Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 5,408,523 $ 9,244,006
Accounts receivable 1,218,043 468,949
Inventory, net 1,807,895 1,965,039
Prepaid expenses and other current assets 97,249 29,220
Total current assets 8,531,710 11,707,214
Property and equipment, net 440,606 482,970
Software license inventory 937,100 910,000
Other assets 193,386 285,498
Total assets 10,102,802 13,385,682
Current liabilities:    
Accounts payable 697,807 997,090
Accrued compensation 557,784 323,644
Other accrued liabilities 1,398,707 1,297,712
Derivative liabilities 658,286 2,198,162
Deferred product and service revenues 116,009 $ 102,710
Senior secured note payable, net of unamortized discount of $64,835 at December 31, 2015 4,224,609
Total current liabilities 7,653,202 $ 4,919,318
Accrued interest $ 542,500 876,025
Senior note payable, net of unamortized discount of $271,306 at December 31, 2014 4,018,139
Total liabilities $ 12,083,941 $ 13,486,012
Commitments and contingencies
Stockholders' deficit:    
Common stock, $0.01 par value; 200,000,000 and 100,000,000 shares authorized at December 31, 2015 and 2014, respectively; 91,381,488 and 74,842,428 shares issued and outstanding at December 31, 2015 and 2014, respectively $ 913,814 $ 748,424
Additional paid-in capital 82,831,627 76,428,580
Accumulated deficit (85,726,580) (77,277,334)
Total stockholders' deficit (1,981,139) (100,330)
Total liabilities and stockholders' deficit 10,102,802 13,385,682
12% Junior Secured Notes Payable 2014 [Member]    
Current liabilities:    
Junior secured notes payable 3,423,469 3,355,701
Junior Secured Notes Payable 2010 [Member]    
Current liabilities:    
Junior secured notes payable $ 464,770 $ 316,829