0001493152-20-015346.txt : 20200812 0001493152-20-015346.hdr.sgml : 20200812 20200812163529 ACCESSION NUMBER: 0001493152-20-015346 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 62 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200812 DATE AS OF CHANGE: 20200812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Guardion Health Sciences, Inc. CENTRAL INDEX KEY: 0001642375 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 474428421 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38861 FILM NUMBER: 201095892 BUSINESS ADDRESS: STREET 1: 15150 AVENUE OF SCIENCE, SUITE 200 CITY: SAN DIEGO STATE: CA ZIP: 92128 BUSINESS PHONE: 858-605-9055 MAIL ADDRESS: STREET 1: 15150 AVENUE OF SCIENCE, SUITE 200 CITY: SAN DIEGO STATE: CA ZIP: 92128 FORMER COMPANY: FORMER CONFORMED NAME: Guardion Health Sciences, LLC DATE OF NAME CHANGE: 20150513 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, 2020

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

For the transition period from ______ to _______

Commission file number: 000-55723

GUARDION HEALTH SCIENCES, INC.

(Exact name of Registrant as specified in its charter)

Delaware

47-4428421

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

15150 Avenue of Science, Suite 200

San Diego, California 92128

Telephone: 858-605-9055

(Address and telephone number of principal executive offices)

Not applicable

(Former name, former address, and former fiscal year, if changed since last report)

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). [X] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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	[X]	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 Act). [ ] Yes [X] No

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		GHSI		The NASDAQ Stock Market, LLC

As of August 12, 2020, there were 88,327,312 shares of the Company’s common stock, par value $0.001 per share, issued and outstanding.

TABLE OF CONTENTS

		Page No.
PART I – FINANCIAL INFORMATION

ITEM 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	4

	Balance Sheets – As of June 30, 2020 (Unaudited) and December 31, 2019	4

	Statements of Operations (Unaudited) – Three and Six Months Ended June 30, 2020 and 2019	5

	Statement of Stockholders’ Equity (Unaudited) – Three and Six Months Ended June 30, 2020 and 2019	6

	Statements of Cash Flows (Unaudited) – Six Months Ended June 30, 2020 and 2019	7

	Notes to Condensed Consolidated Financial Statements (Unaudited)	8

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	21

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	32

ITEM 4.	CONTROLS AND PROCEDURES	32

PART II – OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	33

ITEM 1A.	RISK FACTORS	33

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	33

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	33

ITEM 4.	MINE SAFETY DISCLOSURES	33

ITEM 5.	OTHER INFORMATION	33

ITEM 6.	EXHIBITS	33

SIGNATURES		34

- 2 -

FORWARD LOOKING STATEMENTS

This Quarterly Report on Form 10-Q for the three-month period ended June 30, 2020 contains “forward-looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements contain information about our expectations, beliefs or intentions regarding our product development and commercialization efforts, business, financial condition, results of operations, strategies or prospects, and other similar matters. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. These statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning.

Actual results could differ materially from those contained in forward-looking statements. Many factors could cause actual results to differ materially from those in forward-looking statements, including those matters discussed below. Readers are urged to read the risk factors set forth in the Company’s recent filings with the U. S. Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in other documents the Company files with the SEC from time to time. These filings are available at the SEC’s website (www.sec.gov).

Other unknown or unpredictable factors that could also adversely affect our business, financial condition and results of operations may arise from time to time. Given these risks and uncertainties, the forward-looking statements discussed in this report may not prove to be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of the Company’s management as of the date of this report. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.

- 3 -

PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Guardion Health Sciences, Inc.

Condensed Consolidated Balance Sheets

	June 30, 2020			December 31, 2019
	(Unaudited)
Assets

Current assets
Cash	$	11,603,459		$	11,115,502
Accounts receivable		34,180			78,337
Inventories		1,235,052			310,941
Prepaid expenses		274,140			362,938
Equipment held for sale		24,500			-

Total current assets		13,171,331			11,867,718

Deposits		11,751			11,751
Property and equipment, net		304,534			374,638
Right of use asset, net		496,387			572,714
Intangible assets		50,000			50,000

Total assets	$	14,034,003		$	12,876,821

Liabilities and Stockholders’ Equity

Current liabilities
Accounts payable	$	332,787		$	70,291
Accrued expenses		162,461			175,052
Due to former officer		311,458			-
Derivative warrant liability		19,411			13,323
Lease liability – current		157,119			151,568
Total current liabilities		983,236			410,234

Lease liability – long term		355,127			434,747

Total liabilities		1,338,363			844,981

Commitments and contingencies

Stockholders’ Equity

Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding		-			-
Common stock, $0.001 par value; 250,000,000 shares authorized; 88,309,962 and 74,982,562 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively		88,310			74,983
Additional paid-in capital		61,173,074			57,468,528
Accumulated deficit		(48,565,744	)		(45,511,671	)

Total stockholders’ equity		12,695,640			12,031,840

Total liabilities and stockholders’ equity	$	14,034,003		$	12,876,821

See accompanying notes to condensed consolidated financial statements.

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Guardion Health Sciences, Inc.

Condensed Consolidated Statements of Operations

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenue
Medical foods and nutraceuticals	$	1,152,894		$	104,448		$	1,304,028		$	204,382
Medical devices		35,315			150,222			126,505			292,826
Other		2,700			6,300			6,100			6,300
Total revenue		1,190,909			260,970			1,436,633			503,508

Cost of goods sold
Medical foods and nutraceuticals		628,205			40,681			695,291			78,953
Medical devices		15,278			53,816			55,920			109,036
Other		1,096			2,559			2,477			2,559
Total cost of goods sold		644,579			97,056			753,688			190,548

Gross profit		546,330			163,914			682,945			312,960

Operating expenses
Research and development		44,581			77,688			75,769			106,716
Sales and marketing		519,067			409,409			1,007,913			764,028
General and administrative		1,712,183			2,489,011			3,228,698			3,439,633
Costs related to resignation of former officer (including the reversal of previously recognized stock compensation expense of $1,401,582 and $965,295 during the three and six months ended June 30, 2020, respectively)		(1,052,223	)		-			(615,936	)		-
Impairment loss on equipment held for sale		30,948			-			30,948			-

Total operating expenses		1,254,556			2,976,108			3,727,392			4,310,377

Loss from operations		(708,226	)		(2,812,194	)		(3,044,447	)		(3,997,417	)

Other (income) expense:
Interest expense		1,790			234,065			3,538			251,637
Finance cost upon issuance of warrants		-			229,921			-			415,955
Change in fair value of derivative warrants		(2,856	)		(227,832	)		6,088			(227,832	)

Total other (income) expense		(1,066	)		236,154			9,626			439,760

Net loss	$	(707,160	)	$	(3,048,348	)	$	(3,054,073	)	$	(4,437,177	)

Net loss per common share – basic and diluted	$	(0.01	)	$	(0.14	)	$	(0.04	)	$	(0.21	)
Weighted average common shares outstanding – basic and diluted		86,567,215			22,537,943			82,598,791			21,628,758

See accompanying notes to condensed consolidated financial statements.

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Guardion Health Sciences, Inc.

Condensed Consolidated Statement of Stockholders’ Equity

(Unaudited)

	Common Stock				Additional Paid-In			Accumulated			Total Stockholders’
	Shares		Amount		Capital			Deficit			Equity
	Three and Six Months Ended June 30, 2020
Balance at December 31, 2019		74,982,562	$	74,983	$	57,468,528		$	(45,511,671	)	$	12,031,840
Fair value of vested stock options – officer and director		-		-		436,287			-			436,287
Fair value of vested stock options		-		-		55,281			-			55,281
Issuance of common stock for services		25,000		25		12,300			-			12,325
Issuance of common stock – warrant exercises		10,382,400		10,382		3,540,399			-			3,550,781
Net loss		-		-		-			(2,346,913	)		(2,346,913	)
Balance at March 31, 2020		85,389,962	$	85,390	$	61,512,795		$	(47,858,584	)	$	13,739,601
Fair value of vested stock options – officer and director		-		-		(1,377,223	)		-			(1,377,223	)
Fair value of vested stock options		-		-		41,782			-			41,782
Issuance of common stock – warrant exercises		2,920,000		2,920		995,720			-			998,640
Net loss		-		-		-			(707,160	)		(707,160	)
Balance at June 30, 2020		88,309,962	$	88,310	$	61,173,074		$	(48,565,744	)	$	12,695,640

	Three and Six Months Ended June 30, 2019
Balance at December 31, 2018		20,564,328	$	20,564	$	37,798,562	$	(34,633,363	)	$	3,185,763
Fair value of vested stock options		-		-		56,232		-			56,232
Issuance of common stock – warrant exercises		292,283		293		30,957		-			31,250
Net loss		-		-		-		(1,385,099	)		(1,385,099	)
Balance at March 31, 2019		20,856,611	$	20,857	$	37,885,751	$	(36,018,462	)	$	1,888,146
Fair value of vested stock options – officer and director		-		-		1,066,159		-			1,066,159
Fair value of vested stock options		-		-		62,763		-			62,763
Fair value of warrants		-		-		359,683		-			359,683
Sale of common stock		1,250,000		1,250		3,886,750		-			3,888,000
Issuance of common stock for services		54,387		55		123,947		-			124,002
Issuance of common stock – warrant exercises		463,726		463		100,162		-			100,625
Issuance of common stock – conversion of notes payable and related interest		109,038		109		250,679		-			250,788
Net loss		-		-		-		(3,052,078	)		(3,052,078	)
Balance at June 30, 2019		22,733,762	$	22,734	$	43,735,894	$	(39,070,540	)	$	4,688,088

See accompanying notes to condensed consolidated financial statements.

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Guardion Health Sciences, Inc.

Condensed Consolidated Statements of Cash Flows

	Six Months Ended June 30,
	2020			2019
	(Unaudited)			(Unaudited)
Operating Activities
Net loss	$	(3,054,073	)	$	(4,437,177	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		46,619			137,128
Impairment loss on equipment held for sale		30,948			-
Amortization of debt discount		-			250,000
Amortization of lease right		76,327			61,571
Accrued interest expense included in notes payable		-			788
Stock-based compensation		109,388			242,996
Stock-based compensation – officer and director		(940,936	)		1,066,159
Non-cash financing costs – derivative liability		-			415,955
Change in fair value of warrants – derivative liability		6,088			(227,832	)
Changes in operating assets and liabilities:
(Increase) decrease in -
Accounts receivable		44,157			(7,718	)
Inventories		(607,162	)		39,311
Prepaid expenses		(219,380	)		(84,533	)
Increase (decrease) in -
Accounts payable		262,496			156,314
Lease liability		(74,070	)		(56,844	)
Accrued expenses		(12,591	)		(49,814	)
Due to former officer		311,458			-

Net cash used in operating activities		(4,020,731	)		(2,493,696	)

Investing Activities
Purchase of property and equipment		(40,733	)		(58,934	)

Net cash used in investing activities		(40,733	)		(58,934	)

Financing Activities
Proceeds from initial public offering		-			3,888,000
Proceeds from issuance of convertible notes		-			250,000
Proceeds from issuance of promissory notes		-			100,000
Payments on promissory notes		-			(100,548	)
Proceeds from exercise of warrants		4,549,421			131,875
Deferred financing costs of IPO		-			(19,000	)

Net cash provided by financing activities		4,549,421			4,250,327

Cash:
Net increase		487,957			1,697,697
Balance at beginning of period		11,115,502			670,948
Balance at end of period	$	11,603,459		$	2,368,645

Supplemental disclosure of cash flow information:
Cash paid for:
Interest	$	-		$	-
Income taxes	$	-		$	-

Non-cash financing activities:
Fair value of warrants issued in connection with convertible notes	$	-		$	436,034
Recording of lease asset and liability upon adoption of ASU 2016-02	$	-		$	663,218
Reclass of prepaid costs to inventory	$	308,178		$	-
Reclass of property and equipment to equipment held for sale	$	55,448		$	-
Reclass of property and equipment to inventory		8,771		$	-
Reclass of warrant liability to equity	$	-		$	359,683
Fair value of common stock issued upon conversion of common stock and accrued interest	$	-		$	250,788
Reclass of deferred offering cost to equity	$	-		$	270,000

See accompanying notes to condensed consolidated financial statements.

- 7 -

Guardion Health Sciences, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Six Months Ended June 30, 2020 and 2019

1.	Organization and Business Operations

Organization and Business

Guardion Health Sciences, Inc. (the “Company”) was formed in December 2009 as a California limited liability company under the name P4L Health Sciences, LLC. On June 30, 2015, the Company converted from a California limited liability company to a Delaware corporation, changing its name from Guardion Health Sciences, LLC to Guardion Health Sciences, Inc.

Since inception, the Company has been primarily engaged in research and development, product commercialization and capital raising activities.

Going Concern and Liquidity

The financial statements have been prepared assuming the Company will continue as a going concern. The Company had a net loss of $3,054,073 and utilized cash in operating activities of $4,020,731 during the six months ended June 30, 2020. The Company expects to continue to incur net losses and negative operating cash flows in the near-term. As a result, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued.

The Company’s independent registered public accounting firm has also included explanatory language in their opinion accompanying the Company’s audited financial statements for the year ended December 31, 2019, stating there is substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

The Company will continue to incur significant expenses for commercialization activities related to its medical foods, nutraceuticals, the MapcatSF medical device, VectorVision diagnostic equipment, and with respect to efforts to continue to build the Company’s infrastructure. Development and commercialization of medical foods, nutraceuticals and medical devices involves a lengthy and complex process. Additionally, the Company’s long-term viability and growth may depend upon the successful development and commercialization of new complementary products or product lines. Management is reviewing all of its business segments and operations with the assistance of an outside consulting firm in order to determine its future business strategies and focus. Furthermore, management is reviewing its expense profile, with its consulting firm, in order to increase efficiencies and reduce its cash utilization over the near and long term, while hoping to increase stockholder value.

The Company intends to seek to raise additional debt and/or equity capital to fund future operations, but there can be no assurances that the Company will be able to secure such additional financing in the amounts necessary to fully fund its operating requirements on acceptable terms or at all. If the Company is unable to access sufficient capital resources on a timely basis, the Company may be forced to reduce or discontinue its technology and product development programs and curtail or cease operations.

- 8 -

COVID-19

The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that the COVID-19 pandemic could cause a local, national and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole, but it is presently unknown whether and to what extent further fiscal actions will continue. The magnitude and overall effectiveness of these actions remain uncertain.

The Company believes that sales results have been negatively affected by the closure of medical facilities due to COVID-19 “Stay at Home” orders. The severity of the impact of the COVID-19 pandemic on the Company’s business will continue to depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s customers, service providers and suppliers, all of which are uncertain and cannot be predicted. As of the date of issuance of the Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s financial condition, liquidity or results of operations is uncertain.

NASDAQ Notice

On September 20, 2019, the Company received a notification letter from the Nasdaq Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s common stock was below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). The Nasdaq letter had no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market.

In accordance with Nasdaq listing rules, the Company was provided an initial period of 180 calendar days, or until March 18, 2020, to regain compliance with the Minimum Bid Price Requirement. The Company was unable to regain compliance with the Minimum Bid Price Requirement during the initial period and was eligible for an additional 180 calendar day compliance period under the NASDAQ listing rules. The Company provided written notice of its intention to cure the deficiency during the additional compliance period, and on March 19, 2020, the Company received a written notification from Nasdaq that the Company had been granted an additional 180 calendar days, or until September 14, 2020, to regain compliance with the Minimum Bid Price Requirement.

The current COVID-19 crisis has created unprecedented turmoil in U.S. and world financial markets and has significantly impacted investor confidence. Given these extraordinary market conditions, Nasdaq has determined to toll the compliance periods for bid price and market value of publicly held shares through June 30, 2020 (the “Price-based Requirements”).

Accordingly, since the Company had 152 calendar days remaining in its bid price compliance period as of April 16, 2020, it will, upon reinstatement of the Price-based Requirements, still have 152 calendar days from July 1, 2020, or until November 30, 2020, to regain compliance. The Company can regain compliance, either during the suspension or during the compliance period resuming after the suspension, by evidencing compliance with the Price-based Requirements for a minimum of 10 consecutive trading days.

2.	Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.

- 9 -

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2020.

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Significant estimates include those related to assumptions used in valuing assets acquired in business acquisitions, impairment testing of goodwill and other long-term assets, accruals for potential liabilities, valuing equity instruments issued during the period, and realization of deferred tax assets.

Revenue Recognition

The Company’s revenue is comprised of sales of medical foods, nutraceuticals and supplements to consumers through a direct sales/credit card process. In addition, the Company sells medical device equipment and supplies to customers both in the U.S. and internationally.

The Company recognizes revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09” or “Topic 606”) and all related amendments. The standard provides authoritative guidance clarifying the principles for recognizing revenue and developing a common revenue standard for U.S. generally accepted accounting principles. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in the exchange for those goods or services.

Under the guidance, revenue is recognized when control of promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company reviews its sales transactions to identify contractual rights, performance obligations, and transaction prices, including the allocation of prices to separate performance obligations, if applicable. Revenue and costs of sales are recognized once products are delivered to the customer’s control and performance obligations are satisfied.

All products sold by the Company are distinct individual products and consist of medical foods, nutraceuticals, supplemental formulas, medical devices and related supplies. The products are offered for sale as finished goods only, and there are no performance obligations required post-shipment for customers to derive the expected value from them. Contracts with customers contain no incentives or discounts that could cause revenue to be allocated or adjusted over time.

Control of products sold transfers to customers upon shipment from the Company’s or suppliers’ facilities, and the Company’s performance obligations are satisfied at that time. Shipping and handling activities are performed before the customer obtains control of the goods and therefore represent a fulfillment activity rather than a promised service to the customer. Payments for sales of medical foods and nutraceuticals are generally made by approved credit cards. Payments for medical device sales are generally made by check, credit card, or wire transfer. Historically the Company has not experienced any significant payment delays from customers.

- 10 -

The Company provides a 30-day right of return to its retail Medical Foods customers. A right of return does not represent a separate performance obligation, but because customers are allowed to return products, the consideration to which the Company expects to be entitled is variable. Upon evaluation of historical Medical Foods and Medical Device product returns, the Company determined that less than one percent of products is returned, and therefore believes it is probable that such returns will not cause a significant reversal of revenue in the future. Due to the insignificant amount of historical returns as well as the standalone nature of the Company’s products and assessment of performance obligations and transaction pricing for the Company’s sales contracts, the Company does not currently maintain a contract asset or liability balance at this time. The Company assesses its contracts and the reasonableness of its conclusions on a quarterly basis.

The following table presents the Company’s revenues disaggregated by segment:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Medical foods and nutraceuticals	$	1,152,894	$	104,448	$	1,304,028	$	204,382
Medical devices		35,315		150,222		126,505		292,826
Other		2,700		6,300		6,100		6,300
	$	1,190,909	$	260,970	$	1,436,633	$	503,508

The following table presents the Company’s revenues disaggregated by geography:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
North America	$	270,664	$	116,611	$	505,023	$	227,322
Malaysia		890,000		-		890,000		-
Asia		22,990		63,650		25,790		128,950
Europe and other		7,255		80,709		15,820		147,236
	$	1,190,909	$	260,970	$	1,436,633	$	503,508

The Company’s medical foods and nutraceuticals revenues are derived from individual retail customers in North America and international distributors. 68% of Medical Foods and Nutraceuticals revenues for the six months ended June 30, 2020 were due to the sale in June of a nutraceutical product to a Malaysian distributor. Medical Devices revenues are derived from a worldwide customer base consisting of both retail customers and distributors. International customers contributed approximately 94% and 39% of Medical Devices revenues for the six months ended June 30, 2020 and 2019, respectively. Distributors contributed approximately 58% and 32% of Medical Devices revenues for the six months ended June 30, 2020 and 2019, respectively.

During February 2020, the Company contracted with a Malaysian company to develop an immune-supportive formula for its consumer base. An initial order was placed for $875,000, and in connection with this order, on March 31, 2020, the Malaysian company paid $437,500 as a deposit for this order. The Company completed shipment of the product, received payment in full, and has recognized revenue for this order of $890,000 during the three months ended June 30, 2020. The sample product order is a proprietary immune-supportive formula that consists of a two-bottle package, each bottle containing different blends of certain ingredients the formulation of which is proprietary to the Malaysian company. The product is designed by the Malaysian company to boost immune system capability, which the Malaysian company intends to sell to its consumer base.

Concentrations

During the three months ended June 30, 2020, the Medical Foods and Nutraceuticals segment had one customer who accounted for approximately 75% of the Company’s sales. During the three months ended June 30, 2019, the Medical Devices segment had one customer who accounted for approximately 24% of the Company’s sales. No other customer accounted for more than 10% of sales in either period.

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During the six months ended June 30, 2020, the Medical Foods and Nutraceuticals segment had one customer who accounted for approximately 62% of the Company’s sales. During the six months ended June 30, 2019, the Medical Devices segment had one customer who accounted for approximately 26% of the Company’s sales. No other customer accounted for more than 10% of sales in either period.

During the three months ended June 30, 2020, three of the Company’s largest vendors accounted for 12%, 36%, and 44% of all purchases. During the three months ended June 30, 2019, two vendors accounted for 34%, and 47% of all purchases. During the six months ended June 30, 2020, three of the Company’s largest vendors accounted for 17%, 24%, and 40% of all purchases. During the six months ended June 30, 2019, three vendors accounted for 20%, 24%, and 32% of all purchases. No other vendors exceeded 10% of all purchases during any periods presented.

Research and Development Costs

Research and development costs consist primarily of fees paid to consultants and outside service providers, and other expenses relating to the acquisition, design, development and testing of the Company’s medical foods and related products. Research and development expenditures are expensed as incurred and totaled $75,769 and $106,716 for the six months ended June 30, 2020 and 2019, respectively.

Patent Costs

The Company is the owner of four issued domestic patents, two pending domestic patent applications, one issued foreign patent in Europe and the United Kingdom, two issued foreign patents in Ireland, and one issued foreign patent in Hong Kong. Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and any related patent applications, patent costs, including patent-related legal fees, filing fees and internally generated costs, are expensed as incurred. During the six months ended June 30, 2020 and 2019, patent costs were $60,501 and $64,482, respectively, and are included in general and administrative costs in the statements of operations.

Stock-Based Compensation

The Company periodically issues stock-based compensation to officers, directors, contractors and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date.

Stock-based payments to officers, directors, employees, and for acquiring goods and services from nonemployees, which include grants of employee stock options, are recognized in the financial statements based on their fair values in accordance with Topic 718. Stock option grants, which are generally time vested, will be measured at the grant date fair value and charged to operations on a straight-line basis over the vesting period. The fair value of stock options is determined utilizing the Black-Scholes option-pricing model, which is affected by several variables, including the risk-free interest rate, the expected dividend yield, the expected life of the equity award, the exercise price of the stock option as compared to the fair market value of the common stock on the grant date and the estimated volatility of the common stock over the term of the equity award.

Net Loss per Share

The Company’s computation of basic and diluted net loss per common share is measured as net loss divided by the weighted average common shares outstanding during the respective periods, excluding unvested restricted common stock. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Potential common shares such as from unexercised warrants and options that have an anti-dilutive effect are excluded from the calculation of diluted net loss per share. The Company’s basic and diluted net loss per share is the same for all periods presented because all shares issuable upon exercise of warrants and conversion of convertible debt outstanding are anti-dilutive as they decrease loss per share.

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The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive:

	June 30,
	2020		2019
Warrants		15,470,338		261,538
Options		2,919,167		2,612,500
		18,389,505		2,874,038

Fair Value Measurements

Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows:

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.

Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.

We consider carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments. Our non-financial assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized.

As of June 30, 2020, and December 31, 2019, the Company’s balance sheets included Level 2 liabilities comprised of the fair value of warrant liabilities aggregating $19,411 and $13,323, respectively.

Recent Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard will be effective beginning January 1, 2021. The Company is assessing the impact ASU 2019-12 will have on its consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. As a smaller reporting company, the standard will be effective for us for interim and annual reporting periods beginning after December 15, 2022. The Company is currently assessing the impact of adopting this standard on the Company’s financial statements and related disclosures.

The Company’s management does not believe that there are any recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

3.	Acquisition of NutriGuard

Effective September 20, 2019 (the “Effective Date”), the Company’s newly-formed wholly-owned subsidiary, NutriGuard Formulations, Inc., a Delaware corporation, completed an asset purchase agreement (the “Asset Purchase Agreement”) with NutriGuard Research, Inc., a California corporation (“NutriGuard”), and NutriGuard’s sole shareholder, Mark McCarty.

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Pursuant to the Asset Purchase Agreement, the Company purchased specified assets of the NutriGuard brand and business, consisting primarily of inventory, trademarks, copyrights and other intellectual property. In exchange, the Company agreed to pay a 3% royalty, payable quarterly, to NutriGuard based on the operating results of the NutriGuard branded products in future periods, after $500,000 in specified gross revenues have been achieved by the Company. As of June 30, 2020 and December 31, 2019 no amounts were owed or accrued to NutriGuard.

The following preliminary unaudited pro forma financial information gives effect to the Company’s acquisition of NutriGuard as if the acquisition had occurred on January 1, 2019 and had been included in the Company’s consolidated statements of operations during the three and six months ended June 30, 2019:

	Three Months Ended June 30,
	2019
Pro forma net revenues	$	279,044
Pro forma net loss attributable to common shareholders	$	(3,069,472	)
Pro forma net loss per share	$	(0.14	)

	Six Months Ended June 30,
	2019
Pro forma net revenues	$	546,724
Pro forma net loss attributable to common shareholders	$	(4,477,053	)
Pro forma net loss per share	$	(0.21	)

4.	Inventories

Inventories consisted of the following:

	June 30,		December 31,
	2020		2019
Raw materials	$	870,384	$	246,875
Finished goods		364,668		64,066
	$	1,235,052	$	310,941

5.	Property and Equipment, net

Property and equipment consisted of the following:

	June 30,			December 31,
	2020			2019
Leasehold improvements	$	98,357		$	98,357
Testing equipment		336,959			394,427
Furniture and fixtures		199,132			185,799
Computer equipment		68,460			68,460
Office equipment		8,193			8,193
		711,101			755,236
Less accumulated depreciation and amortization		(406,567	)		(380,598	)
	$	304,534		$	374,638

For the six months ended June 30, 2020 and 2019, depreciation expense was $46,619 and $29,810, respectively, of which $26,169 and $11,244 was included in research and development expense, $7,821 and $7,821 was included in sales and marketing expense, and $12,629 and $10,745 was included in general and administrative expense, respectively.

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6.	Lease Liabilities

In October 2012, the Company entered into a lease agreement for 9,605 square feet of office and warehouse space commencing March 1, 2013. Upon entering into the agreement, the Company paid a deposit of $47,449, of which $36,979 represented prepaid rent. As of June 30, 2020, $11,751 remained on deposit under the lease agreement. The lease (“Lease 1”) was renewed for an additional five years in 2018. As of June 30, 2020, remaining lease payments under the amended lease agreement averaged $13,103 per month through July 2023.

In connection with the VectorVision acquisition on September 29, 2017, the Company assumed a lease agreement for 5,000 square feet of office and warehouse space which commenced on October 1, 2017. The lease (“Lease 2”) was renewed for an additional 65 months. As of June 30, 2020, remaining lease payments averaged $1,864 per month through February 2023.

The leases have been accounted for in accordance with ASC 842, which requires a lessee to record a right-of-use asset and a corresponding lease liability at the inception of the lease initially measured at the present value of the lease payments. The Company classified the leases as operating leases and determined that the present value of Lease 1 at the inception of the lease was $639,520 using a discount rate of 3.9% and the present value of Lease 2 at the inception of the lease was $81,634 using a discount rate of 3.9%.

The aggregate balance of the lease liabilities at December 31, 2019 was $586,315. During the six months ended June 30, 2020, the Company made combined payments on both leases of $74,069 towards the lease liabilities. As of June 30, 2020, the lease liability for Lease 1 was $455,711, and the lease liability for Lease 2 was $56,535. The aggregate balance of the lease liabilities at June 30, 2020 was $512,246, of which $157,119 was current.

Combined rent expense for both leases for the six months ended June 30, 2020 and 2019 was $87,161 and $87,161, respectively. The balance of the right of use asset as of December 31, 2019 was $572,714. During the six months ended June 30, 2020, the Company reflected amortization of right of use asset of $76,327 related to the leases, resulting in a net asset balance of $496,387 as of June 30, 2020.

7.	Stockholders’ Equity

Common Stock

During the six months ended June 30, 2020, the Company issued 25,000 fully vested shares of common stock for services rendered and recognized $12,325 in stock compensation expense related to these shares.

Warrants

A summary of the Company’s warrant activity is as follows:

	Shares			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)
December 31, 2019		28,802,738			0.38			4.91
Granted		-			-			-
Forfeitures		-			-			-
Expirations		(30,000	)		(1.50	)		-
Exercised		(13,302,400	)		(0.34	)		-
June 30, 2020, all exercisable		15,470,338		$	0.41			4.39

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The exercise prices of warrants outstanding and exercisable as of June 30, 2020 are as follows:

Warrants Outstanding and Exercisable (Shares)		Exercise Prices
	12,037,600	$	0.34
	1,960,000		0.44
	1,040,000		0.50
	226,200		0.59
	35,000		1.50
	109,038		2.88
	62,500		5.00
	15,470,338

During the six months ended June 30, 2020, investors exercised a total of 13,302,400 warrants for 13,302,400 shares of common stock. The warrants were exercisable for $0.34 per share, which resulted in cash proceeds to the Company of $4,549,421.

As of June 30, 2020, the Company had an aggregate of 15,470,338 outstanding warrants to purchase shares of its common stock with a weighted average exercise price of $0.41 and a weighted average remaining life of 4.39 years. The aggregate intrinsic value of warrants outstanding as of June 30, 2020 was $1,073,026.

Warrant Liability

On April 9, 2019, the Company issued 62,500 warrants with an exercise price of $5.00 per share to the underwriter in connection with the Company’s IPO. The Company accounted for these warrants as a derivative liability in the financial statements at June 30, 2019 because they were associated with the IPO, a registered offering, and the settlement provisions contained language that the shares underlying the warrants are required to be registered. The fair value of the warrants is remeasured at each reporting period, and the change in the fair value is recognized in earnings in the accompanying Statements of Operations. The fair value of the warrants at December 31, 2019 was $13,323. As of June 30, 2020, the fair value of the warrants was determined to be $19,411 and the change in fair value of $6,088 was recognized in the accompanying statements of operations.

The fair value of the warrant liability was determined at the following reporting dates using the Black-Scholes-Merton option pricing model and the following assumptions:

	Warrant Liability As of			Warrant Liability As of
	June 30, 2020			December 31, 2019
Stock price	$	0.44		$	0.22
Risk free interest rate		0.18	%		1.62	%
Expected volatility		142	%		145	%
Expected life in years		3.76			4.26
Expected dividend yield		0	%		0	%
Number of warrants		62,500			62,500
Fair value of warrants	$	19,411		$	13,323

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Stock Options

A summary of the Company’s stock option activity is as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
December 31, 2019		2,962,500			2.94		3.64
Granted		790,000			0.77		9.83
Forfeitures		(833,333	)		-		-
Expirations		-			-		-
Exercised		-			-		-
June 30, 2020, outstanding		2,919,167		$	1.93		4.77
June 30, 2020, exercisable		2,084,167		$	2.40		3.10

The exercise prices of options outstanding and exercisable as of June 30, 2020 are as follows:

Options Outstanding (Shares)		Options Exercisable (Shares)		Exercise Prices
	250,000		187,500	$	0.25
	30,000		30,000		0.32
	250,000		62,500		0.39
	10,000		-		0.41
	100,000		25,000		0.54
	500,000		-		1.00
	625,000		625,000		2.00
	62,500		62,500		2.30
	675,000		675,000		2.50
	416,667		416,667		4.40
	2,919,167		2,084,167

The Company accounts for share-based payments in accordance with ASC 718 wherein grants are measured at the grant date fair value and charged to operations over the vesting periods.

During the three months ended March 31, 2020, the Company granted options to purchase 290,000 shares of common stock to five employees with a grant date fair value of $110,887. The options have an exercise price of $0.32 to $0.41 per share. 250,000 of the options vest on a quarterly basis over two years and 40,000 options vest in full six months after the grant date.

On June 30, 2020, the Company granted options to purchase 500,000 shares of common stock to the members of the Company’s Board of Directors with a grant date fair value of $216,093. The options have an exercise price of $1.00 per share. The options vest on a quarterly basis over two years beginning three months after the grant date.

During the six months ended June 30, 2020 and 2019, we recognized aggregate stock-compensation expense, including the modification and forfeiture accounting described above; of $(831,548) and $1,309,155, based upon stock prices ranging from $0.25 to $3.30 per share. During the six months ended June 30, 2020, $66,194 was recorded to sales and marketing expense and $(921,975) was recorded in general and administrative expense. All of the stock compensation expense recognized during the six months ended June 30, 2019 was recorded in general and administrative expense. See Note 9 for discussion of forfeited options related to a settlement with a former officer.

As of June 30, 2020, the Company had an aggregate of 835,000 remaining unvested options outstanding, with a fair value of $349,007, weighted average exercise price of $0.76, and weighted average remaining life of 8.94 years. The aggregate intrinsic value of options outstanding as of June 30, 2020 was $23,006. The aggregate intrinsic value of unvested options outstanding as of June 30, 2020 was $19,616.

8.	Settlement with Former Officer

Effective June 15, 2020, Michael Favish resigned as Chief Executive Officer and as an employee of the Company and resigned from the Company’s Board of Directors. Terms of the settlement agreement included the continuation of his previous salary of $325,000 during the following twelve months. The $325,000 of settlement payments were recorded in costs related to resignation of former officer expense in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2020. As of June 30, 2020, $311,458 of the amount remains accrued on our condensed consolidated balance sheet.

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In connection with his separation, the expiration date of his vested stock options was extended for twelve months from June 15, 2020. In accordance with ASC 718, the extension of the exercise period for the vested options constitutes a modification of the original option agreement. In accounting for the modification, the Company calculated the fair value of the vested options immediately before modification using current valuation inputs including the Company’s closing stock price of $0.49 on June 15, 2020, a volatility metric of 142%, and a risk-free interest rate of 0.22%. The Company also calculated the fair value of the vested options immediately following the modification using the extended 12-month exercise period. An incremental stock compensation charge of $24,359 was recorded in costs related to resignation of former officer.

Mr. Favish’s unvested options at the time of his separation were forfeited. All compensation from prior periods related to these unvested options was reversed, resulting in an adjustment to stock compensation expense during the three and six months ended June 30, 2020 of $(1,401,582) and $(965,295), respectively, that was recorded in costs related to resignation of former officer.

9.	Related Party Transactions

During the six months ended June 30, 2020 and 2019, the Company incurred and paid salaries of $50,313 and $47,104, respectively, to Karen Favish, spouse of Michael Favish, our former CEO. During the six months ended June 30, 2020 and 2019, the Company incurred and paid salaries of $30,000 and $22,863, respectively, to Kristine Townsend, spouse of Controller and Chief Accounting Officer John Townsend. During the six months ended June 30, 2020 and 2019, the Company paid consulting expenses of $27,500 and $60,000, respectively, to Ceatus Media Group, LLC, a web design company owned by Interim CEO David Evans and his spouse Tamara Evans. During the six months ended June 30, 2020 and 2019, the Company paid building rent of $10,708 and $10,398, respectively, to DWT Evans LLC, a company owned by David Evans and his spouse Tamara Evans.

When the Company acquired VectorVision, it also acquired AcQviz from the Company’s current Chief Science Officer and Interim CEO, Dr. David Evans, which is a patented methodology for auto-calibrating and standardizing the testing light level for computer generated vision testing systems. Dr. Evans is entitled to receive a royalty on net revenue from AcQviz. As part of the development of the CSV-2000, AcQviz was created in a miniaturized circuit board by Radiant Technologies, Inc. in exchange for a 3% royalty on the sales of AcQviz. Radiant Technologies is owned by Joseph T. Evans, the brother of Dr. David Evans.

10.

Segment Reporting

The Company determined its reporting units are as follows in accordance with ASC 280, “Segment Reporting” (“ASC 280”).

	For the Three Months Ended June 30, 2020
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	2,700		$	1,152,894		$	35,315		$	1,190,909

Cost of goods sold		1,096			628,205			15,278			644,579

Gross profit		1,604			524,689			20,037			546,330

Operating expenses		88,428			1,072,508			93,620			1,254,556

Loss from operations	$	(86,824	)	$	(547,819	)	$	(73,583	)	$	(708,226	)

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	For the Three Months Ended June 30, 2019
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,300		$	104,448		$	150,222		$	260,970

Cost of goods sold		2,559			40,681			53,816			97,056

Gross profit		3,741			63,767			96,406			163,914

Operating expenses		72,021			2,643,725			260,362			2,976,108

Loss from operations	$	(68,280	)	$	(2,579,958	)	$	(163,956	)	$	(2,812,194	)

	For the Six Months Ended June 30, 2020
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,100		$	1,304,028		$	126,505		$	1,436,633

Cost of goods sold		2,477			695,291			55,920			753,688

Gross profit		3,623			608,737			70,585			682,945

Operating expenses		172,911			3,344,411			210,070			3,727,392

Loss from operations	$	(169,288	)	$	(2,735,674	)	$	(139,485	)	$	(3,044,447	)

	For the Six Months Ended June 30, 2019
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,300		$	204,382		$	292,826		$	503,508

Cost of goods sold		2,559			78,953			109,036			190,548

Gross profit		3,741			125,429			183,790			312,960

Operating expenses		120,783			3,719,338			470,256			4,310,377

Loss from operations	$	(117,042	)	$	(3,593,909	)	$	(286,466	)	$	(3,997,417	)

The following tables set forth our total assets by segment. Intersegment balances and transactions have been removed:

	As of June 30, 2020
	Corporate		Medical Foods and Nutraceuticals		Medical Devices		Total
Current assets
Cash	$	11,603,459	$	-	$	-	$	11,603,459
Inventories		-		868,409		366,643		1,235,052
Other		25,980		259,479		47,361		332,820
Total current assets		11,629,439		1,127,888		414,004		13,171,331

Right of use asset, net		-		442,596		53,791		496,387
Property and equipment, net		-		169,267		135,267		304,534
Intangible assets, net		-		50,000		-		50,000
Other		-		11,751		-		11,751

Total assets	$	11,629,439	$	1,801,502	$	603,062	$	14,034,003

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	As of December 31, 2019
	Corporate		Medical Foods and Nutraceuticals		Medical Devices		Total
Current assets
Cash	$	11,115,502	$	-	$	-	$	11,115,502
Inventories		5,003		126,708		179,230		310,941
Other		7,399		219,223		214,653		441,275
Total current assets		11,127,904		345,931		393,883		11,867,718

Right of use asset		-		509,464		63,250		572,714
Property and equipment, net		70,542		148,514		155,582		374,638
Intangible assets, net		-		50,000		-		50,000
Other		-		11,751		-		11,751

Total assets	$	11,198,446	$	1,065,660	$	612,715	$	12,876,821

11.

Contingencies

The Company is periodically the subject of various pending or threatened legal actions and claims arising out of its operations in the normal course of business. As of June 30, 2020, management is not aware of any pending or threatened matters that it believes warrant a contingency reserve, and therefore there is no provision in the Company’s financial statements with respect to such matters.

12.

Subsequent Events

Effective July 20, 2020, the Company appointed Andrew C. Schmidt as Vice President and Chief Financial Officer of the Company. The Company and Mr. Schmidt entered into an employment agreement (the “Employment Agreement”), dated July 20, 2020 (the “Effective Date”), pursuant to which Mr. Schmidt’s annual base salary is $250,000. The Employment Agreement provides that Mr. Schmidt shall have an annual target cash bonus opportunity of no less than $175,000 (the “Bonus”) based on the achievement of Company and individual performance objectives to be determined in good faith by the Board in advance and in consultation with Mr. Schmidt (the “Performance Objectives”), provided, however, that the parties acknowledged and agreed that up to an aggregate of $100,000 of the Bonus shall be payable upon the closing(s) of one or more mergers and acquisition transactions as determined at the discretion of the Board, and $75,000 shall be based upon the satisfactory completion of the Performance Objectives. The initial term of the Employment Agreement is through July 20, 2021, with automatic one-year renewals, unless either party provides written notice of a non-renewal in accordance with the terms of the Employment Agreement (the “Term”).

Mr. Schmidt will also be entitled to certain other benefits consistent with those provided to other senior executives of the Company. In addition, on the Effective Date, Mr. Schmidt was granted an award of one million (1,000,000) stock options (the “Stock Options”) under the Company’s 2018 Equity Incentive Plan (the “Incentive Plan”), at an exercise price of one dollar ($1.00) per share. The Stock Options shall vest and become exercisable in twelve (12) equal installments on the last day of each of the subsequent twelve (12) calendar quarter-end dates following the Effective Date (the first of such dates to be September 30, 2020), subject to continued service, and shall vest in full upon a Change in Control (as defined in the Incentive Plan).

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Presentation of Information

As used in this Quarterly Report on Form 10-Q, the terms “we,” “us” “our” and the “Company” mean Guardion Health Sciences, Inc. unless the context requires otherwise. The following discussion and analysis should be read in conjunction with our audited financial statements and the related notes that appear elsewhere in this report and our audited financing statements for the year ended December 31, 2019, and the notes thereto, which are set forth in the 2019 Form 10-K. All dollar amounts refer to U.S. dollars unless otherwise indicated.

Overview

Guardion Health Sciences, Inc. (the “Company” or “we”) was formed in December 2009 in California as a limited liability company under the name P4L Health Sciences, LLC, and it subsequently changed its name to Guardion Health Sciences, LLC. On June 30, 2015, the Company converted from a California limited liability company to a Delaware corporation, changing its name to Guardion Health Sciences, Inc.

The Company is a specialty health sciences company (1) that has developed medical foods and medical devices in the ocular health space and (2) that has developed and is developing nutraceuticals that the Company believes will provide supportive health benefits to consumers. Management is reviewing all of its business segments and operations with the assistance of an outside consulting firm in order to determine its future business strategies and focus. Furthermore, management is reviewing its expense profile, with its consulting firm, in order to increase efficiencies and reduce its cash utilization over the near and long term, while hoping to increase stockholder value.

Recent Trends – COVID-19

The COVID-19 pandemic has and will continue affecting economies and businesses around the world. The impacts of the pandemic could be material, but due to the evolving nature of this situation, we are not able at this time to estimate the impact on our financial or operational results. Among the factors that could impact our results are: effectiveness of COVID-19 mitigation measures, global economic conditions, consumer spending, work from home trends, supply chain sustainability and other factors. These factors could result in increased or decreased demand for our products and services and impact our ability to serve customers.

Recent Developments

Warrant Exercises

From January 1, 2020 through June 30, 2020, the Company received total gross proceeds of $4,549,421 from the exercise of 13,302,400 warrants issued in the Company’s October 2019 follow-on offering.

Nutraceutical Sales

Going Concern

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Recent Accounting Pronouncements

See Note 2 to the condensed consolidated financial statements for management’s discussion of recent accounting pronouncements.

Concentration of Risk

Cash balances are maintained at large, well-established financial institutions. At times, cash balances may exceed federally insured limits. Insurance coverage limits are $250,000 per depositor at each financial institution. The Company has never experienced any losses related to these balances.

Critical Accounting Policies and Estimates

The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of its financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The Company’s financial statements included herein include all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows.

The following critical accounting policies affect the more significant judgments and estimates used in the preparation of the Company’s financial statements.

Stock-Based Compensation

The Company accounts for share-based awards to employees and nonemployees directors and consultants in accordance with the provisions of ASC 718, Compensation—Stock Compensation., and under the recently issued guidance following FASB’s pronouncement, ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Under ASC 718, and applicable updates adopted, share-based awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service, or vesting, period. The Company values its equity awards using the Black-Scholes option pricing model, and accounts for forfeitures when they occur.

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Use of the Black-Scholes option pricing model requires the input of subjective assumptions including expected volatility, expected term, and a risk-free interest rate. The Company estimates volatility using a blend of its own historical stock price volatility as well as that of market comparable entities since the Company’s common stock has limited trading history and limited observable volatility of its own. The expected term of the options is estimated by using the Securities and Exchange Commission Staff Bulletin No. 107’s Simplified Method for Estimate Expected Term. The risk-free interest rate is estimated using comparable published federal funds rates.

Results of Operations

Through June 30, 2020, the Company has primarily been engaged in product development, commercialization, and raising capital. The Company has incurred and will continue to incur significant expenditures for the development of its products and intellectual property, which includes medical foods, nutraceuticals and medical devices for the treatment of various eye diseases. The Company had limited revenue during the six months ended June 30, 2020 and 2019.

Comparison of Three Months Ended June 30, 2020 and 2019

	Three Months Ended June 30,
	2020			2019			Change
Revenue	$	1,190,909		$	260,970		$	929,939		356	%
Cost of goods sold		644,579			97,056			547,523		564	%
Gross Profit		546,330			163,914			382,416		233	%
Operating Expenses:
Research and development		44,581			77,688			(33,107	)	(43	)%
Sales and marketing		519,067			409,409			109,658		27	%
General and administrative		1,712,183			2,489,011			(776,828	)	(31	)%
Costs related to resignation of former officer		(1,052,223	)		-			(1,052,223	)	(100	)%
Impairment loss on equipment held for sale		30,948			-			30,948		100	%
Total Operating Expenses		1,254,556			2,976,108			(1,721,552	)	(58	)%
Loss from Operations		(708,226	)		(2,812,194	)		2,103,968		(75	)%
Other Expense:
Interest expense		1,790			234,065			(232,275	)	(99	)%
Finance cost upon issuance of warrants		-			229,921			(229,921	)	(100	)%
Change in fair value of derivative warrants		(2,856	)		(227,832	)		224,976		(99	)%
Net Loss	$	(707,160	)	$	(3,048,348	)	$	2,341,188		(77	)%

Revenue

For the three months ended June 30, 2020, revenue from product sales was $1,190,909 compared to $260,970 for the three months ended June 30, 2019, resulting in an increase of $929,939 or 356%. The increase is due primarily to the fulfillment of a Malaysian order for an immune-supportive formula that was delivered in June. The Company completed shipment of the product, received payment in full, and has recognized revenue for this order of $890,000 during the three months ended June 30, 2020.

Cost of Goods Sold

For the three months ended June 30, 2020, cost of goods sold was $644,579 compared to $97,056 for the three months ended June 30, 2019, resulting in an increase of $547,523 or 564%. This reflects the costs of goods sold associated with the Malaysian order noted above.

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Gross Profit

For the three months ended June 30, 2020, gross profit was $546,330 compared to $163,914 for the three months ended June 30, 2019, resulting in an increase of $382,416 or 233%. Gross profit represented 46% of revenues the three months ended June 30, 2020, versus 63% of revenue for the three months ended June 30, 2019. The lower gross profit percentage in 2020 is reflective of lower distributor pricing given to the Malaysian customer.

Research and Development

For the three months ended June 30, 2020, research and development costs were $44,581 compared to $77,688 for the three months ended June 30, 2019, resulting in a decrease of $33,107 or 43%. Research and development costs consist of engineering efforts related to our medical devices. The decrease in the current period reflects higher development costs associated with the CSV-2000 that were incurred in 2019.

Sales and Marketing

For the three months ended June 30, 2020, sales and marketing expenses were $519,067 compared to $409,409 for the three months ended June 30, 2019. The increase in sales and marketing expenses of $109,658 or 27% compared to the prior period was primarily due to a $98,000 increase in labor costs stemming from our new sales force initiatives.

General and Administrative

For the three months ended June 30, 2020, general and administrative expenses were $1,712,183 compared to $2,489,011 for the three months ended June 30, 2019. The decrease of $776,828 or 31% compared to the prior period was primarily due to a $1,240,000 decrease in stock compensation expense. This reduction was partially offset by increases of $263,000 in consulting costs, $179,000 in legal costs, and $92,000 in labor costs.

Costs related to resignation of former officer

Effective June 15, 2020, Michael Favish resigned as Chief Executive Officer and as an employee of the Company and resigned from the Company’s Board of Directors. Terms of the settlement agreement included the continuation of his previous salary of $325,000 during the following twelve months. The $325,000 settlement was recorded in costs related to resignation of former officer expense in the accompanying condensed consolidated statement of operations for the three months ended June 30, 2020.

Mr. Favish’s unvested options at the time of his separation were forfeited. All compensation from prior periods related to these unvested options was reversed, resulting in an adjustment to stock compensation expense during the three months ended June 30, 2020 of $(1,401,582) that was recorded in costs related to resignation of former officer.

Impairment Loss on Equipment Held for Sale

During June 2020, in an effort to reduce costs and focus on other segments of the business, the Company began to wind down the Transcranial Doppler Solutions, Inc. (“TDSI”) subsidiary and ceased its operations. The wind down is currently expected to be completed in the third quarter of 2020. TDSI holds a group of ultrasound machines as fixed assets. We intend to sell these machines, and therefore have reflected their value as the lower of carrying value or fair value less estimated selling costs. An impairment charge of $30,948 has been recorded in the condensed consolidated statements of operations for the three months ended June 30, 2020.

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Interest Expense

For the three months ended June 30, 2020, interest expense was $1,790 compared to $234,065 for the three months ended June 30, 2019. The decrease of $232,275 or 99%, was due primarily to the amortization of the valuation discount of the March 2019 convertible notes of $233,455 that was reflected as an expense when the notes were converted in April of 2019.

Finance Cost Upon Issuance of Warrants

Finance costs for the three months ended June 30, 2019 were $229,921. There were no such costs for the comparable period in 2020. On April 4, 2019, the Company issued 62,500 warrants with an exercise price of $5.00 per share to the underwriter (the “Underwriter”) in connection with the Company’s IPO. The Company accounted for these warrants as a derivative liability in the financial statements at June 30, 2019 because they were associated with the IPO, a registered offering, and the settlement provisions contained language that the shares underlying the warrants are required to be registered. The fair value of the warrants at the date of issuance was determined to be $229,291 and was recorded as a finance cost.

Change in Fair Value of Derivative Warrants

On April 4, 2019, the Company issued 62,500 warrants with an exercise price of $5.00 per share to the Underwriter in connection with the Company’s IPO. The Company accounted for these warrants as a derivative liability in the financial statements because they were associated with the IPO, a registered offering, and the settlement provisions contained language that the shares underlying the warrants are required to be registered. The fair value of the warrants will be remeasured at each reporting period, with the change in the fair value recognized in earnings in the accompanying Statements of Operations. The fair value of the warrants at the date of issuance was determined to be $229,921 and was recorded as a finance cost in April of 2019. As of June 30, 2020, the fair value of the warrant liability was determined to be $19,411 and the Company recorded a change in fair value of derivative warrants for the three months ended June 30, 2020 of $2,856.

Net Loss

For the three months ended June 30, 2020, the Company incurred a net loss of $701,160, compared to a net loss of $3,048,348 for the three months ended June 30, 2019. The decrease in net loss of $2,341,188 or 77% compared to the prior year period was primarily due to the revenue from the Malaysian order and the reduced stock compensation costs during the current period.

Segment Information

The following tables set forth our results of operations by segment (results allocated to Corporate consist of the TDSI operations):

	For the Three Months Ended June 30, 2020
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	2,700		$	1,152,894		$	35,315		$	1,190,909

Cost of goods sold		1,096			628,205			15,278			644,579

Gross profit		1,604			524,689			20,037			546,330

Operating expenses		88,428			1,072,508			93,620			1,254,556

Loss from operations	$	(86,824	)	$	(547,819	)	$	(73,583	)	$	(708,226	)

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	For the Three Months Ended June 30, 2019
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,300		$	104,448		$	150,222		$	260,970

Cost of goods sold		2,559			40,681			53,816			97,056

Gross profit		3,741			63,767			96,406			163,914

Operating expenses		72,021			2,643,725			260,362			2,976,108

Loss from operations	$	(68,280	)	$	(2,579,958	)	$	(163,956	)	$	(2,812,194	)

Revenue

For the three months ended June 30, 2020, revenue from our Medical Foods and Nutraceuticals segment was $1,152,894 compared to $104,448 for the three months ended June 30, 2019, resulting in an increase of $1,048,446 or 1004%. The increase is due primarily to the completion of a Malaysian order for an immune-supportive formula that was delivered in June. The Company completed shipment of the product, received payment in full, and has recognized revenue for this order of $890,000 during the three months ended June 30, 2020. Medical Foods revenues of $131,114 grew approximately 26% during the three months ended June 30, 2020, as compared to the prior year period of $104,448. For the three months ended June 30, 2020, revenue from our Medical Devices segment was $35,315 compared to $150,222 for the three months ended June 30, 2019, resulting in a decrease of $114,907 or 76%, primarily as a result of medical facility closures due to COVID-19 “Stay at Home” orders. The severity of the impact of the COVID-19 pandemic on the Company’s business will continue to depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s customers, service providers and suppliers, all of which are uncertain and cannot be predicted.

Cost of Goods Sold

For the three months ended June 30, 2020, cost of goods sold from our Medical Foods and Nutraceuticals segment was $628,205 compared to $40,681 for the three months ended June 30, 2019, resulting in an increase of $587,524 or 1,444%. The increase was due to the Malaysian order noted above For the three months ended June 30, 2020, cost of goods sold from our Medical Devices segment was $15,278 compared to $53,816 for the three months ended June 30, 2019, resulting in a decrease of $38,538 or 72%. The decrease was due to the decrease in sales noted above.

Gross Profit

For the three months ended June 30, 2020, gross profit from the Medical Foods and Nutraceuticals segment was $524,689 compared to $63,767 for the three months ended June 30, 2019, resulting in an increase of $460,922 or 723%. For the three months ended June 30, 2020, gross profit from the Medical Devices segment was $20,037 compared to $96,406 for the three months ended June 30, 2019, resulting in a decrease of $76,369 or 79%. Gross profit overall represented 46% of revenues for the three months ended June 30, 2020, versus 63% of revenue for the three months ended June 30, 2019. The lower gross profit percentage in the current period is reflective of lower distributor pricing given to the Malaysian customer.

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Comparison of Six Months Ended June 30, 2020 and 2019

	Six Months Ended June 30,
	2020			2019			Change
Revenue	$	1,436,633		$	503,508		$	933,125		185	%
Cost of goods sold		753,688			190,548			563,140		296	%
Gross Profit		682,945			312,960			369,985		118	%
Operating Expenses:
Research and development		75,769			106,716			(30,947	)	(29	)%
Sales and marketing		1,007,913			764,028			243,885		32	%
General and administrative		3,228,698			3,439,633			(210,935	)	(24	)%
Costs related to resignation of former officer		(615,936	)		-			(615,936	)	(100	)%
Impairment loss on equipment held for sale		30,948			-			30,948		100	%
Total Operating Expenses		3,727,392			4,310,377			(582,985	)	(14	)%
Loss from Operations		(3,044,447	)		(3,997,417	)		952,970		(24	)%
Other Expense:
Interest expense		3,538			251,637			(248,099	)	(99	)%
Finance cost upon issuance of warrants		-			415,955			(415,955	)	(100	)%
Change in fair value of derivative warrants		6,088			(227,832	)		233,920		(103	)%
Net Loss	$	(3,054,073	)	$	(4,437,177	)	$	1,383,104		(31	)%

Revenue

For the six months ended June 30, 2020, revenue from product sales was $1,436,633 compared to $503,508 for the six months ended June 30, 2019, resulting in an increase of $933,125 or 185%. The increase is due primarily to the completion of a Malaysian order for an immune-supportive formula that was delivered in June. The Company completed shipment of the product, received payment in full, and has recognized revenue for this order of $890,000.

Cost of Goods Sold

For the six months ended June 30, 2020, cost of goods sold was $753,688 compared to $190,548 for the six months ended June 30, 2019, resulting in an increase of $563,140 or 296%. This reflects the costs of goods sold associated with the Malaysian order noted above.

Gross Profit

For the six months ended June 30, 2020, gross profit was $682,945 compared to $312,960 for the six months ended June 30, 2019, resulting in an increase of $369,985 or 118%. Gross profit represented 48% of revenues the six months ended June 30, 2020, versus 62% of revenue for the six months ended June 30, 2019. The lower gross profit percentage in 2020 is reflective of lower distributor pricing given to the Malaysian customer.

Research and Development

For the six months ended June 30, 2020, research and development costs were $75,769 compared to $106,716 for the six months ended June 30, 2019, resulting in a decrease of $30,947 or 29%. Research and development costs consist of engineering efforts related to our medical devices. The decrease in the current period reflects higher development costs associated with the CSV-2000 that were incurred in 2019.

Sales and Marketing

For the six months ended June 30, 2020, sales and marketing expenses were $1,007,913 compared to $764,028 for the six months ended June 30, 2019. The increase in sales and marketing expenses of $243,885 or 32% compared to the prior period was primarily due to a $203,000 increase in labor costs stemming from our new sales force initiatives.

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General and Administrative

For the six months ended June 30, 2020, general and administrative expenses were $3,228,698 compared to $3,439,633 for the six months ended June 30, 2019. The decrease of $210,935 or 24% compared to the prior period was primarily due to a $1,266,000 decrease in stock compensation expense. This decrease was partially offset by increases of $252,000 in consulting costs, $152,000 in professional fees, $324,000 in legal costs, $206,000 in labor costs, and $116,000 in corporate insurance costs. Management is reviewing its expense profile, with its consulting firm, in order to increase efficiencies and reduce its cash utilization over the near and long term, while hoping to increase stockholder value.

Costs related to resignation of former officer

Effective June 15, 2020, Michael Favish resigned as Chief Executive Officer and as an employee of the Company and resigned from the Company’s Board of Directors. Terms of the settlement agreement included the continuation of his previous salary of $325,000 during the following twelve months. The $325,000 settlement was recorded in costs related to resignation of former officer expense in the accompanying condensed consolidated statement of operations for the six months ended June 30, 2020.

Mr. Favish’s unvested options at the time of his separation were forfeited. All compensation from prior periods related to these unvested options was reversed, resulting in an adjustment to stock compensation expense during the six months ended June 30, 2020 of $(965,295) that was recorded in costs related to resignation of former officer.

Impairment Loss on Equipment Held for Sale

During June 2020, in an effort to reduce costs, the Company began to wind down the TDSI subsidiary. The wind down is currently expected to be completed in the third quarter of 2020. TDSI holds a group of ultrasound machines as fixed assets. We intend to sell these machines, and therefore have reflected their value as the lower of carrying value or fair value less estimated selling costs. An impairment charge of $30,948 has been recorded in the condensed consolidated statements of operations for the six months ended June 30, 2020.

Interest Expense

For the six months ended June 30, 2020, interest expense was $3,538 compared to $251,637 for the six months ended June 30, 2019. The decrease of $248,099 or 99%, was due primarily to the amortization of the valuation discount of the March 2019 convertible notes of $233,455 that was reflected as an expense when the notes were converted in April of 2019.

Finance Cost Upon Issuance of Warrants

Finance costs for the six months ended June 30, 2019 of $415,955 include the following; (I) In March 2019, the Company issued warrants to two convertible note holders pursuant to the anticipated completion of the Company’s IPO (the IPO was completed on April 9, 2019). Due to the variable terms of both the exercise price and the number of warrants to be issued, the warrants were accounted for as derivative liabilities at March 31, 2019. The fair value of the warrants at the closing of the IPO was determined to be $436,034, of which $250,000 was recorded as a valuation discount, and $186,034 was recorded as a finance cost. (II) On April 4, 2019, the Company issued 62,500 warrants with an exercise price of $5.00 per share to the Underwriter in connection with the Company’s IPO. The Company accounted for these warrants as a derivative liability in the financial statements at June 30, 2019 because they were associated with the IPO, a registered offering, and the settlement provisions contained language that the shares underlying the warrants are required to be registered. There were no such costs for the comparable period in 2020.

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Change in Fair Value of Derivative Warrants

Net Loss

For the six months ended June 30, 2020, the Company incurred a net loss of $3,054,073, compared to a net loss of $4,437,177 for the six months ended June 30, 2019. The decrease in net loss of $1,383,104 or 31% compared to the prior year period was primarily due to the reduced stock compensation costs during the current period.

Segment Information

The following tables set forth our results of operations by segment (results allocated to Corporate consist of the TDSI operations):

	For the Six Months Ended June 30, 2020
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,100		$	1,304,028		$	126,505		$	1,436,633

Cost of goods sold		2,477			695,291			55,920			753,688

Gross profit		3,623			608,737			70,585			682,945

Operating expenses		172,911			3,344,411			210,070			3,727,392

Loss from operations	$	(169,288	)	$	(2,735,674	)	$	(139,485	)	$	(3,044,447	)

	For the Six Months Ended June 30, 2019
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,300		$	204,382		$	292,826		$	503,508

Cost of goods sold		2,559			78,953			109,036			190,548

Gross profit		3,741			125,429			183,790			312,960

Operating expenses		120,783			3,719,338			470,256			4,310,377

Loss from operations	$	(117,042	)	$	(3,593,909	)	$	(286,466	)	$	(3,997,417	)

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Revenue

For the six months ended June 30, 2020, revenue from our Medical Foods and Nutraceuticals segment was $1,304,028 compared to $204,382 for the six months ended June 30, 2019, resulting in an increase of $1,099,646 or 538%. The increase is due primarily to the completion of a Malaysian order for an immune-supportive formula that was delivered in June. The Company completed shipment of the product, received payment in full, and has recognized revenue for this order of $890,000 during June 2020. Medical Foods revenues of $270,903 grew approximately 33% during the six months ended June 30, 2020, as compared to the prior year period of $204,382. For the six months ended June 30, 2020, revenue from our Medical Devices segment was $126,505 compared to $292,826 for the six months ended June 30, 2019, resulting in a decrease of $166,321 or 57%, primarily as a result of medical facility closures due to COVID-19 “Stay at Home” orders. The decrease was offset in part from the sale of a MapCat device in January 2020. The severity of the impact of the COVID-19 pandemic on the Company’s business will continue to depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s customers, service providers and suppliers, all of which are uncertain and cannot be predicted.

Cost of Goods Sold

For the six months ended June 30, 2020, cost of goods sold from our Medical Foods and Nutraceuticals segment was $695,291 compared to $78,953 for the six months ended June 30, 2019, resulting in an increase of $616,338 or 781%. The increase was primarily due to the Malaysian order noted above. For the six months ended June 30, 2020, cost of goods sold from our Medical Devices segment was $55,920 compared to $109,036 for the six months ended June 30, 2019, resulting in a decrease of $53,116 or 49%. The decrease was due to the decrease in sales noted above. In addition, a $13,000 inventory adjustment affecting cost of sales due primarily to the write off of scrap materials was recorded in March 2020.

Gross Profit

For the six months ended June 30, 2020, gross profit from the Medical Foods and Nutraceuticals segment was $608,737 compared to $125,429 for the six months ended June 30, 2019, resulting in an increase of $483,308 or 385%. For the six months ended June 30, 2020, gross profit from the Medical Devices segment was $70,585 compared to $183,790 for the six months ended June 30, 2019, resulting in a decrease of $113,205 or 62%. Gross profit overall represented 48% of revenues for the six months ended June 30, 2020, versus 62% of revenue for the six months ended June 30, 2019. The lower gross profit percentage in the current period is reflective of lower distributor pricing given to the Malaysian customer.

Liquidity and Capital Resources

Since its formation in 2009, the Company has devoted substantial effort and capital resources to the development and commercialization activities related to its product candidates. As a result of these and other activities, the Company utilized cash in operating activities of $4,020,731 during the six months ended June 30, 2020. The Company had working capital of $12,188,095 at June 30, 2020. As of June 30, 2020, the Company had cash in the amount of $11,603,459 and no available borrowings. The Company’s financing has historically come primarily from the issuance of convertible notes, promissory notes and from the sale of common and preferred stock and other equity securities.

The Company will continue to incur significant expenses for continued commercialization activities related to its medical foods, medical devices and its nutraceuticals product line. Development and commercialization of medical foods, medical devices and nutraceuticals involves a lengthy and complex process. Additionally, the Company’s long-term viability and growth may depend upon the successful development and commercialization of new complementary products or product lines. On April 9, 2019, the Company completed its initial public offering (the “IPO”), resulting in net cash proceeds of $3,888,000 to the Company. On August 15, 2019, the Company consummated an underwritten public offering resulting in net proceeds to the Company of $4,944,340. On October 30, 2019, the Company consummated an underwritten public offering resulting in net proceeds to the Company of $7,392,467.

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The Company received total gross proceeds of $4,549,421 during the six months ended June 30, 2020 from the exercise of 13,302,400 warrants issued in the Company’s October 2019 follow-on offering.

The Company will continue to seek to raise additional debt and/or equity capital to fund future operations as necessary, but there can be no assurances that the Company will be able to secure such additional financing in the amounts necessary to fully fund its operating requirements on acceptable terms or at all. If the Company is unable to access sufficient capital resources on a timely basis, the Company may be forced to reduce or discontinue its technology and product development programs and curtail or cease operations. Management is reviewing all of its business segments and operations with the assistance of an outside consulting firm in order to determine its future business strategies and focus. Furthermore, management is reviewing its expense profile, with its consulting firm, in order to increase efficiencies and reduce its cash utilization over the near and long term, while hoping to increase stockholder value.

Management believes that the Company has adequate funding to pursue its planned business initiatives and operations through at least December 31, 2020.

Sources and Uses of Cash

The following table sets forth the Company’s major sources and uses of cash for each of the following periods:

	Six Months Ended June 30,
	2020			2019
Net cash used in operating activities	$	(4,020,731	)	$	(2,493,696	)
Net cash used in investing activities		(40,733	)		(58,934	)
Net cash provided by financing activities		4,549,421			4,250,327
Net increase in cash	$	487,957		$	1,697,697

Operating Activities

Net cash used in operating activities was $4,020,731 during the six months ended June 30, 2020, versus $2,493,696 used during the comparable prior year period. The increase in 2020 was due primarily to inventory purchases and higher legal, insurance, professional services, consulting, and labor costs paid in the current period.

Investing Activities

Net cash used in investing activities was $40,733 for six months ended June 30, 2020 and $58,934 for the six months ended June 30, 2019. Cash was used in both periods for the purchase of testing equipment, furniture and fixtures.

Financing Activities

Net cash provided by financing activities was $4,549,421 for the six months ended June 30, 2020 and was due to warrant exercise during the period. Net cash provided by financing activities was $4,250,327 for the six months ended June 30, 2019 was due primarily to the completion of our IPO, which resulted in net proceeds of $3,888,000. In addition, in March 2019, the Company issued $350,000 in promissory and convertible promissory notes and received cash of $131,875 from the exercise of warrants. These proceeds were partially offset by payment of $100,000 to settle a promissory note.

Off-Balance Sheet Arrangements

At June 30, 2020 and December 31, 2019, the Company did not have any transactions, obligations or relationships that could be considered off-balance sheet arrangements.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this Quarterly Report on Form 10-Q, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon this evaluation, the interim Chief Executive Officer and Chief Financial Officer each concluded that the Company’s disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms, and that such information has been accumulated and communicated to the Company’s management, including the Company’s interim Chief Executive Officer and Chief Financial Officer, in a manner that allows timely decisions regarding required disclosure.

In evaluating the effectiveness of our internal control over financial reporting, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework 2013. Based on this evaluation, our interim Chief Executive Officer and our Chief Financial Officer determined, based upon the existence of the material weakness described below, that we did not maintain effective internal control over financial reporting as of June 30, 2020.

Segregation of Duties – The Company did not maintain effective policies to ensure adequate segregation of duties within its accounting processes. Specifically, due to the size of the Company and the smaller nature of department teams, opportunities are limited to segregate duties, resulting in one individual having almost complete responsibility for the processing of certain financial information.

While we have designed and implemented, or expect to implement, measures that we believe address or will address this control weakness, we continue to develop our internal controls, processes and reporting systems by, among other things, hiring qualified personnel with expertise to perform specific functions, and designing and implementing improved processes and internal controls, including ongoing senior management review and audit committee oversight. We plan to remediate the identified material weakness through the redistribution of job responsibilities, by hiring additional senior accounting staff, and through the design and implementation of additional internal controls and policies in order to promote adequate segregation of duties. We expect to complete the remediation and improvements by the end of 2020. We expect to incur additional costs to address this weakness, primarily personnel costs.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation that occurred during the second quarter ended in 2020 that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

- 32 -

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not currently a party to any material legal proceedings and is not aware of any pending or threatened legal proceeding against the Company that the Company believes could have a material adverse effect on its business, operating results, cash flows or financial condition. The Company is periodically the subject of various pending or threatened legal actions and claims arising out of its operations in the normal course of business. Regardless of the outcome, such proceedings or claims can have an adverse impact on the Company because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be obtained. As of June 30, 2020, management is not aware of any pending or threatened matters that it believes warrant a contingency reserve, and therefore there is no provision in the Company’s financial statements with respect to such matters.

ITEM 1A. RISK FACTORS

Our business, financial condition, results of operations, and cash flows may be impacted by a number of factors, many of which are beyond our control, including those set forth in our Form 10-K and our Form 10-Q for the quarter ended March 30, 2020, the occurrence of any one of which could have a material adverse effect on our actual results.

There have been no material changes to the Risk Factors previously disclosed in our Form 10-K and our Form 10-Q for the quarter ended March 30, 2020, except as noted below.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

ITEM 6. EXHIBITS

Exhibit No.		Description

31.1		Certification of Chief Executive Officer pursuant to Rule 13a – 14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of Chief Financial Officer pursuant to Rule 13a – 14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18.U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
101		The following materials from the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2020, formatted in XBRL (eXtensible Business Reporting Language), (i) Balance Sheets, (ii) Statements of Income, (iii) Statements of Comprehensive Income, (iv) Statements of Cash Flows, (v) Statement of Stockholders’ Equity and (vi) Notes to Financial Statements

A certification furnished pursuant to Item 601(b)(2) of the Regulation S-K will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

- 33 -

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 on the 14th day of May, 2020.

Signature	Title	Date

/s/ David W. Evans	Interim CEO and President	August 12, 2020
David W. Evans	(Principal Executive Officer)

/s/ Andrew Schmidt	Chief Financial Officer	August 12, 2020
Andrew Schmidt	(Principal Financial Officer)

- 34 -

EX-31.1 2 ex31-1.htm

Exhibit 31.1

CERTIFICATION

I, David Evans, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Guardion Health Sciences, 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 13a-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

5.	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 12, 2020	/s/ David W. Evans
	David W. Evans
	Interim Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 ex31-2.htm

Exhibit 31.2

CERTIFICATION

I, Andrew Schmidt, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Guardion Health Sciences, 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 13a-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

5.	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 12, 2020	/s/ Andrew Schmidt
	Andrew Schmidt
	Chief Financial Officer
	(Principal Financial Officer)

EX-32.1 4 ex32-1.htm

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ENACTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Guardion Health Sciences, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of David Evans, Chief Executive Officer of the Company, and Andrew Schmidt, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)	The Report 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 the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 12, 2020	/s/ David W. Evans
	David W. Evans
	Interim Chief Executive Officer
	(Principal Executive Officer)

August 12, 2020	/s/ Andrew Schmidt
	Andrew Schmidt
	Chief Financial Officer
	(Principal Financial Officer)

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The following preliminary unaudited pro forma financial information gives effect to the Company’s acquisition of NutriGuard as if the acquisition had occurred on January 1, 2019 and had been included in the Company’s consolidated statements of operations during the three and six months ended June 30, 2019:   <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="2" style="border-bottom: black 1.5pt solid; text-align: center">Three 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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%">Pro forma net revenues</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">279,044</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Pro forma net loss attributable to common shareholders</td> <td> </td> <td>$</td> <td style="text-align: right">(3,069,472</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Pro forma net loss per share</td> <td> </td> <td>$</td> <td style="text-align: right">(0.14</td> <td>)</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Six Months Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Pro forma net revenues</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">546,724</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Pro forma net loss attributable to common shareholders</td> <td> </td> <td>$</td> <td style="text-align: right">(4,477,053</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Pro forma net loss per share</td> <td> </td> <td>$</td> <td style="text-align: right">(0.21</td> <td>)</td></tr> </table>

1.00 In accordance with Nasdaq listing rules, the Company was provided an initial period of 180 calendar days, or until March 18, 2020, to regain compliance with the Minimum Bid Price Requirement. The Company was unable to regain compliance with the Minimum Bid Price Requirement during the initial period and was eligible for an additional 180 calendar day compliance period.

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<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 48px; text-align: justify">2.</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">Summary of Significant Accounting Policies</td></tr> </table>   Basis of Presentation   The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.   In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2020.   Use of Estimates   The preparation of the financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.   Significant estimates include those related to assumptions used in valuing assets acquired in business acquisitions, impairment testing of goodwill and other long-term assets, accruals for potential liabilities, valuing equity instruments issued during the period, and realization of deferred tax assets.   Revenue Recognition   The Company’s revenue is comprised of sales of medical foods, nutraceuticals and supplements to consumers through a direct sales/credit card process. In addition, the Company sells medical device equipment and supplies to customers both in the U.S. and internationally.   The Company recognizes revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09” or “Topic 606”) and all related amendments. The standard provides authoritative guidance clarifying the principles for recognizing revenue and developing a common revenue standard for U.S. generally accepted accounting principles. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in the exchange for those goods or services.   Under the guidance, revenue is recognized when control of promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company reviews its sales transactions to identify contractual rights, performance obligations, and transaction prices, including the allocation of prices to separate performance obligations, if applicable. Revenue and costs of sales are recognized once products are delivered to the customer’s control and performance obligations are satisfied.   All products sold by the Company are distinct individual products and consist of medical foods, nutraceuticals, supplemental formulas, medical devices and related supplies. The products are offered for sale as finished goods only, and there are no performance obligations required post-shipment for customers to derive the expected value from them. Contracts with customers contain no incentives or discounts that could cause revenue to be allocated or adjusted over time.   Control of products sold transfers to customers upon shipment from the Company’s or suppliers’ facilities, and the Company’s performance obligations are satisfied at that time. Shipping and handling activities are performed before the customer obtains control of the goods and therefore represent a fulfillment activity rather than a promised service to the customer. Payments for sales of medical foods and nutraceuticals are generally made by approved credit cards. Payments for medical device sales are generally made by check, credit card, or wire transfer. Historically the Company has not experienced any significant payment delays from customers.   The Company provides a 30-day right of return to its retail Medical Foods customers. A right of return does not represent a separate performance obligation, but because customers are allowed to return products, the consideration to which the Company expects to be entitled is variable. Upon evaluation of historical Medical Foods and Medical Device product returns, the Company determined that less than one percent of products is returned, and therefore believes it is probable that such returns will not cause a significant reversal of revenue in the future. Due to the insignificant amount of historical returns as well as the standalone nature of the Company’s products and assessment of performance obligations and transaction pricing for the Company’s sales contracts, the Company does not currently maintain a contract asset or liability balance at this time. The Company assesses its contracts and the reasonableness of its conclusions on a quarterly basis.   The following table presents the Company’s revenues disaggregated by segment:   <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"> Three Months Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid"> 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">2020</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">2019</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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%">Medical foods and nutraceuticals</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,152,894</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">104,448</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,304,028</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">204,382</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Medical devices</td> <td> </td> <td> </td> <td style="text-align: right">35,315</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">150,222</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">126,505</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">292,826</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Other</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">2,700</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">6,300</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">6,100</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">6,300</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,190,909</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">260,970</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,436,633</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">503,508</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The following table presents the Company’s revenues disaggregated by geography:   <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"> Three Months Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid"> 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">2020</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">2019</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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%">North America</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">270,664</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">116,611</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">505,023</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">227,322</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Malaysia</td> <td> </td> <td> </td> <td style="text-align: right">890,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">890,000</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>Asia</td> <td> </td> <td> </td> <td style="text-align: right">22,990</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">63,650</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">25,790</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">128,950</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Europe and other</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">7,255</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">80,709</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">15,820</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">147,236</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,190,909</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">260,970</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,436,633</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">503,508</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The Company’s medical foods and nutraceuticals revenues are derived from individual retail customers in North America and international distributors. 68% of Medical Foods and Nutraceuticals revenues for the six months ended June 30, 2020 were due to the sale in June of a nutraceutical product to a Malaysian distributor. Medical Devices revenues are derived from a worldwide customer base consisting of both retail customers and distributors. International customers contributed approximately 94% and 39% of Medical Devices revenues for the six months ended June 30, 2020 and 2019, respectively. Distributors contributed approximately 58% and 32% of Medical Devices revenues for the six months ended June 30, 2020 and 2019, respectively.   During February 2020, the Company contracted with a Malaysian company to develop an immune-supportive formula for its consumer base. An initial order was placed for $875,000, and in connection with this order, on March 31, 2020, the Malaysian company paid $437,500 as a deposit for this order. The Company completed shipment of the product, received payment in full, and has recognized revenue for this order of $890,000 during the three months ended June 30, 2020. The sample product order is a proprietary immune-supportive formula that consists of a two-bottle package, each bottle containing different blends of certain ingredients the formulation of which is proprietary to the Malaysian company. The product is designed by the Malaysian company to boost immune system capability, which the Malaysian company intends to sell to its consumer base.   Concentrations   During the three months ended June 30, 2020, the Medical Foods and Nutraceuticals segment had one customer who accounted for approximately 75% of the Company’s sales. During the three months ended June 30, 2019, the Medical Devices segment had one customer who accounted for approximately 24% of the Company’s sales. No other customer accounted for more than 10% of sales in either period.   During the six months ended June 30, 2020, the Medical Foods and Nutraceuticals segment had one customer who accounted for approximately 62% of the Company’s sales. During the six months ended June 30, 2019, the Medical Devices segment had one customer who accounted for approximately 26% of the Company’s sales. No other customer accounted for more than 10% of sales in either period.   During the three months ended June 30, 2020, three of the Company’s largest vendors accounted for 12%, 36%, and 44% of all purchases. During the three months ended June 30, 2019, two vendors accounted for 34%, and 47% of all purchases. During the six months ended June 30, 2020, three of the Company’s largest vendors accounted for 17%, 24%, and 40% of all purchases. During the six months ended June 30, 2019, three vendors accounted for 20%, 24%, and 32% of all purchases. No other vendors exceeded 10% of all purchases during any periods presented.   Research and Development Costs   Research and development costs consist primarily of fees paid to consultants and outside service providers, and other expenses relating to the acquisition, design, development and testing of the Company’s medical foods and related products. Research and development expenditures are expensed as incurred and totaled $75,769 and $106,716 for the six months ended June 30, 2020 and 2019, respectively.   Patent Costs   The Company is the owner of four issued domestic patents, two pending domestic patent applications, one issued foreign patent in Europe and the United Kingdom, two issued foreign patents in Ireland, and one issued foreign patent in Hong Kong. Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and any related patent applications, patent costs, including patent-related legal fees, filing fees and internally generated costs, are expensed as incurred. During the six months ended June 30, 2020 and 2019, patent costs were $60,501 and $64,482, respectively, and are included in general and administrative costs in the statements of operations.   Stock-Based Compensation   The Company periodically issues stock-based compensation to officers, directors, contractors and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date.   Stock-based payments to officers, directors, employees, and for acquiring goods and services from nonemployees, which include grants of employee stock options, are recognized in the financial statements based on their fair values in accordance with Topic 718. Stock option grants, which are generally time vested, will be measured at the grant date fair value and charged to operations on a straight-line basis over the vesting period. The fair value of stock options is determined utilizing the Black-Scholes option-pricing model, which is affected by several variables, including the risk-free interest rate, the expected dividend yield, the expected life of the equity award, the exercise price of the stock option as compared to the fair market value of the common stock on the grant date and the estimated volatility of the common stock over the term of the equity award.   Net Loss per Share   The Company’s computation of basic and diluted net loss per common share is measured as net loss divided by the weighted average common shares outstanding during the respective periods, excluding unvested restricted common stock. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Potential common shares such as from unexercised warrants and options that have an anti-dilutive effect are excluded from the calculation of diluted net loss per share. The Company’s basic and diluted net loss per share is the same for all periods presented because all shares issuable upon exercise of warrants and conversion of convertible debt outstanding are anti-dilutive as they decrease loss per share.   The following table sets forth the number of shares excluded from the computation of diluted loss per share, as 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">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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Warrants</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">15,470,338</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">261,538</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Options</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">2,919,167</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">2,612,500</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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">18,389,505</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">2,874,038</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Fair Value Measurements   Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows:   Level 1 – quoted prices in active markets for identical assets or liabilities.   Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.   Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.   We consider carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments. Our non-financial assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized.   As of June 30, 2020, and December 31, 2019, the Company’s balance sheets included Level 2 liabilities comprised of the fair value of warrant liabilities aggregating $19,411 and $13,323, respectively.   Recent Accounting Pronouncements   In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard will be effective beginning January 1, 2021. The Company is assessing the impact ASU 2019-12 will have on its consolidated financial statements.   In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. As a smaller reporting company, the standard will be effective for us for interim and annual reporting periods beginning after December 15, 2022. The Company is currently assessing the impact of adopting this standard on the Company’s financial statements and related disclosures.   The Company’s management does not believe that there are any recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 48px; text-align: justify">7.</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">Stockholders’ Equity</td></tr> </table>   Common Stock   During the six months ended June 30, 2020, the Company issued 25,000 fully vested shares of common stock for services rendered and recognized $12,325 in stock compensation expense related to these shares.   Warrants   A summary of the Company’s warrant activity is as follows:   <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="2" style="border-bottom: black 1.5pt solid; text-align: center">Shares</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"> Weighted Average Exercise 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"> Weighted Average Remaining Contractual Term (Years)</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%">December 31, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">28,802,738</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">0.38</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">4.91</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>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></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeitures</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>Expirations</td> <td> </td> <td> </td> <td style="text-align: right">(30,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1.50</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">Exercised</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">(13,302,400</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">(0.34</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">June 30, 2020, all exercisable</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">15,470,338</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">0.41</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">4.39</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The exercise prices of warrants outstanding and exercisable as of June 30, 2020 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid"> Warrants Outstanding and Exercisable (Shares)</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">Exercise Prices</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"> </td> <td style="width: 48%; text-align: right">12,037,600</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 47%; text-align: right">0.34</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">1,960,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.44</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">1,040,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.50</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">226,200</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.59</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">35,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1.50</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">109,038</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.88</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">62,500</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">5.00</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">15,470,338</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   During the six months ended June 30, 2020, investors exercised a total of 13,302,400 warrants for 13,302,400 shares of common stock. The warrants were exercisable for $0.34 per share, which resulted in cash proceeds to the Company of $4,549,421.   As of June 30, 2020, the Company had an aggregate of 15,470,338 outstanding warrants to purchase shares of its common stock with a weighted average exercise price of $0.41 and a weighted average remaining life of 4.39 years. The aggregate intrinsic value of warrants outstanding as of June 30, 2020 was $1,073,026.   Warrant Liability   On April 9, 2019, the Company issued 62,500 warrants with an exercise price of $5.00 per share to the underwriter in connection with the Company’s IPO. The Company accounted for these warrants as a derivative liability in the financial statements at June 30, 2019 because they were associated with the IPO, a registered offering, and the settlement provisions contained language that the shares underlying the warrants are required to be registered. The fair value of the warrants is remeasured at each reporting period, and the change in the fair value is recognized in earnings in the accompanying Statements of Operations. The fair value of the warrants at December 31, 2019 was $13,323. As of June 30, 2020, the fair value of the warrants was determined to be $19,411 and the change in fair value of $6,088 was recognized in the accompanying statements of operations.   The fair value of the warrant liability was determined at the following reporting dates using the Black-Scholes-Merton option pricing model and the following assumptions:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Warrant Liability As of</td> <td> </td> <td> </td> <td colspan="2"> Warrant Liability As of</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Stock price</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">0.44</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">0.22</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Risk free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">0.18</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.62</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">142</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">145</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected life in years</td> <td> </td> <td> </td> <td style="text-align: right">3.76</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4.26</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected dividend yield</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Number of warrants</td> <td> </td> <td> </td> <td style="text-align: right">62,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">62,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Fair value of warrants</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">19,411</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">13,323</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Stock Options   A summary of the Company’s stock option activity is as follows:   <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="2" style="border-bottom: black 1.5pt solid; text-align: center">Shares</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"> Weighted Average Exercise 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"> Weighted Average Remaining Contractual Term (Years)</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%">December 31, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">2,962,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">2.94</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">3.64</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted</td> <td> </td> <td> </td> <td style="text-align: right">790,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.77</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9.83</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeitures</td> <td> </td> <td> </td> <td style="text-align: right">(833,333</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>Expirations</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">Exercised</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">June 30, 2020, outstanding</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">2,919,167</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">1.93</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">4.77</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">June 30, 2020, exercisable</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">2,084,167</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.40</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3.10</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The exercise prices of options outstanding and exercisable as of June 30, 2020 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid"> Options Outstanding (Shares)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Options Exercisable (Shares)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Prices</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"> </td> <td style="width: 32%; text-align: right">250,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 30%; text-align: right">187,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 30%; text-align: right">0.25</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">30,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.32</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">250,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">62,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.39</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">10,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.41</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">100,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">25,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.54</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">500,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1.00</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">625,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">625,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.00</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">62,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">62,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.30</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">675,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">675,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.50</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">416,667</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">416,667</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">4.40</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,919,167</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">2,084,167</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The Company accounts for share-based payments in accordance with ASC 718 wherein grants are measured at the grant date fair value and charged to operations over the vesting periods.   During the three months ended March 31, 2020, the Company granted options to purchase 290,000 shares of common stock to five employees with a grant date fair value of $110,887. The options have an exercise price of $0.32 to $0.41 per share. 250,000 of the options vest on a quarterly basis over two years and 40,000 options vest in full six months after the grant date.   On June 30, 2020, the Company granted options to purchase 500,000 shares of common stock to the members of the Company’s Board of Directors with a grant date fair value of $216,093. The options have an exercise price of $1.00 per share. The options vest on a quarterly basis over two years beginning three months after the grant date.   During the six months ended June 30, 2020 and 2019, we recognized aggregate stock-compensation expense, including the modification and forfeiture accounting described above; of $(831,548) and $1,309,155, based upon stock prices ranging from $0.25 to $3.30 per share. During the six months ended June 30, 2020, $66,194 was recorded to sales and marketing expense and $(921,975) was recorded in general and administrative expense. All of the stock compensation expense recognized during the six months ended June 30, 2019 was recorded in general and administrative expense. See Note 9 for discussion of forfeited options related to a settlement with a former officer.   As of June 30, 2020, the Company had an aggregate of 835,000 remaining unvested options outstanding, with a fair value of $349,007, weighted average exercise price of $0.76, and weighted average remaining life of 8.94 years. The aggregate intrinsic value of options outstanding as of June 30, 2020 was $23,006. The aggregate intrinsic value of unvested options outstanding as of June 30, 2020 was $19,616.

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 48px">10.</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">Segment Reporting</td></tr> </table>   The Company determined its reporting units are as follows in accordance with ASC 280, “Segment Reporting” (“ASC 280”).   <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"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">For the Three Months Ended June 30, 2020</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">2,700</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,152,894</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">35,315</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,190,909</td> <td style="width: 1%"> </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> <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">Cost of goods sold</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">1,096</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">628,205</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">15,278</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">644,579</td> <td style="padding-bottom: 1.5pt"> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Gross profit</td> <td> </td> <td> </td> <td style="text-align: right">1,604</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">524,689</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">20,037</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">546,330</td> <td> </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> <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">Operating expenses</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">88,428</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">1,072,508</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">93,620</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">1,254,556</td> <td style="padding-bottom: 1.5pt"> </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> <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: 2.5pt">Loss from operations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(86,824</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(547,819</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(73,583</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(708,226</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%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">For the Three Months Ended June 30, 2019</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">6,300</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">104,448</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">150,222</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">260,970</td> <td style="width: 1%"> </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> <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">Cost of goods sold</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">2,559</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">40,681</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">53,816</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">97,056</td> <td style="padding-bottom: 1.5pt"> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Gross profit</td> <td> </td> <td> </td> <td style="text-align: right">3,741</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">63,767</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">96,406</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">163,914</td> <td> </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> <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">Operating expenses</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">72,021</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">2,643,725</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">260,362</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">2,976,108</td> <td style="padding-bottom: 1.5pt"> </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> <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: 2.5pt">Loss from operations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(68,280</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(2,579,958</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(163,956</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(2,812,194</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%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">For the Six Months Ended June 30, 2020</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">6,100</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,304,028</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">126,505</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,436,633</td> <td style="width: 1%"> </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> <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">Cost of goods sold</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">2,477</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">695,291</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">55,920</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">753,688</td> <td style="padding-bottom: 1.5pt"> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Gross profit</td> <td> </td> <td> </td> <td style="text-align: right">3,623</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">608,737</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">70,585</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">682,945</td> <td> </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> <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">Operating expenses</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">172,911</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">3,344,411</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">210,070</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">3,727,392</td> <td style="padding-bottom: 1.5pt"> </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> <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: 2.5pt">Loss from operations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(169,288</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(2,735,674</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(139,485</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(3,044,447</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%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">For the Six Months Ended June 30, 2019</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">6,300</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">204,382</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">292,826</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">503,508</td> <td style="width: 1%"> </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> <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">Cost of goods sold</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">2,559</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">78,953</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">109,036</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">190,548</td> <td style="padding-bottom: 1.5pt"> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Gross profit</td> <td> </td> <td> </td> <td style="text-align: right">3,741</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">125,429</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">183,790</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">312,960</td> <td> </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> <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">Operating expenses</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">120,783</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">3,719,338</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">470,256</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">4,310,377</td> <td style="padding-bottom: 1.5pt"> </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> <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: 2.5pt">Loss from operations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(117,042</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(3,593,909</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(286,466</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(3,997,417</td> <td style="padding-bottom: 2.5pt">)</td></tr> </table>   The following tables set forth our total assets by segment. Intersegment balances and transactions have been removed:   <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"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">As of June 30, 2020</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current assets</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="width: 48%; padding-left: 10pt">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">11,603,459</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">-</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">-</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">11,603,459</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Inventories</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">868,409</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">366,643</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,235,052</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Other</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">25,980</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">259,479</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">47,361</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">332,820</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total current assets</td> <td> </td> <td> </td> <td style="text-align: right">11,629,439</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,127,888</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">414,004</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">13,171,331</td> <td> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Right of use asset, net</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">442,596</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">53,791</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">496,387</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Property and equipment, net</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">169,267</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">135,267</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">304,534</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Intangible assets, net</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Other</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">11,751</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">11,751</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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-bottom: 2.5pt">Total assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,629,439</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,801,502</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">603,062</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">14,034,003</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%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">As of December 31, 2019</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current assets</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="width: 48%; padding-left: 10pt">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">11,115,502</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">-</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">-</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">11,115,502</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Inventories</td> <td> </td> <td> </td> <td style="text-align: right">5,003</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">126,708</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">179,230</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">310,941</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Other</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">7,399</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">219,223</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">214,653</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">441,275</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total current assets</td> <td> </td> <td> </td> <td style="text-align: right">11,127,904</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">345,931</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">393,883</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,867,718</td> <td> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Right of use asset</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">509,464</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">63,250</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">572,714</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Property and equipment, net</td> <td> </td> <td> </td> <td style="text-align: right">70,542</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">148,514</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">155,582</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">374,638</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Intangible assets, net</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Other</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">11,751</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">11,751</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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-bottom: 2.5pt">Total assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,198,446</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,065,660</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">612,715</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">12,876,821</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Basis of Presentation   The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.   In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2020.

Use of Estimates   The preparation of the financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.   Significant estimates include those related to assumptions used in valuing assets acquired in business acquisitions, impairment testing of goodwill and other long-term assets, accruals for potential liabilities, valuing equity instruments issued during the period, and realization of deferred tax assets.

Revenue Recognition   The Company’s revenue is comprised of sales of medical foods, nutraceuticals and supplements to consumers through a direct sales/credit card process. In addition, the Company sells medical device equipment and supplies to customers both in the U.S. and internationally.   The Company recognizes revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09” or “Topic 606”) and all related amendments. The standard provides authoritative guidance clarifying the principles for recognizing revenue and developing a common revenue standard for U.S. generally accepted accounting principles. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in the exchange for those goods or services.   Under the guidance, revenue is recognized when control of promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company reviews its sales transactions to identify contractual rights, performance obligations, and transaction prices, including the allocation of prices to separate performance obligations, if applicable. Revenue and costs of sales are recognized once products are delivered to the customer’s control and performance obligations are satisfied.   All products sold by the Company are distinct individual products and consist of medical foods, nutraceuticals, supplemental formulas, medical devices and related supplies. The products are offered for sale as finished goods only, and there are no performance obligations required post-shipment for customers to derive the expected value from them. Contracts with customers contain no incentives or discounts that could cause revenue to be allocated or adjusted over time.   Control of products sold transfers to customers upon shipment from the Company’s or suppliers’ facilities, and the Company’s performance obligations are satisfied at that time. Shipping and handling activities are performed before the customer obtains control of the goods and therefore represent a fulfillment activity rather than a promised service to the customer. Payments for sales of medical foods and nutraceuticals are generally made by approved credit cards. Payments for medical device sales are generally made by check, credit card, or wire transfer. Historically the Company has not experienced any significant payment delays from customers.   The Company provides a 30-day right of return to its retail Medical Foods customers. A right of return does not represent a separate performance obligation, but because customers are allowed to return products, the consideration to which the Company expects to be entitled is variable. Upon evaluation of historical Medical Foods and Medical Device product returns, the Company determined that less than one percent of products is returned, and therefore believes it is probable that such returns will not cause a significant reversal of revenue in the future. Due to the insignificant amount of historical returns as well as the standalone nature of the Company’s products and assessment of performance obligations and transaction pricing for the Company’s sales contracts, the Company does not currently maintain a contract asset or liability balance at this time. The Company assesses its contracts and the reasonableness of its conclusions on a quarterly basis.   The following table presents the Company’s revenues disaggregated by segment:   <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">Three Months Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">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">2020</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">2019</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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Medical foods and nutraceuticals</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,152,894</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">104,448</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,304,028</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">204,382</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Medical devices</td> <td> </td> <td> </td> <td style="text-align: right">35,315</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">150,222</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">126,505</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">292,826</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Other</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">2,700</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">6,300</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">6,100</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">6,300</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,190,909</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">260,970</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,436,633</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">503,508</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The following table presents the Company’s revenues disaggregated by geography:   <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">Three Months Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">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">2020</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">2019</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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">North America</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">270,664</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">116,611</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">505,023</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">227,322</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Malaysia</td> <td> </td> <td> </td> <td style="text-align: right">890,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">890,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCECFF"> <td>Asia</td> <td> </td> <td> </td> <td style="text-align: right">22,990</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">63,650</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">25,790</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">128,950</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">Europe and other</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">7,255</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">80,709</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">15,820</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">147,236</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCECFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,190,909</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">260,970</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,436,633</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">503,508</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The Company’s medical foods and nutraceuticals revenues are derived from individual retail customers in North America and international distributors. 68% of Medical Foods and Nutraceuticals revenues for the six months ended June 30, 2020 were due to the sale in June of a nutraceutical product to a Malaysian distributor. Medical Devices revenues are derived from a worldwide customer base consisting of both retail customers and distributors. International customers contributed approximately 94% and 39% of Medical Devices revenues for the six months ended June 30, 2020 and 2019, respectively. Distributors contributed approximately 58% and 32% of Medical Devices revenues for the six months ended June 30, 2020 and 2019, respectively.   During February 2020, the Company contracted with a Malaysian company to develop an immune-supportive formula for its consumer base. An initial order was placed for $875,000, and in connection with this order, on March 31, 2020, the Malaysian company paid $437,500 as a deposit for this order. The Company completed shipment of the product, received payment in full, and has recognized revenue for this order of $890,000 during the three months ended June 30, 2020. The sample product order is a proprietary immune-supportive formula that consists of a two-bottle package, each bottle containing different blends of certain ingredients the formulation of which is proprietary to the Malaysian company. The product is designed by the Malaysian company to boost immune system capability, which the Malaysian company intends to sell to its consumer base.

Concentrations   During the three months ended June 30, 2020, the Medical Foods and Nutraceuticals segment had one customer who accounted for approximately 75% of the Company’s sales. During the three months ended June 30, 2019, the Medical Devices segment had one customer who accounted for approximately 24% of the Company’s sales. No other customer accounted for more than 10% of sales in either period.   During the six months ended June 30, 2020, the Medical Foods and Nutraceuticals segment had one customer who accounted for approximately 62% of the Company’s sales. During the six months ended June 30, 2019, the Medical Devices segment had one customer who accounted for approximately 26% of the Company’s sales. No other customer accounted for more than 10% of sales in either period.   During the three months ended June 30, 2020, three of the Company’s largest vendors accounted for 12%, 36%, and 44% of all purchases. During the three months ended June 30, 2019, two vendors accounted for 34%, and 47% of all purchases. During the six months ended June 30, 2020, three of the Company’s largest vendors accounted for 17%, 24%, and 40% of all purchases. During the six months ended June 30, 2019, three vendors accounted for 20%, 24%, and 32% of all purchases. No other vendors exceeded 10% of all purchases during any periods presented.

Research and Development Costs   Research and development costs consist primarily of fees paid to consultants and outside service providers, and other expenses relating to the acquisition, design, development and testing of the Company’s medical foods and related products. Research and development expenditures are expensed as incurred and totaled $75,769 and $106,716 for the six months ended June 30, 2020 and 2019, respectively.

Patent Costs   The Company is the owner of four issued domestic patents, two pending domestic patent applications, one issued foreign patent in Europe and the United Kingdom, two issued foreign patents in Ireland, and one issued foreign patent in Hong Kong. Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and any related patent applications, patent costs, including patent-related legal fees, filing fees and internally generated costs, are expensed as incurred. During the six months ended June 30, 2020 and 2019, patent costs were $60,501 and $64,482, respectively, and are included in general and administrative costs in the statements of operations.

Stock-Based Compensation   The Company periodically issues stock-based compensation to officers, directors, contractors and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date.   Stock-based payments to officers, directors, employees, and for acquiring goods and services from nonemployees, which include grants of employee stock options, are recognized in the financial statements based on their fair values in accordance with Topic 718. Stock option grants, which are generally time vested, will be measured at the grant date fair value and charged to operations on a straight-line basis over the vesting period. The fair value of stock options is determined utilizing the Black-Scholes option-pricing model, which is affected by several variables, including the risk-free interest rate, the expected dividend yield, the expected life of the equity award, the exercise price of the stock option as compared to the fair market value of the common stock on the grant date and the estimated volatility of the common stock over the term of the equity award.

Net Loss per Share   The Company’s computation of basic and diluted net loss per common share is measured as net loss divided by the weighted average common shares outstanding during the respective periods, excluding unvested restricted common stock. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Potential common shares such as from unexercised warrants and options that have an anti-dilutive effect are excluded from the calculation of diluted net loss per share. The Company’s basic and diluted net loss per share is the same for all periods presented because all shares issuable upon exercise of warrants and conversion of convertible debt outstanding are anti-dilutive as they decrease loss per share.   The following table sets forth the number of shares excluded from the computation of diluted loss per share, as 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">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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 65%">Warrants</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">15,470,338</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">261,538</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Options</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">2,919,167</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">2,612,500</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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">18,389,505</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">2,874,038</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Fair Value Measurements   Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows:   Level 1 – quoted prices in active markets for identical assets or liabilities.   Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.   Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.   We consider carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments.  Our non-financial assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized.   As of June 30, 2020, and December 31, 2019, the Company’s balance sheets included Level 2 liabilities comprised of the fair value of warrant liabilities aggregating $19,411 and $13,323, respectively.

Recent Accounting Pronouncements   In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard will be effective beginning January 1, 2021. The Company is assessing the impact ASU 2019-12 will have on its consolidated financial statements.   In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. As a smaller reporting company, the standard will be effective for us for interim and annual reporting periods beginning after December 15, 2022. The Company is currently assessing the impact of adopting this standard on the Company’s financial statements and related disclosures.   The Company’s management does not believe that there are any recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

The following table presents the Company’s revenues disaggregated by segment:   <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">Three Months Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">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">2020</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">2019</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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Medical foods and nutraceuticals</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,152,894</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">104,448</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,304,028</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">204,382</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Medical devices</td> <td> </td> <td> </td> <td style="text-align: right">35,315</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">150,222</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">126,505</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">292,826</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Other</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">2,700</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">6,300</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">6,100</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">6,300</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,190,909</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">260,970</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,436,633</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">503,508</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The following table presents the Company’s revenues disaggregated by geography:   <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">Three Months Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">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">2020</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">2019</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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">North America</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">270,664</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">116,611</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">505,023</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">227,322</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Malaysia</td> <td> </td> <td> </td> <td style="text-align: right">890,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">890,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCECFF"> <td>Asia</td> <td> </td> <td> </td> <td style="text-align: right">22,990</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">63,650</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">25,790</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">128,950</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">Europe and other</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">7,255</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">80,709</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">15,820</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">147,236</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCECFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,190,909</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">260,970</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,436,633</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">503,508</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The following table sets forth the number of shares excluded from the computation of diluted loss per share, as 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">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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 65%">Warrants</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">15,470,338</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">261,538</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Options</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">2,919,167</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">2,612,500</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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">18,389,505</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">2,874,038</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Inventories consisted of the following:   <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" style="text-align: center">June 30,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">870,384</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">246,875</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Finished goods</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">364,668</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">64,066</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,235,052</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">310,941</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Property and equipment consisted of the following:   <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" style="text-align: center">June 30,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</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">2020</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">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%">Leasehold improvements</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 17%; text-align: right">98,357</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 17%; text-align: right">98,357</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Testing equipment</td> <td> </td> <td> </td> <td style="text-align: right">336,959</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">394,427</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Furniture and fixtures</td> <td> </td> <td> </td> <td style="text-align: right">199,132</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">185,799</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Computer equipment</td> <td> </td> <td> </td> <td style="text-align: right">68,460</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">68,460</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Office equipment</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">8,193</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">8,193</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">711,101</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">755,236</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Less accumulated depreciation and amortization</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">(406,567</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">(380,598</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">304,534</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">374,638</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

A summary of the Company’s warrant activity is as follows:   <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="2" style="border-bottom: black 1.5pt solid; text-align: center">Shares</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">Weighted Average Exercise 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">Weighted Average Remaining Contractual Term (Years)</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">December 31, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right">28,802,738</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right">0.38</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right">4.91</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>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></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeitures</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>Expirations</td> <td> </td> <td> </td> <td style="text-align: right">(30,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1.50</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">Exercised</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">(13,302,400</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">(0.34</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">June 30, 2020, all exercisable</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">15,470,338</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">0.41</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">4.39</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The exercise prices of warrants outstanding and exercisable as of June 30, 2020 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid"> Warrants Outstanding and Exercisable (Shares)</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">Exercise Prices</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"> </td> <td style="width: 49%; text-align: right">12,037,600</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 46%; text-align: right">0.34</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">1,960,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.44</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">1,040,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.50</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">226,200</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.59</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">35,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1.50</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">109,038</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.88</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">62,500</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">5.00</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">15,470,338</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The fair value of the warrant liability was determined at the following reporting dates using the Black-Scholes-Merton option pricing model and the following assumptions:   <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> </td> <td colspan="2" style="text-align: center">Warrant Liability As of</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Warrant Liability As of</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2020</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">December 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%">Stock price</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">0.44</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">0.22</td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Risk free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">0.18</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.62</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">142</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">145</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected life in years</td> <td> </td> <td> </td> <td style="text-align: right">3.76</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4.26</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected dividend yield</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Number of warrants</td> <td> </td> <td> </td> <td style="text-align: right">62,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">62,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Fair value of warrants</td> <td> </td> <td>$</td> <td style="text-align: right">19,411</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">13,323</td> <td> </td></tr> </table>

A summary of the Company’s stock option activity is as follows:   <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="2" style="border-bottom: black 1.5pt solid; text-align: center">Shares</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">Weighted Average Exercise 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">Weighted Average Remaining Contractual Term (Years)</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">December 31, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right">2,962,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right">2.94</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right">3.64</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted</td> <td> </td> <td> </td> <td style="text-align: right">790,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.77</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9.83</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeitures</td> <td> </td> <td> </td> <td style="text-align: right">(833,333</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>Expirations</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">Exercised</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">June 30, 2020, outstanding</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">2,919,167</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1.93</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">4.77</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">June 30, 2020, exercisable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,084,167</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.40</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">3.10</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The exercise prices of options outstanding and exercisable as of June 30, 2020 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid"> Options Outstanding (Shares)</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"> Options Exercisable (Shares)</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">Exercise Prices</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"> </td> <td style="width: 32%; text-align: right">250,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 30%; text-align: right">187,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 30%; text-align: right">0.25</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">30,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.32</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">250,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">62,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.39</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right">10,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.41</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right">100,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">25,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.54</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: right">500,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1.00</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCECFF"> <td> </td> <td style="text-align: right">625,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">625,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.00</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: right">62,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">62,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.30</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCECFF"> <td> </td> <td style="text-align: right">675,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">675,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.50</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">416,667</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">416,667</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">4.40</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCECFF"> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,919,167</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">2,084,167</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The Company determined its reporting units are as follows in accordance with ASC 280, “Segment Reporting” (“ASC 280”).   <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"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">For the Three Months Ended June 30, 2020</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">2,700</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,152,894</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">35,315</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,190,909</td> <td style="width: 1%"> </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> <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">Cost of goods sold</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">1,096</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">628,205</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">15,278</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">644,579</td> <td style="padding-bottom: 1.5pt"> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Gross profit</td> <td> </td> <td> </td> <td style="text-align: right">1,604</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">524,689</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">20,037</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">546,330</td> <td> </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> <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">Operating expenses</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">88,428</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">1,072,508</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">93,620</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">1,254,556</td> <td style="padding-bottom: 1.5pt"> </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> <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: 2.5pt">Loss from operations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(86,824</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(547,819</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(73,583</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(708,226</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%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">For the Three Months Ended June 30, 2019</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">6,300</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">104,448</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">150,222</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">260,970</td> <td style="width: 1%"> </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> <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">Cost of goods sold</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">2,559</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">40,681</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">53,816</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">97,056</td> <td style="padding-bottom: 1.5pt"> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Gross profit</td> <td> </td> <td> </td> <td style="text-align: right">3,741</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">63,767</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">96,406</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">163,914</td> <td> </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> <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">Operating expenses</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">72,021</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">2,643,725</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">260,362</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">2,976,108</td> <td style="padding-bottom: 1.5pt"> </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> <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: 2.5pt">Loss from operations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(68,280</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(2,579,958</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(163,956</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(2,812,194</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%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">For the Six Months Ended June 30, 2020</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">6,100</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,304,028</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">126,505</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,436,633</td> <td style="width: 1%"> </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> <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">Cost of goods sold</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">2,477</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">695,291</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">55,920</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">753,688</td> <td style="padding-bottom: 1.5pt"> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Gross profit</td> <td> </td> <td> </td> <td style="text-align: right">3,623</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">608,737</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">70,585</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">682,945</td> <td> </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> <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">Operating expenses</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">172,911</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">3,344,411</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">210,070</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">3,727,392</td> <td style="padding-bottom: 1.5pt"> </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> <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: 2.5pt">Loss from operations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(169,288</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(2,735,674</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(139,485</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(3,044,447</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%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">For the Six Months Ended June 30, 2019</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">6,300</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">204,382</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">292,826</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">503,508</td> <td style="width: 1%"> </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> <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">Cost of goods sold</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">2,559</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">78,953</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">109,036</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">190,548</td> <td style="padding-bottom: 1.5pt"> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Gross profit</td> <td> </td> <td> </td> <td style="text-align: right">3,741</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">125,429</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">183,790</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">312,960</td> <td> </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> <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">Operating expenses</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">120,783</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">3,719,338</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">470,256</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">4,310,377</td> <td style="padding-bottom: 1.5pt"> </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> <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: 2.5pt">Loss from operations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(117,042</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(3,593,909</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(286,466</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(3,997,417</td> <td style="padding-bottom: 2.5pt">)</td></tr> </table>   The following tables set forth our total assets by segment. Intersegment balances and transactions have been removed:   <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"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">As of June 30, 2020</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current assets</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="width: 48%; padding-left: 10pt">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">11,603,459</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">-</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">-</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">11,603,459</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Inventories</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">868,409</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">366,643</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,235,052</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Other</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">25,980</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">259,479</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">47,361</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">332,820</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total current assets</td> <td> </td> <td> </td> <td style="text-align: right">11,629,439</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,127,888</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">414,004</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">13,171,331</td> <td> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Right of use asset, net</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">442,596</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">53,791</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">496,387</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Property and equipment, net</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">169,267</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">135,267</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">304,534</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Intangible assets, net</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Other</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">11,751</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">11,751</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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-bottom: 2.5pt">Total assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,629,439</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,801,502</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">603,062</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">14,034,003</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%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">As of December 31, 2019</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">Corporate</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">Medical Foods and Nutraceuticals</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">Medical Devices</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">Total</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current assets</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="width: 48%; padding-left: 10pt">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">11,115,502</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">-</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">-</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">11,115,502</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Inventories</td> <td> </td> <td> </td> <td style="text-align: right">5,003</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">126,708</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">179,230</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">310,941</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Other</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">7,399</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">219,223</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">214,653</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">441,275</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total current assets</td> <td> </td> <td> </td> <td style="text-align: right">11,127,904</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">345,931</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">393,883</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,867,718</td> <td> </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> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Right of use asset</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">509,464</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">63,250</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">572,714</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Property and equipment, net</td> <td> </td> <td> </td> <td style="text-align: right">70,542</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">148,514</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">155,582</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">374,638</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Intangible assets, net</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Other</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">11,751</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">11,751</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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-bottom: 2.5pt">Total assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,198,446</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,065,660</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">612,715</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">12,876,821</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

88327312

546724

279044

-4477053

-3069472

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175000 100000 75000 The initial term of the Employment Agreement is through July 20, 2021, with automatic one-year renewals, unless either party provides written notice of a non-renewal in accordance with the terms of the Employment Agreement (the "Term").

The Stock Options shall vest and become exercisable in twelve (12) equal installments on the last day of each of the subsequent twelve (12) calendar quarter-end dates following the Effective Date (the first of such dates to be September 30, 2020), subject to continued service, and shall vest in full upon a Change in Control (as defined in the Incentive Plan).

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Schmidt [Member] Plan Name [Axis] 2018 Equity Incentive Plan [Member] Settlement Agreement [Member] Tewlve Months [Member] Dr. David Evans [Member] Cover [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Ex Transition Period Entity Shell Company Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets Cash Accounts receivable Inventories Prepaid expenses Equipment held for sale Total current assets Deposits Property and equipment, net Right of use asset, net Intangible assets Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued expenses Due to former officer Derivative warrant liability Lease liability - current Total current liabilities Lease liability - long term Total liabilities Commitments and contingencies Stockholders' Equity Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding Common stock, $0.001 par value; 250,000,000 shares authorized; 88,309,962 and 74,982,562 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Statement [Table] Statement [Line Items] Revenue Total revenue Cost of goods sold Total cost of goods sold Gross profit Operating expenses Research and development Sales and marketing General and administrative Costs related to resignation of former officer (including the reversal of previously recognized stock compensation expense of $1,401,582 and $965,295 during the three and six months ended June 30, 2020, respectively) Impairment loss on equipment held for sale Total operating expenses Loss from operations Other (income) expense: Interest expense Finance cost upon issuance of warrants Change in fair value of derivative warrants Total other (income) expense Net loss Net loss per common share - basic and diluted EX-101.PRE 10 ghsi-20200630_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Aug. 12, 2020
Cover [Abstract]
Entity Registrant Name	Guardion Health Sciences, Inc.
Entity Central Index Key	0001642375
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		88,327,312
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

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Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash	$ 11,603,459	$ 11,115,502
Accounts receivable	34,180	78,337
Inventories	1,235,052	310,941
Prepaid expenses	274,140	362,938
Equipment held for sale	24,500
Total current assets	13,171,331	11,867,718
Deposits	11,751	11,751
Property and equipment, net	304,534	374,638
Right of use asset, net	496,387	572,714
Intangible assets	50,000	50,000
Total assets	14,034,003	12,876,821
Current liabilities
Accounts payable	332,787	70,291
Accrued expenses	162,461	175,052
Due to former officer	311,458
Derivative warrant liability	19,411	13,323
Lease liability - current	157,119	151,568
Total current liabilities	983,236	410,234
Lease liability - long term	355,127	434,747
Total liabilities	1,338,363	844,981
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.001 par value; 250,000,000 shares authorized; 88,309,962 and 74,982,562 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	88,310	74,983
Additional paid-in capital	61,173,074	57,468,528
Accumulated deficit	(48,565,744)	(45,511,671)
Total stockholders' equity	12,695,640	12,031,840
Total liabilities and stockholders' equity	$ 14,034,003	$ 12,876,821

XML 13 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	88,309,962	74,982,562
Common stock, shares outstanding	88,309,962	74,982,562

XML 14 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue
Total revenue	$ 1,190,909	$ 260,970	$ 1,436,633	$ 503,508
Cost of goods sold
Total cost of goods sold	644,579	97,056	753,688	190,548
Gross profit	546,330	163,914	682,945	312,960
Operating expenses
Research and development	44,581	77,688	75,769	106,716
Sales and marketing	519,067	409,409	1,007,913	764,028
General and administrative	1,712,183	2,489,011	3,228,698	3,439,633
Costs related to resignation of former officer (including the reversal of previously recognized stock compensation expense of $1,401,582 and $965,295 during the three and six months ended June 30, 2020, respectively)	(1,052,223)		(615,936)
Impairment loss on equipment held for sale	30,948		30,948
Total operating expenses	1,254,556	2,976,108	3,727,392	4,310,377
Loss from operations	(708,226)	(2,812,194)	(3,044,447)	(3,997,417)
Other (income) expense:
Interest expense	1,790	234,065	3,538	251,637
Finance cost upon issuance of warrants		229,921		415,955
Change in fair value of derivative warrants	(2,856)	(227,832)	6,088	(227,832)
Total other (income) expense	(1,066)	236,154	9,626	439,760
Net loss	$ (707,160)	$ (3,048,348)	$ (3,054,073)	$ (4,437,177)
Net loss per common share - basic and diluted	$ (0.01)	$ (0.14)	$ (0.04)	$ (0.21)
Weighted average common shares outstanding - basic and diluted	86,567,215	22,537,943	82,598,791	21,628,758
Medical Foods and Nutraceuticals [Member]
Revenue
Total revenue	$ 1,152,894	$ 104,448	$ 1,304,028	$ 204,382
Cost of goods sold
Total cost of goods sold	628,205	40,681	695,291	78,953
Medical Devices [Member]
Revenue
Total revenue	35,315	150,222	126,505	292,826
Cost of goods sold
Total cost of goods sold	15,278	53,816	55,290	109,036
Other [Member]
Revenue
Total revenue	2,700	6,300	6,100	6,300
Cost of goods sold
Total cost of goods sold	$ 1,096	$ 2,559	$ 2,477	$ 2,559

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Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Income Statement [Abstract]
Recognized stock compensation expense	$ 1,401,582	$ 965,295

XML 16 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 20,564	$ 37,798,562	$ (34,633,363)	$ 3,185,763
Balance, shares at Dec. 31, 2018	20,564,328
Fair value of vested stock options		56,232		56,232
Issuance of common stock - warrant exercises	$ 293	30,957		31,250
Issuance of common stock - warrant exercises, shares	292,283
Net loss			(1,385,099)	(1,385,099)
Balance at Mar. 31, 2019	$ 20,857	37,885,751	(36,018,462)	1,888,146
Balance, shares at Mar. 31, 2019	20,856,611
Balance at Dec. 31, 2018	$ 20,564	37,798,562	(34,633,363)	3,185,763
Balance, shares at Dec. 31, 2018	20,564,328
Issuance of common stock - conversion of notes payable and related interest				250,788
Net loss				(4,437,177)
Balance at Jun. 30, 2019	$ 22,734	43,735,894	(39,070,540)	4,688,088
Balance, shares at Jun. 30, 2019	22,733,762
Balance at Dec. 31, 2018	$ 20,564	37,798,562	(34,633,363)	3,185,763
Balance, shares at Dec. 31, 2018	20,564,328
Fair value of warrants				13,323
Balance at Dec. 31, 2019	$ 74,983	57,468,528	(45,511,671)	12,031,840
Balance, shares at Dec. 31, 2019	74,982,562
Balance at Mar. 31, 2019	$ 20,857	37,885,751	(36,018,462)	1,888,146
Balance, shares at Mar. 31, 2019	20,856,611
Fair value of vested stock options - officer and director		1,066,159		1,066,159
Fair value of vested stock options		62,763		62,763
Issuance of common stock for services	$ 55	123,947		124,002
Issuance of common stock for services, shares	54,387
Issuance of common stock - warrant exercises	$ 463	100,162		100,625
Issuance of common stock - warrant exercises, shares	463,726
Fair value of warrants		359,683		359,683
Sale of common stock	$ 1,250	3,886,750		3,888,000
Sale of common stock, shares	1,250,000
Issuance of common stock - conversion of notes payable and related interest	$ 109	250,679		250,788
Issuance of common stock - conversion of notes payable and related interest, shares	109,038
Net loss			(3,052,078)	(3,048,348)
Balance at Jun. 30, 2019	$ 22,734	43,735,894	(39,070,540)	4,688,088
Balance, shares at Jun. 30, 2019	22,733,762
Balance at Dec. 31, 2019	$ 74,983	57,468,528	(45,511,671)	12,031,840
Balance, shares at Dec. 31, 2019	74,982,562
Fair value of vested stock options - officer and director		436,287		436,287
Fair value of vested stock options		55,281		55,281
Issuance of common stock for services	$ 25	12,300		12,325
Issuance of common stock for services, shares	25,000
Issuance of common stock - warrant exercises	$ 10,382	3,540,399		3,550,781
Issuance of common stock - warrant exercises, shares	10,382,400
Net loss			(2,346,913)	(2,346,913)
Balance at Mar. 31, 2020	$ 85,390	61,512,795	(47,858,584)	13,739,601
Balance, shares at Mar. 31, 2020	85,389,962
Balance at Dec. 31, 2019	$ 74,983	57,468,528	(45,511,671)	12,031,840
Balance, shares at Dec. 31, 2019	74,982,562
Issuance of common stock for services, shares	25,000
Fair value of warrants				19,411
Issuance of common stock - conversion of notes payable and related interest
Net loss				(3,054,073)
Balance at Jun. 30, 2020	$ 88,310	61,173,074	(48,565,744)	12,695,640
Balance, shares at Jun. 30, 2020	88,309,962
Balance at Mar. 31, 2020	$ 85,390	61,512,795	(47,858,584)	13,739,601
Balance, shares at Mar. 31, 2020	85,389,962
Fair value of vested stock options - officer and director		(1,377,223)		(1,377,223)
Fair value of vested stock options		41,782		41,782
Issuance of common stock - warrant exercises	$ 2,920	995,720		998,640
Issuance of common stock - warrant exercises, shares	2,920,000
Net loss			(707,160)	(707,160)
Balance at Jun. 30, 2020	$ 88,310	$ 61,173,074	$ (48,565,744)	$ 12,695,640
Balance, shares at Jun. 30, 2020	88,309,962

XML 17 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net loss	$ (3,054,073)	$ (4,437,177)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	46,619	137,128
Impairment loss on equipment held for sale	30,948
Amortization of debt discount		250,000
Amortization of lease right	76,327	61,571
Accrued interest expense included in notes payable		788
Stock-based compensation	109,388	242,996
Stock-based compensation - officer and director	(940,936)	1,066,159
Non-cash financing costs - derivative liability		415,955
Change in fair value of warrants - derivative liability	6,088	(227,832)
(Increase) decrease in -
Accounts receivable	44,157	(7,718)
Inventories	(607,162)	39,311
Prepaid expenses	(219,380)	(84,533)
Increase (decrease) in -
Accounts payable	262,496	156,314
Lease liability	(74,070)	(56,844)
Accrued expenses	(12,591)	(49,814)
Due to former officer	311,458
Net cash used in operating activities	(4,020,731)	(2,493,696)
Investing Activities
Purchase of property and equipment	(40,733)	(58,934)
Net cash used in investing activities	(40,733)	(58,934)
Financing Activities
Proceeds from initial public offering		3,888,000
Proceeds from issuance of convertible notes		250,000
Proceeds from issuance of promissory notes		100,000
Payments on promissory notes		(100,548)
Proceeds from exercise of warrants	4,549,421	131,875
Deferred financing costs of IPO		(19,000)
Net cash provided by financing activities	4,549,421	4,250,327
Cash:
Net increase	487,957	1,697,697
Balance at beginning of period	11,115,502	670,948
Balance at end of period	11,603,459	2,368,645
Cash paid for:
Interest
Income taxes
Non-cash financing activities:
Fair value of warrants issued in connection with convertible notes		436,034
Recording of lease asset and liability upon adoption of ASU 2016-02		663,218
Reclass of prepaid costs to inventory	308,178
Reclass of property and equipment to equipment held for sale	55,448
Reclass of property and equipment to inventory	8,771
Reclass of warrant liability to equity		359,683
Fair value of common stock issued upon conversion of common stock and accrued interest		250,788
Reclass of deferred offering cost to equity		$ 270,000

XML 18 R8.htm IDEA: XBRL DOCUMENT

Organization and Business Operations

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business Operations

1.	Organization and Business Operations

Organization and Business

Since inception, the Company has been primarily engaged in research and development, product commercialization and capital raising activities.

Going Concern and Liquidity

COVID-19

NASDAQ Notice

XML 19 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Revenue Recognition

The following table presents the Company’s revenues disaggregated by segment:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Medical foods and nutraceuticals	$	1,152,894	$	104,448	$	1,304,028	$	204,382
Medical devices		35,315		150,222		126,505		292,826
Other		2,700		6,300		6,100		6,300
	$	1,190,909	$	260,970	$	1,436,633	$	503,508

The following table presents the Company’s revenues disaggregated by geography:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
North America	$	270,664	$	116,611	$	505,023	$	227,322
Malaysia		890,000		-		890,000		-
Asia		22,990		63,650		25,790		128,950
Europe and other		7,255		80,709		15,820		147,236
	$	1,190,909	$	260,970	$	1,436,633	$	503,508

Concentrations

Research and Development Costs

Patent Costs

Stock-Based Compensation

Net Loss per Share

The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive:

	June 30,
	2020		2019
Warrants		15,470,338		261,538
Options		2,919,167		2,612,500
		18,389,505		2,874,038

Fair Value Measurements

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.

Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.

Recent Accounting Pronouncements

XML 20 R10.htm IDEA: XBRL DOCUMENT

Acquisition of NutriGuard

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Acquisition of NutriGuard

3.	Acquisition of NutriGuard

	Three Months Ended June 30,
	2019
Pro forma net revenues	$	279,044
Pro forma net loss attributable to common shareholders	$	(3,069,472	)
Pro forma net loss per share	$	(0.14	)

	Six Months Ended June 30,
	2019
Pro forma net revenues	$	546,724
Pro forma net loss attributable to common shareholders	$	(4,477,053	)
Pro forma net loss per share	$	(0.21	)

XML 21 R11.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories

4.	Inventories

Inventories consisted of the following:

	June 30,		December 31,
	2020		2019
Raw materials	$	870,384	$	246,875
Finished goods		364,668		64,066
	$	1,235,052	$	310,941

XML 22 R12.htm IDEA: XBRL DOCUMENT

Property and Equipment, Net

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5.	Property and Equipment, net

Property and equipment consisted of the following:

	June 30,			December 31,
	2020			2019
Leasehold improvements	$	98,357		$	98,357
Testing equipment		336,959			394,427
Furniture and fixtures		199,132			185,799
Computer equipment		68,460			68,460
Office equipment		8,193			8,193
		711,101			755,236
Less accumulated depreciation and amortization		(406,567	)		(380,598	)
	$	304,534		$	374,638

XML 23 R13.htm IDEA: XBRL DOCUMENT

Lease Liabilities

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Lease Liabilities

6.	Lease Liabilities

XML 24 R14.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Stockholders' Equity

7.	Stockholders’ Equity

Common Stock

Warrants

A summary of the Company’s warrant activity is as follows:

	Shares			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)
December 31, 2019		28,802,738			0.38			4.91
Granted		-			-			-
Forfeitures		-			-			-
Expirations		(30,000	)		(1.50	)		-
Exercised		(13,302,400	)		(0.34	)		-
June 30, 2020, all exercisable		15,470,338		$	0.41			4.39

The exercise prices of warrants outstanding and exercisable as of June 30, 2020 are as follows:

Warrants Outstanding and Exercisable (Shares)		Exercise Prices
	12,037,600	$	0.34
	1,960,000		0.44
	1,040,000		0.50
	226,200		0.59
	35,000		1.50
	109,038		2.88
	62,500		5.00
	15,470,338

Warrant Liability

The fair value of the warrant liability was determined at the following reporting dates using the Black-Scholes-Merton option pricing model and the following assumptions:

	Warrant Liability As of			Warrant Liability As of
	June 30, 2020			December 31, 2019
Stock price	$	0.44		$	0.22
Risk free interest rate		0.18	%		1.62	%
Expected volatility		142	%		145	%
Expected life in years		3.76			4.26
Expected dividend yield		0	%		0	%
Number of warrants		62,500			62,500
Fair value of warrants	$	19,411		$	13,323

Stock Options

A summary of the Company’s stock option activity is as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
December 31, 2019		2,962,500			2.94		3.64
Granted		790,000			0.77		9.83
Forfeitures		(833,333	)		-		-
Expirations		-			-		-
Exercised		-			-		-
June 30, 2020, outstanding		2,919,167		$	1.93		4.77
June 30, 2020, exercisable		2,084,167		$	2.40		3.10

The exercise prices of options outstanding and exercisable as of June 30, 2020 are as follows:

Options Outstanding (Shares)		Options Exercisable (Shares)		Exercise Prices
	250,000		187,500	$	0.25
	30,000		30,000		0.32
	250,000		62,500		0.39
	10,000		-		0.41
	100,000		25,000		0.54
	500,000		-		1.00
	625,000		625,000		2.00
	62,500		62,500		2.30
	675,000		675,000		2.50
	416,667		416,667		4.40
	2,919,167		2,084,167

The Company accounts for share-based payments in accordance with ASC 718 wherein grants are measured at the grant date fair value and charged to operations over the vesting periods.

XML 25 R15.htm IDEA: XBRL DOCUMENT

Settlement with Former Officer

6 Months Ended

Jun. 30, 2020

Settlement With Former Officer

Settlement with Former Officer

8.	Settlement with Former Officer

XML 26 R16.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Jun. 30, 2020

Related Party Transactions

9.	Related Party Transactions

XML 27 R17.htm IDEA: XBRL DOCUMENT

Segment Reporting

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

10.

Segment Reporting

The Company determined its reporting units are as follows in accordance with ASC 280, “Segment Reporting” (“ASC 280”).

	For the Three Months Ended June 30, 2020
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	2,700		$	1,152,894		$	35,315		$	1,190,909

Cost of goods sold		1,096			628,205			15,278			644,579

Gross profit		1,604			524,689			20,037			546,330

Operating expenses		88,428			1,072,508			93,620			1,254,556

Loss from operations	$	(86,824	)	$	(547,819	)	$	(73,583	)	$	(708,226	)

	For the Three Months Ended June 30, 2019
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,300		$	104,448		$	150,222		$	260,970

Cost of goods sold		2,559			40,681			53,816			97,056

Gross profit		3,741			63,767			96,406			163,914

Operating expenses		72,021			2,643,725			260,362			2,976,108

Loss from operations	$	(68,280	)	$	(2,579,958	)	$	(163,956	)	$	(2,812,194	)

	For the Six Months Ended June 30, 2020
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,100		$	1,304,028		$	126,505		$	1,436,633

Cost of goods sold		2,477			695,291			55,920			753,688

Gross profit		3,623			608,737			70,585			682,945

Operating expenses		172,911			3,344,411			210,070			3,727,392

Loss from operations	$	(169,288	)	$	(2,735,674	)	$	(139,485	)	$	(3,044,447	)

	For the Six Months Ended June 30, 2019
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,300		$	204,382		$	292,826		$	503,508

Cost of goods sold		2,559			78,953			109,036			190,548

Gross profit		3,741			125,429			183,790			312,960

Operating expenses		120,783			3,719,338			470,256			4,310,377

Loss from operations	$	(117,042	)	$	(3,593,909	)	$	(286,466	)	$	(3,997,417	)

The following tables set forth our total assets by segment. Intersegment balances and transactions have been removed:

	As of June 30, 2020
	Corporate		Medical Foods and Nutraceuticals		Medical Devices		Total
Current assets
Cash	$	11,603,459	$	-	$	-	$	11,603,459
Inventories		-		868,409		366,643		1,235,052
Other		25,980		259,479		47,361		332,820
Total current assets		11,629,439		1,127,888		414,004		13,171,331

Right of use asset, net		-		442,596		53,791		496,387
Property and equipment, net		-		169,267		135,267		304,534
Intangible assets, net		-		50,000		-		50,000
Other		-		11,751		-		11,751

Total assets	$	11,629,439	$	1,801,502	$	603,062	$	14,034,003

	As of December 31, 2019
	Corporate		Medical Foods and Nutraceuticals		Medical Devices		Total
Current assets
Cash	$	11,115,502	$	-	$	-	$	11,115,502
Inventories		5,003		126,708		179,230		310,941
Other		7,399		219,223		214,653		441,275
Total current assets		11,127,904		345,931		393,883		11,867,718

Right of use asset		-		509,464		63,250		572,714
Property and equipment, net		70,542		148,514		155,582		374,638
Intangible assets, net		-		50,000		-		50,000
Other		-		11,751		-		11,751

Total assets	$	11,198,446	$	1,065,660	$	612,715	$	12,876,821

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

XML 28 R18.htm IDEA: XBRL DOCUMENT

Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Contingencies

11.

Contingencies

XML 29 R19.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

12.

Subsequent Events

XML 30 R20.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Revenue Recognition

Revenue Recognition

The following table presents the Company’s revenues disaggregated by segment:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Medical foods and nutraceuticals	$	1,152,894	$	104,448	$	1,304,028	$	204,382
Medical devices		35,315		150,222		126,505		292,826
Other		2,700		6,300		6,100		6,300
	$	1,190,909	$	260,970	$	1,436,633	$	503,508

The following table presents the Company’s revenues disaggregated by geography:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
North America	$	270,664	$	116,611	$	505,023	$	227,322
Malaysia		890,000		-		890,000		-
Asia		22,990		63,650		25,790		128,950
Europe and other		7,255		80,709		15,820		147,236
	$	1,190,909	$	260,970	$	1,436,633	$	503,508

Concentrations

Concentrations

Research and Development Costs

Research and Development Costs

Patent Costs

Patent Costs

Stock-Based Compensation

Stock-Based Compensation

Net Loss Per Share

Net Loss per Share

The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive:

	June 30,
	2020		2019
Warrants		15,470,338		261,538
Options		2,919,167		2,612,500
		18,389,505		2,874,038

Fair Value Measurements

Fair Value Measurements

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.

Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

XML 31 R21.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s revenues disaggregated by segment:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Medical foods and nutraceuticals	$	1,152,894	$	104,448	$	1,304,028	$	204,382
Medical devices		35,315		150,222		126,505		292,826
Other		2,700		6,300		6,100		6,300
	$	1,190,909	$	260,970	$	1,436,633	$	503,508

The following table presents the Company’s revenues disaggregated by geography:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
North America	$	270,664	$	116,611	$	505,023	$	227,322
Malaysia		890,000		-		890,000		-
Asia		22,990		63,650		25,790		128,950
Europe and other		7,255		80,709		15,820		147,236
	$	1,190,909	$	260,970	$	1,436,633	$	503,508

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive:

	June 30,
	2020		2019
Warrants		15,470,338		261,538
Options		2,919,167		2,612,500
		18,389,505		2,874,038

XML 32 R22.htm IDEA: XBRL DOCUMENT

Acquisition of NutriGuard (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Pro Forma Financial Information

	Three Months Ended June 30,
	2019
Pro forma net revenues	$	279,044
Pro forma net loss attributable to common shareholders	$	(3,069,472	)
Pro forma net loss per share	$	(0.14	)

	Six Months Ended June 30,
	2019
Pro forma net revenues	$	546,724
Pro forma net loss attributable to common shareholders	$	(4,477,053	)
Pro forma net loss per share	$	(0.21	)

XML 33 R23.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	June 30,		December 31,
	2020		2019
Raw materials	$	870,384	$	246,875
Finished goods		364,668		64,066
	$	1,235,052	$	310,941

XML 34 R24.htm IDEA: XBRL DOCUMENT

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment consisted of the following:

	June 30,			December 31,
	2020			2019
Leasehold improvements	$	98,357		$	98,357
Testing equipment		336,959			394,427
Furniture and fixtures		199,132			185,799
Computer equipment		68,460			68,460
Office equipment		8,193			8,193
		711,101			755,236
Less accumulated depreciation and amortization		(406,567	)		(380,598	)
	$	304,534		$	374,638

XML 35 R25.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Schedule of Warrants Activity

A summary of the Company’s warrant activity is as follows:

	Shares			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)
December 31, 2019		28,802,738			0.38			4.91
Granted		-			-			-
Forfeitures		-			-			-
Expirations		(30,000	)		(1.50	)		-
Exercised		(13,302,400	)		(0.34	)		-
June 30, 2020, all exercisable		15,470,338		$	0.41			4.39

Schedule of Exercise Price of Warrants Outstanding and Exercisable

The exercise prices of warrants outstanding and exercisable as of June 30, 2020 are as follows:

Warrants Outstanding and Exercisable (Shares)		Exercise Prices
	12,037,600	$	0.34
	1,960,000		0.44
	1,040,000		0.50
	226,200		0.59
	35,000		1.50
	109,038		2.88
	62,500		5.00
	15,470,338

Schedule of Fair Value Assumptions of Warrant Liability

The fair value of the warrant liability was determined at the following reporting dates using the Black-Scholes-Merton option pricing model and the following assumptions:

	Warrant Liability As of			Warrant Liability As of
	June 30, 2020			December 31, 2019
Stock price	$	0.44		$	0.22
Risk free interest rate		0.18	%		1.62	%
Expected volatility		142	%		145	%
Expected life in years		3.76			4.26
Expected dividend yield		0	%		0	%
Number of warrants		62,500			62,500
Fair value of warrants	$	19,411		$	13,323

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the Company’s stock option activity is as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
December 31, 2019		2,962,500			2.94		3.64
Granted		790,000			0.77		9.83
Forfeitures		(833,333	)		-		-
Expirations		-			-		-
Exercised		-			-		-
June 30, 2020, outstanding		2,919,167		$	1.93		4.77
June 30, 2020, exercisable		2,084,167		$	2.40		3.10

Schedule of Exercise Price of Options Outstanding and Exercisable

The exercise prices of options outstanding and exercisable as of June 30, 2020 are as follows:

Options Outstanding (Shares)		Options Exercisable (Shares)		Exercise Prices
	250,000		187,500	$	0.25
	30,000		30,000		0.32
	250,000		62,500		0.39
	10,000		-		0.41
	100,000		25,000		0.54
	500,000		-		1.00
	625,000		625,000		2.00
	62,500		62,500		2.30
	675,000		675,000		2.50
	416,667		416,667		4.40
	2,919,167		2,084,167

XML 36 R26.htm IDEA: XBRL DOCUMENT

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The Company determined its reporting units are as follows in accordance with ASC 280, “Segment Reporting” (“ASC 280”).

	For the Three Months Ended June 30, 2020
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	2,700		$	1,152,894		$	35,315		$	1,190,909

Cost of goods sold		1,096			628,205			15,278			644,579

Gross profit		1,604			524,689			20,037			546,330

Operating expenses		88,428			1,072,508			93,620			1,254,556

Loss from operations	$	(86,824	)	$	(547,819	)	$	(73,583	)	$	(708,226	)

	For the Three Months Ended June 30, 2019
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,300		$	104,448		$	150,222		$	260,970

Cost of goods sold		2,559			40,681			53,816			97,056

Gross profit		3,741			63,767			96,406			163,914

Operating expenses		72,021			2,643,725			260,362			2,976,108

Loss from operations	$	(68,280	)	$	(2,579,958	)	$	(163,956	)	$	(2,812,194	)

	For the Six Months Ended June 30, 2020
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,100		$	1,304,028		$	126,505		$	1,436,633

Cost of goods sold		2,477			695,291			55,920			753,688

Gross profit		3,623			608,737			70,585			682,945

Operating expenses		172,911			3,344,411			210,070			3,727,392

Loss from operations	$	(169,288	)	$	(2,735,674	)	$	(139,485	)	$	(3,044,447	)

	For the Six Months Ended June 30, 2019
	Corporate			Medical Foods and Nutraceuticals			Medical Devices			Total

Revenue	$	6,300		$	204,382		$	292,826		$	503,508

Cost of goods sold		2,559			78,953			109,036			190,548

Gross profit		3,741			125,429			183,790			312,960

Operating expenses		120,783			3,719,338			470,256			4,310,377

Loss from operations	$	(117,042	)	$	(3,593,909	)	$	(286,466	)	$	(3,997,417	)

The following tables set forth our total assets by segment. Intersegment balances and transactions have been removed:

	As of June 30, 2020
	Corporate		Medical Foods and Nutraceuticals		Medical Devices		Total
Current assets
Cash	$	11,603,459	$	-	$	-	$	11,603,459
Inventories		-		868,409		366,643		1,235,052
Other		25,980		259,479		47,361		332,820
Total current assets		11,629,439		1,127,888		414,004		13,171,331

Right of use asset, net		-		442,596		53,791		496,387
Property and equipment, net		-		169,267		135,267		304,534
Intangible assets, net		-		50,000		-		50,000
Other		-		11,751		-		11,751

Total assets	$	11,629,439	$	1,801,502	$	603,062	$	14,034,003

	As of December 31, 2019
	Corporate		Medical Foods and Nutraceuticals		Medical Devices		Total
Current assets
Cash	$	11,115,502	$	-	$	-	$	11,115,502
Inventories		5,003		126,708		179,230		310,941
Other		7,399		219,223		214,653		441,275
Total current assets		11,127,904		345,931		393,883		11,867,718

Right of use asset		-		509,464		63,250		572,714
Property and equipment, net		70,542		148,514		155,582		374,638
Intangible assets, net		-		50,000		-		50,000
Other		-		11,751		-		11,751

Total assets	$	11,198,446	$	1,065,660	$	612,715	$	12,876,821

XML 37 R27.htm IDEA: XBRL DOCUMENT

Organization and Business Operations (Details Narrative) - USD ($)		3 Months Ended				6 Months Ended
	Sep. 20, 2019	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Net loss		$ (707,160)	$ (2,346,913)	$ (3,048,348)	$ (1,385,099)	$ (3,054,073)	$ (4,437,177)
Cash utilized in operating activities						$ (4,020,731)	$ (2,493,696)
Nasdaq Stock Market LLC [Member]
Closing bid price per share	$ 1.00
Minimum bid price requirement, description	In accordance with Nasdaq listing rules, the Company was provided an initial period of 180 calendar days, or until March 18, 2020, to regain compliance with the Minimum Bid Price Requirement. The Company was unable to regain compliance with the Minimum Bid Price Requirement during the initial period and was eligible for an additional 180 calendar day compliance period.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Summary of Significant Accounting Policies (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Feb. 29, 2020
Research and development costs		$ 44,581	$ 77,688	$ 75,769	$ 106,716
Patent costs	$ 60,501	$ 60,501	64,482	60,501	$ 64,482
Fair value of warrant liabilities			$ 359,683	$ 19,411		$ 13,323
Vendor One [Member]
Concentration risk, percentage		12.00%	34.00%	17.00%	24.00%
Vendor Two [Member]
Concentration risk, percentage		36.00%	47.00%	40.00%	20.00%
Vendor Three [Member]
Concentration risk, percentage		44.00%		24.00%	32.00%
No Vendor [Member]
Concentration risk, percentage				10.00%
Malaysian Company [Member]
Initial order placed, value							$ 875,000
Amount paid as deposit	$ 437,500
Medical Foods and Nutraceuticals [Member]
Concentration risk, percentage		75.00%	24.00%	62.00%	26.00%
Medical Foods and Nutraceuticals [Member] \| No Customer [Member]
Concentration risk, percentage		10.00%		10.00%
Medical Foods and Nutraceuticals [Member] \| Individual Retail Customers [Member]
Concentration risk, percentage				68.00%
Medical Devices [Member] \| International Customers [Member]
Concentration risk, percentage				94.00%	39.00%
Medical Devices [Member] \| Distributors [Member]
Concentration risk, percentage				58.00%	32.00%

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Medical Foods and Nutraceuticals [Member]
Revenues	1,152,894	104,448	1,304,028	204,382
Medical Devices [Member]
Revenues	35,315	150,222	126,505	292,826
Other [Member]
Revenues	$ 2,700	$ 6,300	$ 6,100	$ 6,300

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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North America [Member]
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Asia [Member]
Revenue	22,990	63,650	25,790	128,950
Europe and Other [Member]
Revenue	$ 7,255	$ 80,709	$ 15,820	$ 147,236

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	Jun. 30, 2020	Jun. 30, 2019
Antidilutive securities excluded from computation of earnings per share	18,389,505	2,874,038
Warrants [Member]
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Acquisition of NutriGuard (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
Acquisition of NutriGuard (Details Narrative) - USD ($)	Sep. 20, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gross profit		$ 546,330	$ 163,914	$ 682,945	$ 312,960
NutriGuard Research, Inc [Member] \| Asset Purchase Agreement [Member]
Royalty percentage	3.00%
Gross profit	$ 500,000

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Acquisition of NutriGuard - Schedule of Pro Forma Financial Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Business Combinations [Abstract]
Pro forma net revenues	$ 279,044	$ 546,724
Pro forma net loss attributable to common shareholders	$ (3,069,472)	$ (4,477,053)
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Inventories - Schedule of Inventories (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 870,384	$ 246,875
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	Jun. 30, 2020	Jun. 30, 2019
Depreciation expense	$ 46,619	$ 29,810
Research and Development Expense [Member]
Depreciation expense	26,169	11,244
Sales and Marketing Expense [Member]
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Property, plant and equipment, gross	$ 711,101	$ 755,236
Less accumulated depreciation and amortization	(406,567)	(380,598)
Property, plant and equipment, net	304,534	374,638
Leasehold Improvements [Member]
Property, plant and equipment, gross	98,357	98,357
Testing Equipment [Member]
Property, plant and equipment, gross	336,959	394,427
Furniture and Fixtures [Member]
Property, plant and equipment, gross	199,132	185,799
Computer Equipment [Member]
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Lease Liabilities (Details Narrative)	1 Months Ended	6 Months Ended
Lease Liabilities (Details Narrative)	Oct. 31, 2012 USD ($) ft²	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Sep. 29, 2017 ft²
Lease liabilities		$ 512,246		$ 586,315
Lease liabiliies, current		157,119		151,568
Rent expense		87,161	$ 87,161
Right of use asset, net		496,387		$ 572,714
Amortization of right of use asset		76,327	$ 61,571
Lease 1 [Member]
Fair value of lease		$ 639,520
Lease discount rate		3.90%
Lease liabilities		$ 455,711
Lease 2 [Member]
Fair value of lease		$ 81,634
Lease discount rate		3.90%
Lease liabilities		$ 56,535
Lease 1 & 2 [Member]
Monthly lease payments		74,069
Lease Agreement [Member]
Area of Land \| ft²	9,605
Deposit paid for lease	$ 47,449	11,751
Prepaid rent	$ 0
Renewal of lease term				5 years
Lease Agreement [Member] \| VectorVision, Inc [Member]
Area of Land \| ft²					5,000
Renewal of lease term					65 months
Lease Agreement [Member] \| Through July 2023 [Member]
Monthly lease payments		13,103
Lease Agreement [Member] \| Through February 2023 [Member] \| VectorVision, Inc [Member]
Monthly lease payments		$ 1,864

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Stockholders' Equity (Details Narrative) - USD ($)		3 Months Ended			6 Months Ended		12 Months Ended
Stockholders' Equity (Details Narrative) - USD ($)	Apr. 09, 2019	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Stock compensation expense					$ 109,388	$ 242,996
Proceeds from warrants exercise					$ 4,549,421	131,875
Warrants outstanding		62,500			62,500		62,500
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Shares options, granted					790,000
Sales and Marketing Expense [Member]
Stock compensation expense					$ 66,194
General and Administrative Expense [Member]
Stock compensation expense					921,975
Based Upon Stock Prices [Member]
Stock compensation expense					$ 831,548	$ 1,309,155
Minimum [Member] \| Based Upon Stock Prices [Member]
Stock price		$ 0.25			$ 0.25
Maximum [Member] \| Based Upon Stock Prices [Member]
Stock price		$ 3.30			$ 3.30
Investors [Member]
Number of warrants exercised					13,302,400
Warrants to purchase common stock		13,302,400			13,302,400
Warrant exercisable price per share		$ 0.34			$ 0.34
Proceeds from warrants exercise					$ 4,549,421
Underwriters [Member] \| IPO [Member]
Warrant exercisable price per share	$ 5.00
Warrants issued	62,500
Five Employees [Member]
Shares options, granted					290,000
Grant date fair value of options granted					$ 110,887
Option vesting period					2 years
Five Employees [Member] \| Vest On a Quarterly Basis [Member]
Number of options vested					250,000
Five Employees [Member] \| Vest in Full Six Months [Member]
Number of options vested					40,000
Five Employees [Member] \| Minimum [Member]
Stock option, exercise price per share					$ 0.32
Five Employees [Member] \| Maximum [Member]
Stock option, exercise price per share					$ 0.41
Board of Directors [Member]
Shares options, granted					500,000
Grant date fair value of options granted					$ 216,093
Stock option, exercise price per share					$ 1.00
Option vesting period					2 years
Common Stock [Member]
Stock issued during period for services, shares			25,000	54,387	25,000
Stock compensation expense					$ 12,325
Fair value of warrants
Warrants [Member]
Warrant exercisable price per share		$ 0.41			$ 0.41
Warrants outstanding		15,470,338			15,470,338
Weighted average remaining life of warrants		4 years 4 months 20 days			4 years 4 months 20 days
Aggregate intrinsic value of warrants		$ 1,073,026			$ 1,073,026
Fair value of warrants					19,411		$ 13,323
Change in fair value of warrants - derivative liability					$ 6,088
Unvested Options [Member]
Number of unvested options outstanding		835,000			835,000
Number of unvested options outstanding, value		$ 349,007			$ 349,007
Unvested options, weighted average exercise price		$ 0.76			$ 0.76
Unvested options, weighted average remaining life					8 years 11 months 8 days
Aggregate intrinsic value of options outstanding		$ 23,006			$ 23,006
Unvested options, aggregate intrinsic value		$ 19,616			$ 19,616

XML 49 R39.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Warrants Activity (Details)	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Shares, Ending Balance	15,470,338
Warrants [Member]
Shares, Beginning Balance	28,802,738
Shares, Granted
Shares, Forfeitures
Shares, Expirations	(30,000)
Shares, Exercised	(13,302,400)
Shares, Ending Balance	15,470,338
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 0.38
Weighted Average Exercise Price, Granted \| $ / shares
Weighted Average Exercise Price, Forfeitures \| $ / shares
Weighted Average Exercise Price, Expirations \| $ / shares	(1.50)
Weighted Average Exercise Price, Exercised \| $ / shares	(0.34)
Weighted Average Exercise Price, Ending Balance \| $ / shares	$ 0.41
Weighted Average Remaining Contractual Term (Years), Beginning Balance	4 years 10 months 28 days
Weighted Average Remaining Contractual Term (Years), Granted	0 years
Weighted Average Remaining Contractual Term (Years), Ending Balance	4 years 4 months 20 days

XML 50 R40.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Exercise Price of Warrants Outstanding and Exercisable (Details)	Jun. 30, 2020 $ / shares shares
Warrants Outstanding and Exercisable (Shares)	15,470,338
Warrant One [Member]
Warrants Outstanding and Exercisable (Shares)	12,037,600
Exercise Prices \| $ / shares	$ 0.34
Warrant Two [Member]
Warrants Outstanding and Exercisable (Shares)	1,960,000
Exercise Prices \| $ / shares	$ 0.44
Warrant Three [Member]
Warrants Outstanding and Exercisable (Shares)	1,040,000
Exercise Prices \| $ / shares	$ 0.50
Warrant Four [Member]
Warrants Outstanding and Exercisable (Shares)	226,200
Exercise Prices \| $ / shares	$ 0.59
Warrant Five [Member]
Warrants Outstanding and Exercisable (Shares)	35,000
Exercise Prices \| $ / shares	$ 1.50
Warrant Six [Member]
Warrants Outstanding and Exercisable (Shares)	109,038
Exercise Prices \| $ / shares	$ 2.88
Warrant Seven [Member]
Warrants Outstanding and Exercisable (Shares)	62,500
Exercise Prices \| $ / shares	$ 5.00

XML 51 R41.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Fair Value Assumptions of Warrant Liability (Details)	Jun. 30, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares
Number of warrants \| shares	62,500	62,500
Fair value of warrants \| $	$ 19,411	$ 13,323
Stock Price [Member]
Warrant liability, measurement input	0.44	0.22
Measurement Input, Risk Free Interest Rate [Member]
Warrant liability, measurement input	0.18	1.62
Expected Volatility [Member]
Warrant liability, measurement input	142	145
Expected Life in Years [Member]
Warrant liability, measurement input, expected life (years)	3 years 9 months 3 days	4 years 3 months 4 days
Measurement Input, Expected Dividend Yield [Member]
Warrant liability, measurement input	0.00	0.00

XML 52 R42.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details)	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Equity [Abstract]
Shares Outstanding, Beginning Balance \| shares	2,962,500
Shares, Granted \| shares	790,000
Shares, Forfeitures \| shares	(833,333)
Shares, Expirations \| shares
Shares, Exercised \| shares
Shares Outstanding, Ending Balance \| shares	2,919,167
Shares Exercisable, Ending Balance \| shares	2,084,167
Weighted Average Exercise Price Outstanding, Beginning Balance \| $ / shares	$ 2.94
Weighted Average Exercise Price, Granted \| $ / shares	0.77
Weighted Average Exercise Price, Forfeitures \| $ / shares
Weighted Average Exercise Price, Expirations \| $ / shares
Weighted Average Exercise Price, Exercised \| $ / shares
Weighted Average Exercise Price Outstanding, Ending Balance \| $ / shares	1.93
Weighted Average Exercise Price Exercisable, Ending Balance \| $ / shares	$ 4.77
Weighted Average Remaining Contractual Term (Years) Outstanding, Beginning Balance	3 years 7 months 21 days
Weighted Average Remaining Contractual Term (Years), Granted	9 years 9 months 29 days
Weighted Average Remaining Contractual Term (Years) Outstanding, Ending Balance	4 years 9 months 7 days
Weighted Average Remaining Contractual Term (Years) Exercisable, Ending Balance	3 years 1 month 6 days

XML 53 R43.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Exercise Price of Options Outstanding and Exercisable (Details) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Options Outstanding (Shares)	2,919,167	2,962,500
Options Exercisable (Shares)	2,084,167
Exercise Price One [Member]
Options Outstanding (Shares)	250,000
Options Exercisable (Shares)	187,500
Exercise Prices	$ 0.25
Exercise Price Two [Member]
Options Outstanding (Shares)	30,000
Options Exercisable (Shares)	30,000
Exercise Prices	$ 0.32
Exercise Price Three [Member]
Options Outstanding (Shares)	250,000
Options Exercisable (Shares)	62,500
Exercise Prices	$ 0.39
Exercise Price Four [Member]
Options Outstanding (Shares)	10,000
Options Exercisable (Shares)
Exercise Prices	$ 0.41
Exercise Price Five [Member]
Options Outstanding (Shares)	100,000
Options Exercisable (Shares)	25,000
Exercise Prices	$ 0.54
Exercise Price Six [Member]
Options Outstanding (Shares)	500,000
Options Exercisable (Shares)
Exercise Prices	$ 1.00
Exercise Price Seven [Member]
Options Outstanding (Shares)	625,000
Options Exercisable (Shares)	625,000
Exercise Prices	$ 2.00
Exercise Price Eight [Member]
Options Outstanding (Shares)	62,500
Options Exercisable (Shares)	62,500
Exercise Prices	$ 2.30
Exercise Price Nine [Member]
Options Outstanding (Shares)	675,000
Options Exercisable (Shares)	675,000
Exercise Prices	$ 2.50
Exercise Price Ten [Member]
Options Outstanding (Shares)	416,667
Options Exercisable (Shares)	416,667
Exercise Prices	$ 4.40

XML 54 R44.htm IDEA: XBRL DOCUMENT

Settlement with Former Officer (Details Narrative) - USD ($)		3 Months Ended	6 Months Ended
	Jun. 15, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Due to former officers		$ 311,458	$ 311,458
Stock compensation expense			109,388	$ 242,996
Recognized stock compensation expense		1,401,582	965,295
Michael Favish [Member]
Former officers costs		$ 325,000	$ 325,000
Closing stock price	$ 0.49
Volatility metric	142.00%
Risk free interest rate	0.22%
Stock compensation expense	$ 24,359
Michael Favish [Member] \| Settlement Agreement [Member] \| Tewlve Months [Member]
Payments to former officers	$ 325,000

XML 55 R45.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Ceatus Media Group, LLC [Member]
Consulting expenses	$ 27,500	$ 60,000
DWT Evans LLC [Member]
Building rent	10,708	10,398
Former CEO [Member] \| Karen Favish [Member]
Officers compensation	50,313	47,104
Chief Accounting Officer [Member] \| Kristine Townsend [Member]
Officers compensation	$ 30,000	$ 22,863
Dr. David Evans [Member]
Royalty percentage on sales		3.00%

XML 56 R46.htm IDEA: XBRL DOCUMENT

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue	$ 1,190,909	$ 260,970	$ 1,436,633	$ 503,508
Cost of goods sold	644,579	97,056	753,688	190,548
Gross profit	546,330	163,914	682,945	312,960
Operating expenses	1,254,556	2,976,108	3,727,392	4,310,377
Loss from operations	(708,226)	(2,812,194)	(3,044,447)	(3,997,417)
Cash	11,603,459		11,603,459		$ 11,115,502
Inventories	1,235,052		1,235,052		310,941
Other	332,820		332,820		441,275
Total current assets	13,171,331		13,171,331		11,867,718
Right to use asset, net	496,387		496,387		572,714
Property and equipment, net	304,534		304,534		374,638
Intangible assets, net	50,000		50,000		50,000
Other	11,751		11,751		11,751
Total assets	14,034,003		14,034,003		12,876,821
Corporate [Member]
Revenue	2,700	6,300	6,100	6,300
Cost of goods sold	1,096	2,559	2,477	2,559
Gross profit	1,604	3,741	3,623	3,741
Operating expenses	88,428	72,021	172,911	120,783
Loss from operations	(86,824)	(68,280)	(169,288)	(117,042)
Cash	11,603,459		11,603,459		11,115,502
Inventories					5,003
Other	25,980		25,980		7,399
Total current assets	11,629,439		11,629,439		11,127,904
Right to use asset, net
Property and equipment, net					70,542
Intangible assets, net
Other
Total assets	11,629,439		11,629,439		11,198,446
Medical Foods and Nutraceuticals [Member]
Revenue	1,152,894	104,448	1,304,028	204,382
Cost of goods sold	628,205	40,681	695,291	78,953
Gross profit	524,689	63,767	608,737	125,429
Operating expenses	1,072,508	2,643,725	3,344,411	3,719,338
Loss from operations	(547,819)	(2,579,958)	(2,735,674)	(3,593,909)
Cash
Inventories	868,409		868,409		126,708
Other	259,479		259,479		219,223
Total current assets	1,127,888		1,127,888		345,931
Right to use asset, net	442,596		442,596		509,464
Property and equipment, net	169,267		169,267		148,514
Intangible assets, net	50,000		50,000		50,000
Other	11,751		11,751		11,751
Total assets	1,801,502		1,801,502		1,065,660
Medical Devices [Member]
Revenue	35,315	150,222	126,505	292,826
Cost of goods sold	15,278	53,816	55,920	109,036
Gross profit	20,037	96,406	70,585	183,790
Operating expenses	93,620	260,362	210,070	470,256
Loss from operations	(73,583)	$ (163,956)	(139,485)	$ (286,466)
Cash
Inventories	366,643		366,643		179,230
Other	47,361		47,361		214,653
Total current assets	414,004		414,004		393,883
Right to use asset, net	53,791		53,791		63,250
Property and equipment, net	135,267		135,267		155,582
Intangible assets, net
Other
Total assets	$ 603,062		$ 603,062		$ 612,715

XML 57 R47.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - USD ($)		6 Months Ended
Subsequent Events (Details Narrative) - USD ($)	Jul. 20, 2020	Jun. 30, 2020
Number of stock option granted		790,000
Excercise price per share		$ 0.77
Subsequent Event [Member] \| Andrew C. Schmidt [Member] \| 2018 Equity Incentive Plan [Member]
Number of stock option granted	1,000,000
Excercise price per share	$ 1.00
Options vesting term description	The Stock Options shall vest and become exercisable in twelve (12) equal installments on the last day of each of the subsequent twelve (12) calendar quarter-end dates following the Effective Date (the first of such dates to be September 30, 2020), subject to continued service, and shall vest in full upon a Change in Control (as defined in the Incentive Plan).
Subsequent Event [Member] \| Employment Agreement [Member] \| Andrew C. Schmidt [Member]
Annual base salary	$ 250,000
Bonus payable	100,000
Performance objectives	$ 75,000
Agreement term description	The initial term of the Employment Agreement is through July 20, 2021, with automatic one-year renewals, unless either party provides written notice of a non-renewal in accordance with the terms of the Employment Agreement (the "Term").
Subsequent Event [Member] \| Employment Agreement [Member] \| Andrew C. Schmidt [Member] \| Minimum [Member]
Target annual cash bonus	$ 175,000

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