Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 9,551,852 $ 15,022,286
Accounts receivable, net 411,138 872,874
Inventories, net 1,263,069 648,009
Prepayments and other current assets 235,928 296,355
Total current assets 11,461,987 16,839,524
Property and equipment, net 1,066,567 925,899
Intangible assets, net 1,851,947 1,466,811
Other assets 17,920 17,920
Total Assets 14,398,421 19,250,154
Current liabilities:    
Accounts payable 1,104,342 1,338,828
Accrued expenses 831,955 1,240,093
Total current liabilities 1,936,297 2,578,921
Long-term liabilities 261,853 0
Total liabilities 2,198,150 2,578,921
Commitments
Stockholders’ equity:    
Common stock, $0.001 par value; 50,000,000 shares authorized; 9,557,747 and 9,549,544 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 9,558 9,550
Additional paid-in capital 51,556,268 50,757,414
Treasury stock (2,657) (2,657)
Accumulated deficit (39,362,898) (34,093,074)
Total stockholders’ equity 12,200,271 16,671,233
Total Liabilities and Stockholders’ Equity $ 14,398,421 $ 19,250,154