2019		171,108
2020		149,298
2021		147,315
2022		147,315
2023		147,315

(l)

Revenue Recognition

License fee revenue is recognized on a straight-line basis over the term of the license agreement.

(m)

Income Taxes

(n)

Shipping and Handling Fees and Costs

(o)

Basic and Diluted Earnings per Share of Common Stock

Diluted net loss per share is computed using the weighted average number of common and dilutive potential common shares outstanding during the period.

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	For the Three and Six Months Ended June 30,
	2018		2017
Incentive and Award Stock Options		202,000		259,000
Unvested Restricted Shares of Common Stock		-		9,166
Warrants		11,329,833		1,490,570
Total potentially dilutive shares		11,531,833		1,758,736

(p)

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements Adopted

As the Company is an emerging growth company, it has elected to adopt recently issued accounting pronouncements based on effective dates applicable to other than public business entities.

Recently Issued Accounting Pronouncements Not Adopted

XML 20 R9.htm IDEA: XBRL DOCUMENT

Key Recent Events and Management Plans

6 Months Ended

Jun. 30, 2018

Key Recent Events And Management Plans

Key Recent Events and Management Plans

Note 3 – Key Recent Events and Management Plans

On July 12, 2018, NASDAQ approved of the 5635 Compliance Plan and granted the Company until December 10, 2018, to regain compliance with Listing Rule 5635.

On or about June 15, 2018, certain parties brought certain class action lawsuits against the Company. See Note 10 - Contingencies for details.

The Company believes that its current working capital position will be sufficient to meet its obligations as they fall due within one year after these financial statements are issued.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Inventories

Note 4 - Inventories

Inventories consist of the following:

	June 30, 2018			December 31, 2017

Raw Materials	$	544,637		$	458,441
Sub-Assemblies		937,222			886,274
Finished Goods		745,298			815,505
Reserve for Obsolescence		(1,212,608	)		(1,212,608	)
	$	1,014,549		$	947,612

XML 22 R11.htm IDEA: XBRL DOCUMENT

Trade and Other Payables

6 Months Ended

Jun. 30, 2018

Payables and Accruals [Abstract]

Trade and Other Payables

Note 5 - Trade and Other Payables

Trade and other payables consist of the following:

	June 30, 2018		December 31, 2017

Trade Payables	$	1,024,413	$	948,951
Accrued Expenses		751,017		736,515
Deferred Compensation		59,750		59,750
	$	1,835,180	$	1,745,216

Trade and other payables – related party are as follows:

	June 30, 2018		December 31, 2017
Trade Payables	$	16,701	$	39,821
	$	16,701	$	39,821

XML 23 R12.htm IDEA: XBRL DOCUMENT

Share-based Payments

6 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Payments

Note 6 - Share-based Payments

The Company did not issue any options or warrants under the above plan during the six months ended June 30, 2018.

Stock Options

The following table summarizes the option activities for the six months ended June 30, 2018:

								Weighted
						Weighted		Average
				Weighted		Average		Remaining
	Number			Average		Grant		Contractual		Aggregate
	of			Exercise		Date		Term		Intrinsic
	Shares			Price		Fair Value		(years)		Value
*Balance at December 31, 2017*		255,000		$	4.25	$	2.56		2.02	$	-
Granted		-			-		-		-		-
Exercised		-			-		-		-		-
Forfeited		(53,000	)		-		2.69		1.30		-
Canceled/Expired		-			-		-		-		-
*Balance at June 30, 2018*		202,000		$	4.27	$	2.53		1.59	$	-
*Exercisable as of June 30, 2018*		197,334		$	4.30	$	2.53		1.55	$	-

Unrecognized compensation cost related to non-vested employee stock options totaled $1,477 as of June 30, 2018. The cost is to be recognized over a weighted average period of 0.13 years.

Stock Warrants

The table below summarizes the warrant activity for the six months ended June 30, 2018:

				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Warrants			Price		Term (years)		Value
*Balance at December 31, 2017*		49,490,571		$	0.22		4.95	$	-
Granted		-			-		-
Exercised		(38,160,738	)		0.19		-
Forfeited		-			-		-
Canceled/Expired		-			-		-
*Balance at June 30, 2018*		11,329,833		$	0.35		4.40	$	-
*Exercisable as of June 30, 2018*		11,329,833		$	0.35		4.40	$	-

XML 24 R13.htm IDEA: XBRL DOCUMENT

Equity

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Equity

Note 7 – Equity

The holders of common shares are entitled to one vote per share at meetings of the Company. Holders of Series B convertible preferred shares have no voting rights at meetings of the Company.

During the six months ended June 30, 2018, 1,755 shares of the Company’s Series B Preferred Stock, no par value, were converted into 11,700,002 shares of Common Stock.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Jun. 30, 2018

Related Party Transactions

Note 8 - Related Party Transactions

XML 26 R15.htm IDEA: XBRL DOCUMENT

Commitments

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments

Note 9 – Commitments

The Company entered into a 60-month operating lease for equipment with annual rentals of $6,156 on September 29, 2014. The lease commenced on October 21, 2014 upon the delivery of the equipment.

The schedule of lease commitments is as follows:

	Thorofare		Ramsey		Pitman		Equipment		Oracle
	Lease		Lease		Lease		Lease		NetSuite		Total
Next 12 Months	$	132,000	$	23,815	$	39,650	$	6,156	$	64,938	$	266,559
Next 13-24 Months		66,000		-		19,824		2,052		64,938		152,814
Next 25-36 Months		-		-		-		-		43,292		43,292

XML 27 R16.htm IDEA: XBRL DOCUMENT

Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Note 10 – Contingencies

On or about June 15, 2018, certain parties brought certain class action lawsuits against the Company.

Faulkner v. Akers Biosciences, Inc., No. 2:18-cv-10521 (D.N.J.)

Gleason v. Akers Biosciences, Inc., No. 2:18-cv-10805 (D.N.J.)

The Company maintains D&O liability insurance coverage, insuring both the Company and the Directors and Officers for covered defense and indemnification, and has noticed these matters thereunder.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Revenue Information

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Revenue Information

Note 11 – Revenue Information

Revenue by product lines was as follows:

	Three months ended				Six months ended
	June 30,				June 30,
Product Line	2018		2017		2018		2017

MicroParticle Catalyzed Biosensor (“MPC”)	$	106,680	$	69,848	$	125,630	$	155,507
Particle ImmunoFiltration Assay (“PIFA”)		356,082		426,747		616,066		987,668
Rapid Enzymatic Assay (“REA”)		45,100		-		55,000		-
Other		18,739		576,266		32,380		596,936
Total Revenue	$	526,601	$	1,072,861	$	829,076	$	1,740,111

The total revenue by geographic area determined based on the location of the customers was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Geographic Region	2018		2017		2018		2017
United States	$	462,383	$	512,257	$	757,116	$	1,129,482
People’s Republic of China		-		478,205		-		502,268
Rest of World		64,218		82,399		71,960		108,361
Total Revenue	$	526,601	$	1,072,861	$	829,076	$	1,740,111

XML 29 R18.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

Note 12 - Subsequent Events

On July 26, 2018, the Company implemented a reduction in workforce plan which resulted in the elimination of six staff positions in four operating departments.

XML 30 R19.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation

(a)

Basis of Presentation

The Condensed Consolidated Financial Statements of the Company are prepared in U.S. Dollars and in accordance with accounting principles generally accepted in the United States of America (US GAAP).

Use of Estimates and Judgments

(b)

Use of Estimates and Judgments

Functional and Presentation Currency

(c)

Functional and Presentation Currency

Comprehensive Income (Loss)

(d)

Comprehensive Income (Loss)

Cash and Cash Equivalents

(e)

Cash and Cash Equivalents

Restricted Cash

(f)

Restricted Cash

Fair Value of Financial Instruments

(g)

Fair Value of Financial Instruments

	Level 1	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.
	Level 2	Inputs to the valuation methodology include:

	●	quoted prices for similar assets or liabilities in active markets;
	●	quoted prices for identical or similar assets or liabilities in inactive markets;
	●	inputs other than quoted prices that are observable for the asset or liability;
	●	inputs that are derived principally from or corroborated by observable market data by correlation or other means

	If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3

Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Following is a description of the valuation methodologies used for assets measured at fair value as of June 30, 2018 and December 31, 2017.

	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)		Significant Unobservable Inputs (Level 3)
Marketable securities at June 30, 2018	$	-	$	7,977,575	$	-

Marketable securities at December 31, 2017	$	-	$	5,011,607	$	-

Trade Receivables, Trade Receivables - Related Party and Allowance for Doubtful Accounts

(h)

Trade Receivables, Trade Receivables – Related Party and Allowance for Doubtful Accounts

The carrying amounts of current trade receivables is stated at cost, net of allowance for doubtful accounts and approximate their fair value given their short-term nature.

Concentrations

(i)

Concentrations

Major Customers

Major Suppliers

Property, Plant and Equipment

(j)

Property, Plant and Equipment

Intangible Assets

(k)

Intangible Assets

The following is an annual schedule of approximate future amortization of the Company’s intangible assets:

Period	Amount
2018 (six months)	$	85,554
2019		171,108
2020		149,298
2021		147,315
2022		147,315
2023		147,315

Revenue Recognition

(l)

Revenue Recognition

License fee revenue is recognized on a straight-line basis over the term of the license agreement.

Income Taxes

(m)

Income Taxes

Shipping and Handling Fees and Costs

(n)

Shipping and Handling Fees and Costs

Basic and Diluted Earnings Per Share of Common Stock

(o)

Basic and Diluted Earnings per Share of Common Stock

Diluted net loss per share is computed using the weighted average number of common and dilutive potential common shares outstanding during the period.

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	For the Three and Six Months Ended June 30,
	2018		2017
Incentive and Award Stock Options		202,000		259,000
Unvested Restricted Shares of Common Stock		-		9,166
Warrants		11,329,833		1,490,570
Total potentially dilutive shares		11,531,833		1,758,736

Recently Issued Accounting Pronouncements

(p)

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements Adopted

As the Company is an emerging growth company, it has elected to adopt recently issued accounting pronouncements based on effective dates applicable to other than public business entities.

Recently Issued Accounting Pronouncements Not Adopted

XML 31 R20.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Schedule of Marketable Securities

This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.

	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)		Significant Unobservable Inputs (Level 3)
Marketable securities at June 30, 2018	$	-	$	7,977,575	$	-

Marketable securities at December 31, 2017	$	-	$	5,011,607	$	-

Schedule of Future Amortization Expense of Intangible Assets

The following is an annual schedule of approximate future amortization of the Company’s intangible assets:

Period	Amount
2018 (six months)	$	85,554
2019		171,108
2020		149,298
2021		147,315
2022		147,315
2023		147,315

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	For the Three and Six Months Ended June 30,
	2018		2017
Incentive and Award Stock Options		202,000		259,000
Unvested Restricted Shares of Common Stock		-		9,166
Warrants		11,329,833		1,490,570
Total potentially dilutive shares		11,531,833		1,758,736

XML 32 R21.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:

	June 30, 2018			December 31, 2017

Raw Materials	$	544,637		$	458,441
Sub-Assemblies		937,222			886,274
Finished Goods		745,298			815,505
Reserve for Obsolescence		(1,212,608	)		(1,212,608	)
	$	1,014,549		$	947,612

XML 33 R22.htm IDEA: XBRL DOCUMENT

Trade and Other Payables (Tables)

6 Months Ended

Jun. 30, 2018

Payables and Accruals [Abstract]

Schedule of Trade and Other Payables

Trade and other payables consist of the following:

	June 30, 2018		December 31, 2017

Trade Payables	$	1,024,413	$	948,951
Accrued Expenses		751,017		736,515
Deferred Compensation		59,750		59,750
	$	1,835,180	$	1,745,216

Schedule of Trade and Other Payables - Related Party

Trade and other payables – related party are as follows:

	June 30, 2018		December 31, 2017
Trade Payables	$	16,701	$	39,821
	$	16,701	$	39,821

XML 34 R23.htm IDEA: XBRL DOCUMENT

Share-based Payments (Tables)

6 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Options Activity

The following table summarizes the option activities for the six months ended June 30, 2018:

								Weighted
						Weighted		Average
				Weighted		Average		Remaining
	Number			Average		Grant		Contractual		Aggregate
	of			Exercise		Date		Term		Intrinsic
	Shares			Price		Fair Value		(years)		Value
*Balance at December 31, 2017*		255,000		$	4.25	$	2.56		2.02	$	-
Granted		-			-		-		-		-
Exercised		-			-		-		-		-
Forfeited		(53,000	)		-		2.69		1.30		-
Canceled/Expired		-			-		-		-		-
*Balance at June 30, 2018*		202,000		$	4.27	$	2.53		1.59	$	-
*Exercisable as of June 30, 2018*		197,334		$	4.30	$	2.53		1.55	$	-

Summary of Warrant Activity

The table below summarizes the warrant activity for the six months ended June 30, 2018:

				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Warrants			Price		Term (years)		Value
*Balance at December 31, 2017*		49,490,571		$	0.22		4.95	$	-
Granted		-			-		-
Exercised		(38,160,738	)		0.19		-
Forfeited		-			-		-
Canceled/Expired		-			-		-
*Balance at June 30, 2018*		11,329,833		$	0.35		4.40	$	-
*Exercisable as of June 30, 2018*		11,329,833		$	0.35		4.40	$	-

XML 35 R24.htm IDEA: XBRL DOCUMENT

Commitments (Tables)

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Commitments

The schedule of lease commitments is as follows:

	Thorofare		Ramsey		Pitman		Equipment		Oracle
	Lease		Lease		Lease		Lease		NetSuite		Total
Next 12 Months	$	132,000	$	23,815	$	39,650	$	6,156	$	64,938	$	266,559
Next 13-24 Months		66,000		-		19,824		2,052		64,938		152,814
Next 25-36 Months		-		-		-		-		43,292		43,292

XML 36 R25.htm IDEA: XBRL DOCUMENT

Revenue Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Area Determined Based On Location of Customers

Revenue by product lines was as follows:

	Three months ended				Six months ended
	June 30,				June 30,
Product Line	2018		2017		2018		2017

MicroParticle Catalyzed Biosensor (“MPC”)	$	106,680	$	69,848	$	125,630	$	155,507
Particle ImmunoFiltration Assay (“PIFA”)		356,082		426,747		616,066		987,668
Rapid Enzymatic Assay (“REA”)		45,100		-		55,000		-
Other		18,739		576,266		32,380		596,936
Total Revenue	$	526,601	$	1,072,861	$	829,076	$	1,740,111

Schedule of Revenue by product lines

The total revenue by geographic area determined based on the location of the customers was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Geographic Region	2018		2017		2018		2017
United States	$	462,383	$	512,257	$	757,116	$	1,129,482
People’s Republic of China		-		478,205		-		502,268
Rest of World		64,218		82,399		71,960		108,361
Total Revenue	$	526,601	$	1,072,861	$	829,076	$	1,740,111

XML 37 R26.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details Narrative)	1 Months Ended	3 Months Ended		6 Months Ended
Significant Accounting Policies (Details Narrative)	Dec. 22, 2017	Jun. 30, 2018 USD ($) Breathalyzers shares	Jun. 30, 2017 USD ($) Breathalyzers shares	Jun. 30, 2018 USD ($) Breathalyzers shares	Jun. 30, 2017 USD ($) Breathalyzers shares	Dec. 31, 2017 USD ($)
Restricted cash		$ 500,000		$ 500,000
Unrealized loss on securities		4,401		12,443
Unrealized gain on securities		852		1,009
Income tax expense
Proceeds from the sale of marketable securities		2,004,580	650,336	2,306,675	1,745,554
Marketable securities, loss		4,401	605
Marketable securities, gain				4,401	1,656
Allowances for doubtful accounts for trade receivables		693,196		693,196		596,196
Bad debt expenses		125,500	5,380	125,500	47,741
Due from customers		291,220		291,220
Trade receivables		412,623		412,623		964,671
Trade payables		1,835,180		1,835,180		1,745,216
Depreciation		13,675	17,885	27,350	35,827
Intangible assets, net		1,045,113		1,045,113		1,130,667
Intangible assets, accumulated amortization		3,897,635		3,897,635
Impairment of intangible assets				2,852,522
Amortization expense		42,777	42,777	85,553	85,553
Accrued liabilities		54,228		54,228		126,471
Deferred revenue, recognized		6,350	67,855	43,894	170,678
Unrecognized tax benefits
Income tax rate, percentage	35.00%			21.00%
Cost of goods and services sold		302,826	290,591	$ 600,326	549,312
Cost of net revenue		37,993	31,393	64,937	47,569
Net loss attributable to common shareholders		$ 2,067,453	$ 818,008	$ 3,927,444	$ 2,167,279
Weighted average basic and diluted common shares outstanding \| shares		93,254,241	8,882,326	82,348,494	7,943,168
Shipping and Handling [Member]
Cost of goods and services sold		$ 18,739	$ 12,016	$ 32,380	$ 30,436
Supplier One [Member]
Concentration risk percentage		13.00%
Supplier Two [Member]
Concentration risk percentage		11.00%
Two Suppliers [Member]
Concentration risk percentage		24.00%	28.00%
No Suppliers [Member]
Concentration risk percentage				10.00%
Suppliers One [Member]
Concentration risk percentage			15.00%
Suppliers Two [Member]
Concentration risk percentage			13.00%
One Supplier [Member]
Concentration risk percentage					14.00%
Sales Revenue, Net [Member]
Concentration risk percentage		72.00%	74.00%	66.00%	73.00%
Concentration risk, number of customer \| Breathalyzers		3	2	2	3
Sales Revenue, Net [Member] \| Customer One [Member]
Concentration risk percentage		33.00%	47.00%	49.00%	31.00%
Sales Revenue, Net [Member] \| Customer Two [Member]
Concentration risk percentage		27.00%	27.00%	17.00%	29.00%
Sales Revenue, Net [Member] \| Customer Three [Member]
Concentration risk percentage		12.00%			13.00%
Trade Receivable [Member]
Concentration risk, number of customer \| Breathalyzers				3
Trade Receivable [Member] \| Customer One [Member]
Concentration risk percentage				41.00%
Trade receivables		$ 457,881		$ 457,881
Trade Receivable [Member] \| Customer Two [Member]
Concentration risk percentage				13.00%
Trade receivables		146,195		$ 146,195
Trade Receivable [Member] \| Customer Three [Member]
Concentration risk percentage				13.00%
Trade receivables		142,293		$ 142,293
Trade Payables [Member]
Concentration risk percentage				41.00%
Trade Payables [Member] \| Vendor One [Member]
Concentration risk percentage				29.00%
Trade payables		298,634		$ 298,634
Trade Payables [Member] \| Vendor Two [Member]
Concentration risk percentage				12.00%
Trade payables		$ 121,327		$ 121,327
Maximum [Member]
Maturities of securities				1 year
Normal credit terms extended to customers				90 days
Minimum [Member]
Normal credit terms extended to customers				30 days

XML 38 R27.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies - Schedule of Marketable Securities (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Level 1 [Member]
Marketable securities
Level 2 [Member]
Marketable securities	7,977,575	5,011,607
Level 3 [Member]
Marketable securities

XML 39 R28.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies - Schedule of Future Amortization Expense of Intangible Assets (Details)	Jun. 30, 2018 USD ($)
Accounting Policies [Abstract]
2018	$ 85,554
2019	171,108
2020	149,298
2021	147,315
2022	147,315
2023	$ 147,315

XML 40 R29.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total potentially dilutive shares	11,531,833	1,758,736	11,531,833	1,758,736
Incentive and Award Stock Options [Member]
Total potentially dilutive shares	202,000	259,000	202,000	259,000
Unvested Restricted Shares of Common Stock [Member]
Total potentially dilutive shares		9,166		9,166
Warrants [Member]
Total potentially dilutive shares	11,329,833	1,490,570	11,329,833	1,490,570

XML 41 R30.htm IDEA: XBRL DOCUMENT

Key Recent Events and Management Plans (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Oct. 05, 2016	Jan. 09, 2015
Number of shares granted
Proceeds from public offering		$ 9,478,897
Additional expenses from exercise of warrants	$ 7,155,200	$ 981,948
August 2, 2018 [Member]
Cash and marketable securities	7,500,000
Working capital	$ 8,400,000
2013 Plan [Member]
Number of shares granted	400,000
2013 Plan [Member] \| Minimum [Member]
Number of shares available under stock plan			800,000	400,000
2013 Plan [Member] \| Maximum [Member]
Number of shares available under stock plan			830,000	800,000

XML 42 R31.htm IDEA: XBRL DOCUMENT

Inventories (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Inventories (Details Narrative) - USD ($)	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Inventory Disclosure [Abstract]
Cost of goods sold for obsolete inventory	$ 7,823	$ 21,542	$ 32,283	$ 21,542

XML 43 R32.htm IDEA: XBRL DOCUMENT

Inventories - Schedule of Inventories (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw Materials	$ 544,637	$ 458,441
Sub-Assemblies	937,222	886,274
Finished Goods	745,298	815,505
Reserve for Obsolescence	(1,212,608)	(1,212,608)
Total Inventory, Net	$ 1,014,549	$ 947,612

XML 44 R33.htm IDEA: XBRL DOCUMENT

Trade and Other Payables - Schedule of Trade and Other Payables (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Trade Payables	$ 1,024,413	$ 948,951
Accrued Expenses	751,017	736,515
Deferred Compensation	59,750	59,750
Trade and Other Payables, Total	$ 1,835,180	$ 1,745,216

XML 45 R34.htm IDEA: XBRL DOCUMENT

Trade and Other Payables - Schedule of Trade and Other Payables - Related Party (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Trade Payables	$ 16,701	$ 39,821
Trade and Other Payables - Related Party	$ 16,701	$ 39,821

XML 46 R35.htm IDEA: XBRL DOCUMENT

Share-based Payments (Details Narrative) - USD ($)				3 Months Ended		6 Months Ended
Share-based Payments (Details Narrative) - USD ($)	Apr. 11, 2018	Aug. 07, 2017	Jan. 23, 2014	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2016	Jan. 09, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option issued
Number of grants totaling shares of restricted common stock	10,000
Closing stock price per share				$ 0.387		$ 0.387
Numbers of non-vested employee stock options				4,666		4,666
Weighted-average grant date fair value						$ 2.36
Unrecognized compensation cost				$ 1,477		$ 1,477
Unrecognized compensation weighted average period						1 month 16 days
Stock options expenses	$ 5,455			$ 2,742	$ 7,275	$ 5,454	$ 12,367
Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized during period								830,000
Amended and Restated 2013 Incentive Stock And Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized during period									800,000
Amended Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of available for grants				60,292		60,292
Amended Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option to purchase shares of common stock						202,000
2017 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of available for grants				1,029,893		1,029,893
Number of grants totaling shares of restricted common stock						320,107
Maximum [Member] \| 2013 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option issued			400,000
Maximum [Member] \| 2017 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option issued		1,350,000

XML 47 R36.htm IDEA: XBRL DOCUMENT

Share-based Payments - Summary of Stock Options Activity (Details)	6 Months Ended
	Jun. 30, 2018 USD ($) $ / shares shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Shares, Beginning Balance \| shares	255,000
Number of Shares, Granted \| shares
Number of Shares, Exercised \| shares
Number of Shares, Forfeited \| shares	(53,000)
Number of Shares, Cancelled/Expired \| shares
Number of Shares, Ending Balance \| shares	202,000
Number of Shares, Exercisable \| shares	197,334
Weighted Average Exercise Price, Beginning Balance	$ 4.25
Weighted Average Exercise Price, Granted
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Forfeited
Weighted Average Exercise Price, Cancelled/Expired
Weighted Average Exercise Price, Ending Balance	4.27
Weighted Average Exercise Price, Exercisable	4.30
Weighted Average Grant Date Fair Value, Beginning	2.56
Weighted Average Grant Date Fair Value, Granted
Weighted Average Grant Date Fair Value, Exercised
Weighted Average Grant Date Fair Value, Forfeited	2.36
Weighted Average Grant Date Fair Value, Cancelled/Expired
Weighted Average Grant Date Fair Value, Ending	2.53
Weighted Average Grant Date Fair Value, Exercisable	$ 2.53
Weighted Average Remaining Contractual Term (Years), Beginning	2 years 7 days
Weighted Average Remaining Contractual Term (Years), Granted	0 years
Weighted Average Remaining Contractual Term (Years), Exercised	0 years
Weighted Average Remaining Contractual Term (Years), Forfeited	1 year 3 months 19 days
Weighted Average Remaining Contractual Term (Years), Cancelled/Expired	0 years
Weighted Average Remaining Contractual Term (Years), Ending	1 year 7 months 2 days
Weighted Average Remaining Contractual Term (Years), Exercisable	1 year 6 months 18 days
Aggregate Intrinsic Value, Beginning Balance \| $
Aggregate Intrinsic Value, Ending Balance \| $
Aggregate Intrinsic Value, Exercisable \| $

XML 48 R37.htm IDEA: XBRL DOCUMENT

Share-based Payments - Summary of Warrant Activity (Details) - Warrants [Member]	6 Months Ended
	Jun. 30, 2018 USD ($) $ / shares shares
Number of Warrants, Beginning Balance \| shares	49,490,571
Number of Warrants, Granted \| shares
Number of Warrants, Exercised \| shares	(38,160,738)
Number of Warrants, Forfeited \| shares
Number of Warrants, Cancelled/Expired \| shares
Number of Warrants, Ending Balance \| shares	11,329,833
Number of Warrants, Exercisable \| shares	11,329,833
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 0.22
Weighted Average Exercise Price, Granted \| $ / shares
Weighted Average Exercise Price, Exercised \| $ / shares	0.19
Weighted Average Exercise Price, Forfeited \| $ / shares
Weighted Average Exercise Price, Cancelled/Expired \| $ / shares
Weighted Average Exercise Price, Ending Balance \| $ / shares	0.35
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 0.35
Weighted Average Remaining Contractual Term (years), Beginning	4 years 11 months 12 days
Weighted Average Remaining Contractual Term (years), Ending	4 years 4 months 24 days
Weighted Average Remaining Contractual Term (years), Exercisable	4 years 4 months 24 days
Aggregate Intrinsic Value, Beginning \| $
Aggregate Intrinsic Value, Ending \| $
Aggregate Intrinsic Value, Exercisable \| $

XML 49 R38.htm IDEA: XBRL DOCUMENT

Equity (Details Narrative) - USD ($)			3 Months Ended			6 Months Ended
Equity (Details Narrative) - USD ($)	Apr. 11, 2018	Jan. 16, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Restricted common shares issued	10,000
Issuance of common stock	$ 18,000			$ 12,545		$ 5,175
Share based compensation expenses	$ 5,455		$ 2,742		$ 7,275	$ 5,454	$ 12,367
Preferred stock, par value
December 21, 2017 [Member] \| Public Offering [Member]
Number of warrant issued during period			38,160,737			38,160,737
Warrant exercise price			$ 0.1875			$ 0.1875
Proceeds from issuance of warrants						$ 7,155,200
Series B Preferred Stock [Member]
Preferred stock, par value
Common Stock [Member]
Issuance of common stock						$ 5,175
Conversion of stock						1,755
Conversion of stock, shares issued						11,700,002
Key Employees [Member] \| Restricted Stock [Member]
Number of common shares		25,000
Issuance of common stock		$ 5,175
Shares issued, price per share		$ 0.2070

XML 50 R39.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 19, 2012	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Exclusive license and supply agreement term	3 years
License fees received		$ 302,826	$ 290,591	$ 600,326	$ 549,312
Due to related parties owned		2,490		2,490
Royalty expenses		27,082	61,502	58,771	93,781
Revenue recognized		526,601	1,072,861	829,076	1,740,111
Payments to acquire plastic and electronic components		522		4,636	16,774
Research and development expenses - related party		5,753	22,994	54,342	22,994
Product revenue from related party			24,064
Settlement Agreement [Member]
Related Party Transaction [Line Items]
Recover full outstanding principal amount						$ 750,000
Proceeds from notes payable						549,609
Allowance for doubtful note						$ 1,299,609
Settlement Agreement [Member] \| ChubeWorkx [Member]
Related Party Transaction [Line Items]
Percentage of royalty received				5.00%
Percentage of royalty retain				50.00%
Due to related parties owned		549,609		$ 549,609
Accrued royalties		13,541		13,541
Settlement Agreement [Member] \| BreathScan Breath Alcohol [Member]
Related Party Transaction [Line Items]
Revenue recognized		$ 20,265		20,565	$ 670
License [Member]
Related Party Transaction [Line Items]
License fees received	$ 1,000,000
Royalty [Member] \| Settlement Agreement [Member] \| ChubeWorkx [Member]
Related Party Transaction [Line Items]
Royalty revenue				5,000,000
Adjustmet to Sales [Member]
Related Party Transaction [Line Items]
Product revenue from related party				$ 24,064

XML 51 R40.htm IDEA: XBRL DOCUMENT

Commitments (Details Narrative) - USD ($)						1 Months Ended	3 Months Ended		6 Months Ended
Commitments (Details Narrative) - USD ($)	Aug. 02, 2017	Jun. 02, 2017	Sep. 29, 2014	Jan. 07, 2013	Jan. 01, 2008	Mar. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating leases rent expense, net	$ 39,650	$ 25,980	$ 6,156		$ 132,000
Lease agreement term	29 months	24 months	60 months	7 years
Lease expiration date	Dec. 31, 2019	May 31, 2019		Dec. 31, 2019
Thorofare Lease [Member]
Rent expense, including related CAM charges							$ 40,928	$ 40,440	$ 83,144	$ 80,927
Ramsey Lease [Member]
Rent expense, including related CAM charges							6,495	2,165	12,990	2,165
Security deposit							4,330		4,330
Pitman Lease [Member]
Rent expense, including related CAM charges							9,913		19,825
Security deposit							$ 4,950		$ 4,950
Oracle Net Suite [Member]
Operating leases rent expense, net						$ 64,938
Lease agreement term						36 months

XML 52 R41.htm IDEA: XBRL DOCUMENT

Commitments - Schedule of Lease Commitments (Details)	Jun. 30, 2018 USD ($)
Next 12 Months	$ 266,559
Next 13-24 Months	152,814
Next 25-36 Months	43,292
Thorofare Lease [Member]
Next 12 Months	132,000
Next 13-24 Months	66,000
Next 25-36 Months
Ramsey Lease [Member]
Next 12 Months	23,815
Next 13-24 Months
Next 25-36 Months
Pitman Lease [Member]
Next 12 Months	39,650
Next 13-24 Months	19,824
Next 25-36 Months
Equipment Lease [Member]
Next 12 Months	6,156
Next 13-24 Months	2,052
Next 25-36 Months
Oracle Net Suite [Member]
Next 12 Months	64,938
Next 13-24 Months	64,938
Next 25-36 Months	$ 43,292

XML 53 R42.htm IDEA: XBRL DOCUMENT

Revenue Information (Details Narrative) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
People's Republic of China [Member]
Long-lived assets	$ 66,847	$ 59,830
United States [Member]
Long-lived assets	$ 1,223,728	$ 1,305,950

XML 54 R43.htm IDEA: XBRL DOCUMENT

Segment Information - Schedule of Revenue by Geographic Area Determined Based On Location of Customers (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total Revenue	$ 526,601	$ 1,072,861	$ 829,076	$ 1,740,111
United States [Member]
Total Revenue	462,383	512,257	757,116	1,129,482
People's Republic of China [Member]
Total Revenue		478,205		502,268
Rest of World [Member]
Total Revenue	$ 64,218	$ 82,399	$ 71,960	$ 108,361

XML 55 R44.htm IDEA: XBRL DOCUMENT

Revenue Information - Schedule of Revenue by product lines (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total Revenues	$ 526,601	$ 1,072,861	$ 829,076	$ 1,740,111
MicroParticle Catalyzed Biosensor ("MPC") [Member]
Total Revenues	106,680	69,848	125,630	155,507
Particle ImmunoFiltration Assay ("PIFA") [Member]
Total Revenues	356,082	426,747	616,066	987,668
Rapid Enzymatic Assay ("REA") [Member]
Total Revenues	45,100		55,000
Other [Member]
Total Revenues	$ 18,739	$ 576,266	$ 32,380	$ 596,936

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