v3.7.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash $ 2,596 $ 159,660
Accounts receivable, net (Note 3) 237,101 146,324
Inventories (Note 4) 661,018 781,469
Prepaid expenses 15,550 21,585
Total Current Assets 916,265 1,109,038
Property and equipment, net of accumulated depreciation of $333,696 and $310,604, respectively (Note 5) 128,143 151,235
Intangible assets, net of accumulated amortization of $62,675 and $61,927, respectively (Note 5) 85,891 86,640
Total Assets 1,130,299 1,346,913
Current Liabilities:    
Accounts payable and accrued expenses 630,441 816,974
Credit card indebtedness 23,796 21,057
Promissory notes payable (Note 6) 46,071 71,587
Loans payable (Note 7) 1,631,064 1,792,384
Convertible debentures (Note 8) 89,635 2,025
Derivative Liabilities (Note 9) 206,906 93,206
Total Current Liabilities 2,627,913 2,797,233
Stockholders’ Equity:    
Preferred stock, 1,000,000 shares authorized, $0.001 par value, 100,000 Series “A” preferred shares issued (Note 12) 100 100
Common stock, 500,000,000 shares authorized (See Note 10), $0.00001 par value 196,867,991 and 70,924,980 issued and outstanding, respectively 1,968 709
Additional paid-in capital 16,526,011 15,243,587
Deficit (18,025,693) (16,694,716)
Total Stockholders’ Equity (1,497,614) 1,103,117
Total Liabilities and Stockholders’ Equity $ 1,130,299 $ 3,211,776
v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Gross Sales $ 368,442 $ 737,414
Less: Promotional allowances and slotting fees (25,552) (47,772)
Net Sales 342,890 689,643
Cost of Sales 241,355 463,582
Gross Profit 101,535 226,061
Expenses    
Advertising, samples and displays 16,870 20,327
Asset impairment 5,085
Freight-out 27,971 57,400
General and administration 231,408 230,070
Salaries and benefits and broker/agent’s fees 141,394 281,219
Stock-based compensation 3,939
Total Operating Expenses 417,643 598,040
Net Operating Loss (316,108) (371,979)
Other Income (Expense)    
Interest expense (82,504) (110,339)
Accretion of discount on convertible debenture (337,996) 0
Change in fair value of derivatives (594,369)
Total Other Expense (1,014,869) (110,339)
Net Loss from Continuing Operations (1,330,977) (482,318)
Loss from Discontinued Operations (74,949)
Net Loss $ (1,330,977) $ (557,267)
Net Loss per Share from Continuing Operations – Basic and Diluted (in dollars per share) $ (0.01) $ (0.01)
Net Loss per Share from Discontinued Operations – Basic and Diluted (in dollars per share)
Net Loss Per Share from Continuing Operations – Basic and Diluted (in dollars per share) $ (0.01) $ (0.01)
Weighted Average Shares Outstanding – Basic (in shares) 95,066,000 68,686,000
v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flow from Operating Activities    
Net loss $ (1,330,977) $ (557,267)
Adjustments to reconcile net loss to net cash used in operations:    
Amortization and depreciation 23,840 29,021
Asset impairment 5,085
Change in fair value of derivative liability 594,369
Accretion of discount on convertible debenture 337,996 0
Amortization of deferred financing fees 4,720 79,968
Shares and options issued for services 11,700 27,706
Changes in operating assets and liabilities:    
Increase in accounts receivable (90,776) (174,387)
Decrease (increase) in prepaid expenses 6,035 (7,778)
Decrease in inventories 120,450 38,536
(Decrease) increase in accounts payable and accrued expenses (68,463) 88,718
Net Cash Used in Operating Activities (391,106) (470,398)
Cash Flow to Investing Activities    
Purchase of property and equipment (6,269)
Acquisition of intangible assets (1,175)
Net Cash Used in Investing Activities (7,444)
Cash Flow from Financing Activities    
Proceeds from loans 44,500 430,860
Repayment of loans payable (27,943) (59,342)
Proceeds from convertible note 243,000 0
Repayment of promissory notes (25,515) 0
Net Cash Provided by Financing Activities 234,042 371,518
(Decrease) in Cash (157,064) (106,324)
Cash – Beginning 159,660 431,270
Cash - Ending 2,596 324,946
Non-Cash Financing and Investing Activities:    
Shares issued upon conversion of convertible debt 1,227,169
Supplemental Disclosures:    
Interest paid 9,559 23,786
Income taxes paid 0 0
Stock Issued for Services [Member]    
Non-Cash Financing and Investing Activities:    
Shares issued 11,700 23,767
Stock Issued to Settle Debt [Member]    
Non-Cash Financing and Investing Activities:    
Shares issued $ 2,000