Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

v2.4.0.8
Condensed Balance Sheets (USD $)
Jun. 30, 2014
Dec. 31, 2013
Current assets:    
Cash and cash equivalents $ 11,149,320 $ 14,137,097
Accounts receivable, net 405,008 252,406
Inventories, net 246,933 519,657
Prepayments and other current assets 172,921 231,495
Total current assets 11,974,182 15,140,655
Property and equipment, net 306,746 85,718
Patents, net 856,954 608,913
Other non-current assets 35,840 0
Total Assets 13,173,722 15,835,286
Current liabilities:    
Accounts payable 343,497 539,145
Accrued expenses 591,391 461,193
Total current liabilities 934,888 1,000,338
Stockholders' equity:    
Common stock, $0.001 par value; 50,000,000 shares authorized; 7,012,397 and 6,931,968 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively 7,012 6,932
Common stock to be issued 0 151,665
Additional paid-in capital 32,034,997 31,431,220
Treasury stock (2,657) (2,657)
Accumulated deficit (19,800,518) (16,752,212)
Total stockholders' equity 12,238,834 14,834,948
Total Liabilities and Stockholders' Equity $ 13,173,722 $ 15,835,286