Financials

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v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash $ 38,203 $ 143,680
Accounts receivable 27,851 10,702
Inventory 155,233 451,973
Prepaid expenses and other current assets 79,965 51,978
Total current assets 301,252 658,333
Property and equipment, net 138,883 233,064
Other assets 49,845 104,365
Total assets 489,980 995,762
Current liabilities:    
Asset based loans 120,460
Accounts payable 1,082,384 619,528
Customer deposits 16,767 9,467
Accrued liabilities 131,563 281,761
Current portion of leases payable 3,480 2,773
Due to related party 1,075 1,075
Convertible notes payable, current, net of debt discount 233,147 50,574
Derivative liability 1,812,441
Warrant liability 247,203
Total current liabilities 3,648,520 965,178
Convertible note payable - related party 200,000 175,000
Convertible notes payable 200,274
Other long-term obligations 2,721
Total liabilities 3,848,520 1,343,173
Commitments and contingencies (Note 11)
Stockholders' deficit:    
Common stock, $0.001 par value, 10,000,000,000 shares authorized; 645,060,704 and 22,081,928 shares issued and outstanding as of December 31, 2016 and 2015, respectively 645,061 22,081
Additional paid-in capital 22,395,552 9,528,072
Accumulated deficit (26,399,453) (9,897,564)
Total stockholders' deficit (3,358,540) (347,411)
Total liabilities and stockholders' deficit 489,980 995,762
Series A Preferred stock    
Stockholders' deficit:    
Preferred stock par value
Series B Preferred stock    
Stockholders' deficit:    
Preferred stock par value $ 300

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v3.7.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Sales    
Product revenue $ 670,176 $ 383,396
Licensing revenue 138,000
Total sales 808,176 383,396
Cost of goods sold    
Product costs 481,349 221,007
Total cost of sales 481,349 221,007
Gross profit 326,827 162,389
Operating Expenses    
Research and development 686,095 1,694,521
Sales and marketing 1,967,786 1,026,211
General and administrative 1,888,155 3,359,802
Total operating expenses 4,542,036 6,080,534
Loss from operations (4,215,209) (5,918,145)
Other expense    
Interest expense, net (2,723,187) (447,777)
Change in fair value of derivative liability (1,013,901)
Derivative expense (2,464,439)
Loss on settlement of liabilities (6,084,353)
Loss before provision for income taxes (16,501,089) (6,365,922)
Provision for income taxes 800 1,375
Net loss $ (16,501,889) $ (6,367,297)
Basic and diluted loss per common share $ (0.19) $ (0.35)
Weighted average shares used in computing net loss per common share basic and diluted 85,506,211 18,346,844

Source

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (16,501,889) $ (6,367,297)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 81,055 64,611
Impairment of assets 13,126 9,224
Common stock issued in exchange for services 366,150 1,413,002
Change in fair value of derivative liability 1,013,901
Derivative expense 2,464,439
Loss on settlement of accrued payroll 5,691,993
Loss on settlement of vendor liabilities 392,360
Stock-based compensation 232,271 517,063
Interest expense related to amortization of debt issuance costs and debt discount 1,602,635 419,798
Changes in assets and liabilities:    
Accounts receivable (17,149) (10,702)
Inventory 296,740 (451,973)
Prepaid expenses and other assets 26,533 (108,568)
Accounts payable and accrued liabilities 3,513,462 169,533
Customer deposits 7,300 (120,404)
Current portion leases payable (2,014)
Net cash used in operating activities (819,087) (4,465,713)
Cash flows from investing activities:    
Purchases of property & equipment (196,589)
Net cash used in investing activities (196,589)
Cash flows from financing activities    
Proceeds from note payable - related party 160,000 175,000
Repayment of note payable - related party (135,000)
Proceeds from the issuance of convertible preferred stock, net of issuance costs 3,632,869
Proceeds from the issuance of convertible notes payable, net of issuance costs 521,622 250,000
Proceeds from issuance of asset based loans, net of issuance costs 300,000
Repayments on asset based loans (133,012)
Proceeds from issuance of common stock from exercise of stock options 2,667
Net cash provided by financing activities 713,610 4,060,536
Net decrease in cash (105,477) (601,766)
Cash, beginning of period 143,680 745,446
Cash, end of period 38,203 143,680
Supplemental cash flow information:    
Interest paid 44,200
Supplemental disclosure of non-cash investing and financing activities:    
Settlement of debt with convertible note 1,836,127
Derivative cease to exist upon conversion of notes 4,321,380
Debt discount recorded on convertible debt and warrants 2,207,842
Conversion of convertible notes payable to preferred stock 2,070,072
Fair value of preferred stock warrants issued with preferred stock 1,667,148
Reclassification of warrant liability to additional paid-in capital 1,943,672
Common stock assumed in connection with merger 1,991
Conversion of convertible preferred stock to common stock 7,904
Issuance of common stock in exchange for services provided in the prior year $ 327,100

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