Financials

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v3.5.0.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 183,752 $ 143,680
Accounts receivable 40,397 10,702
Inventory 341,522 451,973
Prepaid expenses and other current assets 34,264 51,978
Total current assets 599,935 658,333
Property and equipment, net 160,516 233,064
Other assets 87,828 104,365
Total assets 848,279 995,762
Current liabilities:    
Asset based loans 223,497
Accounts payable 843,662 619,528
Customer deposits 56,312 9,467
Accrued liabilities 1,472,617 281,761
Current portion of leases payable 2,915 2,773
Due to related party 1,075 1,075
Derivative liability 111,048
Convertible notes payable, current 309,649 50,574
Total current liabilities 3,020,775 965,178
Long-term liabilities    
Note payable - Related Party 200,000 175,000
Convertible notes payable 200,274
Other long-term obligations 508 2,721
Total liabilities 3,221,283 1,343,173
Commitments and contingencies (Note 11)
Stockholders' deficit:    
Preferred stock, $0.001 par value, 10,000,000 authorized; zero shares issued as of September 30, 2016 and December 31, 2015, respectively.
Common stock, $0.001 par value, 10,000,000,000 shares authorized; 114,620,112 and 22,081,928 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively 114,620 22,081
Additional paid-in capital 11,757,927 9,528,072
Accumulated deficit (14,245,551) (9,897,564)
Total stockholders' deficit (2,373,004) (347,411)
Total liabilities and stockholders' deficit $ 848,279 $ 995,762

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v3.5.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Net Revenues $ 134,240 $ 219,180 $ 574,880 $ 219,180
Cost of goods sold 79,434 131,173 285,123 131,173
Gross profit 54,806 88,007 289,757 88,007
Operating Expenses        
Research and development 111,315 364,370 352,407 1,717,784
Sales and marketing 1,588,884 203,091 1,792,496 875,744
General and administrative 276,183 880,103 1,416,440 2,779,156
Total operating expenses 1,976,382 1,447,564 (3,561,343) 5,372,684
Loss from operations (1,921,576) (1,359,557) (3,271,586) (5,284,677)
Interest expense, net 807,622 1,051 863,001 442,811
Change in fair value of derivative liability (198,338) (198,338)
Loss on settlement of debt 335,952 (409,982)
Loss before provision for income taxes (2,866,812) (1,360,608) (4,346,136) (5,727,488)
Provision for income taxes 575 1,850 1,375
Net loss $ (2,866,812) $ (1,361,183) $ (4,347,986) $ (5,728,863)
Basic and diluted loss per share $ (0.08) $ (0.06) $ (0.15) $ (0.35)
Weighted average shares used in computing net loss per share        
Basic and diluted 34,235,772 21,845,932 29,750,062 16,601,476

Source

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (4,347,986) $ (5,728,863)
Adjustments to reconcile net loss    
Depreciation and amortization 59,422 37,117
Impairment of assets 13,126
Common stock issued in exchange for services 304,237 1,702,439
Interest expense related to debt issuance costs 182,211
Gain on changes in fair value of derivative liability (198,338)
Loss on debt settlements 409,982
Stock based compensation 377,669 376,242
Interest expense related to amortization of debt discount 549,000 418,950
Changes in assets and liabilities:    
Accounts receivable (29,695) (6,945)
Inventory 110,451 (522,132)
Prepaid expenses and other assets 34,251 (99,091)
Accounts payable and accrued liabilities 1,770,342 (165,485)
Customer deposits 68,852 (116,826)
Current portion leases payable 142
Long-term portion of leases payable (2,213)
Net cash used in operating activities (698,547) (4,104,594)
Cash flows from investing activities:    
Purchases of property & equipment (177,313)
Net cash used in investing activities (177,313)
Cash flows from financing activities    
Proceeds from note payable - related party 25,000 25,000
Repayment of note payable - related party
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 490,122
Proceeds from issuance of asset based loans, net of issuance costs 300,000
Repayments on asset based loans (76,503)
Proceeds from issuance of common stock from exercise of stock options 2,667
Net cash provided by financing activities 738,619 3,660,536
Net (decrease) increase in cash 40,072 (621,371)
Cash, beginning of period 143,680 745,446
Cash, end of period 183,752 124,075
Supplemental cash flow information    
Interest paid 40,547 1,050
Noncash financing activity:    
Conversion of convertible notes payable to preferred stock 2,070,072
Conversion of convertible notes payable to preferred stock 826,367
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
Par value adjustment in connection with the merger $ 47,827

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