v3.5.0.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets:    
Cash $ 81,422 $ 431,270
Accounts receivable, net (Note 3) 381,592 386,462
Inventories (Note 4) 986,912 988,910
Prepaid expenses 15,357 15,461
Total Current Assets 1,465,283 1,822,103
Property and equipment, net of accumulated depreciation of $344,963 and $266,099, respectively (Note 5) 185,496 247,235
Intangible assets, net of accumulated amortization of $62,084 and $52,682, respectively (Note 5) 1,127,813 1,131,793
Total Assets 2,778,592 3,201,131
Current Liabilities:    
Accounts payable and accrued expenses 1,076,095 790,616
Promissory notes payable (Note 6) 91,156
Credit card indebtedness 21,942 22,066
Loans payable, net (Note 7) 1,473,489 755,771
Total Current Liabilities 2,662,682 1,568,453
Stockholders’ Equity:    
Preferred stock, 1,000,000 shares authorized, $0.001 par value, none issued
Common stock, 100,000,000 shares authorized, $0.00001 par value 70,924,980 and 68,447,202 issued and outstanding, respectively (Note 9) 709 684
Additional paid-in capital 15,179,167 14,879,160
Accumulated deficit (15,063,966) (13,247,166)
Total Stockholders’ Equity 115,910 1,632,678
Total Liabilities and Stockholders’ Equity $ 2,778,592 $ 3,201,131
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
Gross Sales $ 709,754 $ 1,046,548 $ 2,450,949 $ 3,067,770
Less: Promotional Allowances and Slotting Fees (53,005) (53,551) (151,192) (170,900)
Net Sales 656,749 992,997 2,299,757 2,896,870
Cost of Sales 434,158 691,552 1,517,370 1,973,346
Gross Profit 222,591 301,445 782,387 923,524
Expenses        
Advertising, samples and displays 16,672 20,848 53,911 60,218
Asset impairment 53,692 8,268 71,537
Freight-out 67,965 94,478 227,218 289,620
General and administration 349,931 281,597 904,712 886,022
Salaries and benefits and broker/agent’s fees 211,069 284,616 713,922 934,179
Stock-based compensation 3,939
Total Operating Expenses 645,637 735,231 1,911,970 2,241,576
Net Operating Loss (423,046) (433,786) (1,129,583) (1,318,052)
Other Expense        
Financing expense (40,000) (10,000) (40,000) (10,000)
Interest expense, net (48,143) (1,799) (120,530) (2,220)
Interest expense, amortization of debt issuance costs (172,073) (423,005)
Total Other Expense (260,216) (11,799) (583,537) (12,220)
Net Loss From Continuing Operations (683,262) (445,585) (1,713,120) (1,330,272)
Loss From Discontinued Operations (103,680)
Net loss $ (683,262) $ (445,585) $ (1,816,800) $ (1,330,272)
Net Loss Per Share From Continued Operations – Basic and Diluted (in dollars per share) $ (0.01) $ (0.01) $ (0.03) $ (0.02)
Net Loss Per Share From Discontinued Operations – Basic and Diluted (in dollars per share)
Weighted Average Shares Outstanding – Basic and Diluted (in shares) 70,765,000 65,079,000 69,791,000 61,506,000
v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flow from Operating Activities    
Loss from discontinued operations $ (103,680)
Loss from ongoing operations (1,713,120) (1,330,272)
Net loss (1,816,800) (1,330,272)
Adjustments to reconcile net loss to net cash used in operations:    
Amortization and depreciation 88,265 78,878
Asset impairment 8,268 71,537
Bad debt allowance 164,161 17,835
Amortization of debt issuance costs 423,005
Shares issued for financing expense 37,500
Shares and options issued for services 102,622 173,525
Reduction of note receivable for services 88,800
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (159,291) (77,412)
Decrease in other current assets 8,003
(Increase) decrease in prepaid expenses 104 (2,991)
(Increase) in inventories (6,270) (84,095)
Increase in accounts payable and accrued expenses 354,651 6,779
Net Cash Used in Operating Activities (803,785) (1,049,413)
Cash Flow to Investing Activities    
Purchase of property and equipment (17,124) (44,998)
Proceeds from insurance claim 6,736
Proceeds from note receivable 5,173
Acquisition of intangible assets (5,422) (8,576)
Net Cash Used in Investing Activities (22,546) (41,665)
Cash Flow from Financing Activities    
Proceeds from loans, net of debt issuance costs 763,360 145,000
Repayment of loans and promissory notes payable (286,877)
Proceeds from the sale of common stock, net of costs 905,000
Net Cash Provided by Financing Activities 476,483 1,050,000
(Decrease) in Cash (349,848) (41,078)
Cash - Beginning of Period 431,270 49,517
Cash - End of Period 81,422 8,439
Non-Cash Financing and Investing Activities:    
Shares issued to settle debt 100,000 76,025
Supplemental Disclosures:    
Interest paid 123,077 1,901
Income taxes paid