Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 3,315,774 $ 5,408,523
Accounts receivable 865,943 1,218,043
Inventory, net 1,768,382 1,807,895
Prepaid expenses and other current assets 134,996 97,249
Total current assets 6,085,095 8,531,710
Property and equipment, net 328,249 440,606
Software license inventory 976,900 937,100
Other assets 10,641 27,306
Total assets 7,400,885 9,936,722
Current liabilities:    
Accounts payable 1,546,926 697,807
Accrued compensation 666,060 557,784
Other accrued liabilities 450,424 1,398,707
Derivative liabilities 131,173 658,286
Deferred product and service revenues 223,117 116,009
Senior secured note payable, net of unamortized discount of $64,835 at December 31, 2015 4,224,609
Total current liabilities 3,017,700 7,653,202
Accrued interest 647,500 542,500
Senior note payable 2,000,000
Total liabilities 8,156,954 11,917,861
Commitments and contingencies
Stockholders' deficit:    
Preferred stock, $0.01 par value; 25,000,000 shares authorized at December 31, 2016 and 2015; none issued and outstanding at December 31, 2016 and 2015
Common stock, $0.01 par value; 200,000,000 shares authorized at December 31, 2016 and 2015; 3,622,032 and 2,284,537 shares issued and outstanding at December 31, 2016 and 2015, respectively 36,220 22,845
Additional paid-in capital 93,076,475 83,722,596
Accumulated deficit (93,868,764) (85,726,580)
Total stockholders' deficit (756,069) (1,981,139)
Total liabilities and stockholders' deficit 7,400,885 9,936,722
12% Junior Secured Notes Payable 2014 [Member]    
Current liabilities:    
Junior secured notes payable 1,794,226 3,257,389
Junior Secured Notes Payable 2010 [Member]    
Current liabilities:    
Junior secured notes payable $ 697,528 $ 464,770