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Statement - CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets    
Cash $ 742,457 $ 176,421
Accounts receivable, net of allowance for bad debt of $40,550 and $0 1,218,587 1,022,500
Royalty receivable 50,250 0
Inventory, net of allowance for obsolescence of $36,062 and $484 345,960 465,315
Prepaid and other assets 581,234 26,445
Total current assets 2,938,488 1,690,681
Long-term assets    
Property, plant and equipment, net of accumulated depreciation of $75,548 and $511 65,976 18,777
Right of use assets – operating leases 216,077 0
Intangible assets, net of accumulated amortization of $516,279 36,010 0
Total long-term assets 318,063 18,777
Total assets 3,256,551 1,709,458
Current liabilities    
Accounts payable 416,818 156,727
Accounts payable – related party 126,937 36,203
Accrued royalties and payables 299,506 228,606
Accrued bonus and commissions 873,913 701,125
Operating lease liability - current 96,033 0
Line of credit 500,000 0
Total current liabilities 2,313,207 1,122,661
Long-term liabilities    
Operating lease liability – long term 131,804 0
Convertible notes payable – related party 1,500,000 0
Accrued interest 44,878 0
Total long-term liabilities 1,676,682 0
Total liabilities 3,989,889 1,122,661
Stockholders' equity    
Series F Convertible Preferred Stock, $10 par value, 1,200,000 shares authorized; 1,136,815 issued and outstanding as of March 31, 2019 and 1,136,815 issued and outstanding as of December 31, 2018 11,368,150 11,368,150
Common Stock: $.001 par value; 20,000,000 shares authorized; 2,366,465 issued and 2,366,424 outstanding as of March 31, 2019 and 1,134,279 issued and 1,134,239 outstanding as of December 31, 2018 2,366 0
Additional Paid-in Capital (12,079,568) (10,919,639)
Retained earnings (accumulated deficit) (24,286) 138,286
Total shareholders' equity (733,338) 586,797
Total liabilities and shareholders' equity $ 3,256,551 $ 1,709,458