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Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 2,289,926 $ 1,405,826
Accounts receivable, trade, net of allowance for doubtful accounts of $15,798 and $0 at March 31, 2017 and December 31, 2016 1,060,773 1,193,646
Inventories 1,812,172 1,757,784
Prepaid expenses and other current assets 419,124 270,814
Total current assets 5,581,995 4,628,070
Property and equipment    
Leasehold improvements 1,284,491 1,284,491
Furniture and computer equipment 667,213 650,912
Manufacturing and other equipment 943,071 922,220
Subtotal 2,894,775 2,857,623
Less: Accumulated depreciation (1,759,794) (1,670,245)
Net property and equipment 1,134,981 1,187,378
Investment in SAVSU 1,845,632 2,075,000
Long term deposits 36,166 36,166
Total assets 8,598,774 7,926,614
Current liabilities    
Accounts payable 638,014 710,719
Accrued expenses and other current liabilities 69,327 116,399
Accrued compensation 248,023 175,829
Deferred rent, current portion 130,216 130,216
Total current liabilities 1,085,580 1,133,163
Promissory note payable to related party, net of discount of $62,398 and $155,996 at March 31, 2017 and December 31, 2016 3,937,602 2,844,004
Accrued interest, related party 181,190 97,857
Deferred rent, long term 590,716 685,450
Total liabilities 5,795,088 4,760,474
Commitments and contingencies (Note 8)
Shareholders’ equity    
Common stock, $0.001 par value; 150,000,000 shares authorized, 13,016,533 and 12,863,824 shares issued and outstanding at March 31, 2017 and December 31, 2016 13,017 12,864
Additional paid-in capital 74,891,236 74,355,645
Accumulated deficit (72,100,567) (71,202,369)
Total shareholders’ equity 2,803,686 3,166,140
Total liabilities and shareholders’ equity $ 8,598,774 $ 7,926,614